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APPLY FOR A HOME EQUITY LINE OF CREDIT

A First Midwest Bank EquiFlex™ Home Equity Line of Credit1 (HELOC) gives you access to cash by check, online transfer, or EquiFlex™ Debit Mastercard®. Our rate lock option lets you lock in the interest rate on any portion of your outstanding loan balance.3

TAP INTO YOUR HOME’S VALUE

Use the cash to:

  • Make home improvements
  • Consolidate debt
  • Fund your children’s education
  • Cover emergency costs

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HELOC CALCULATORS: GET YOUR QUESTIONS ANSWERED!**

**Calculations are for estimated analysis only. Results are not indicative of any actual loan terms or payment amounts. Please contact Banker for current rates and to get your free personalized rate quote.

HELOC vs. Home Equity Loan: How are They Different?

A Home Equity Line of Credit (HELOC)1 and a Home Equity Installment Loan1 are both excellent ways to use the value of your home to create greater spending power. They are similar, but have key differences:

  • A HELOC is a line of credit that allows you to withdraw cash as you need it, and you only pay interest on the money you have withdrawn. The interest rate is indexed to the prime rate as posted in the Wall Street Journal and changes along with Federal Reserve rate changes. The HELOC also offers easy access to funds as you need the money. And, there are options to lock in your rate at any time.
  • A Home Equity Loan is a lump sum of money you borrow all at once. You pay interest on the entire amount, and the interest rate is fixed when you receive the loan. Home Equity Loan terms extend out as far as 15 years, and we can offer a discount with an auto-debit of your payment through a First Midwest Easy, Midwest or Diamond Checking account.

In both cases, the amount of money available to you is based on a percentage of the amount of equity you have in your home (your home's value minus what you owe on the mortgage).

Which one is right for you? Every homeowner has different needs and financial situations. A First Midwest Banker can help you choose the best option.

HELOC Rates

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HELOC Application

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Talk to Us About Using Your Home's Equity*

*The rate quote that will be provided in response to a request represents an estimate based on preliminary information provided by the client. It will not be representative of available product rates and terms based on the specific credit qualifications of the requestor. If specific product eligibility, rates and product terms are desired, an application will need to be submitted and authorized consent to pull a credit bureau report will need to be provided by the applicant. The only way to obtain exact rate and payment information is to apply.

1 Subject to credit approval. Property insurance required for all loans secured by property. Rates are subject to change daily. Contact your First Midwest Banker for current rates. This product has a draw period of 10 years, after which any outstanding balance will be automatically converted to a 20-year fully amortized repayment period. NMLS #423112.
2 If an initial draw of $25,000 or greater is taken on the date your EquiFlex Home Equity Line of Credit is established, a promotional fixed Annual Percentage Rate of 2.99% will apply for the first six (6) months after the date account is established (the “Promotional Period”). After the Promotional Period expires, the terms and conditions of the Variable Rate Feature will apply. This means that the monthly minimum payment may increase after the Promotional Period. The 4.25% APR is based on 90% LTV for $25,000 approved line at Prime + 1.00% or 4.00%, whichever is higher. APR may vary after first 6 months. APR will change based on Prime plus or minus a margin designated by program and plan selected. The APR is indexed to the Prime Rate as posted in The Wall Street Journal. As of 6/16/21, Prime is 3.25%. LTVs up to 75% are Prime + 0% to Prime + 2.00%. LTVs between 75.01% and 80% are Prime + 0.50% to Prime +1.25%. LTVs between 80.01% and 85% are Prime + 0.75% to Prime + 1.00%. LTVs between 85.01% and 90% are Prime + 1.00% to Prime + 1.25%. The minimum APR is 4.00% after the initial promotion period. The maximum APR is 18.00%. If a credit line is closed within the first 24 months, the fee will be $200 for lines $10,000-$24,999, $350 for lines $25,000-$250,000, and $750 for lines greater than $250,000 (does not apply to Iowa residents). This account has a draw period of 10 years, after which any outstanding balance will be automatically converted to a 20 year fully amortized repayment period at Prime + 2.00%. Offer is available for new EquiFlex Home Equity Lines only and to current First Midwest Home Equity clients whose current line is within 12 months or less of maturity. Annual fees of $50 for IL and $15 for IA residents. All loans are offered through First Midwest Bank. APR and margin apply to owner occupied dwellings only. Other rate enhancements do not apply. NMLS #423112.
3 This account has a draw period of 10 years, after which any outstanding balance will be automatically converted to a 20-year fully amortized repayment period. If a credit line is closed within the first 24 months, the fee will be $200 for lines $10,000 – $24,999, $350 for lines $25,000 – $250,000, and $750 for lines greater than $250,000 (does not apply to IA Residents).