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MAKING YOUR HOME WORK FOR YOU

Tap into your financial "house-power" with a First Midwest Home Equity Line of Credit.1

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Home Equity Lines

A First Midwest Bank EquiFlex™ Home Equity Line of Credit (HELOC) lets you tap into your home’s value1 to:
The EquiFlex™ Home Equity Line gives you lower rates than a typical credit card, and the interest may be tax-deductible2.

This powerful borrowing tool gives you easy access to cash — by check, online transfer or convenient EquiFlex™ Mastercard® debit card — with a rate lock option that lets you lock in the interest rate on any portion of your outstanding loan balance.

Please contact a First Midwest Banker for our most current rates and more details about a First Midwest EquiFlex™ Home Equity Line.

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Free Rate Quote

on a Home Equity Line of Credit

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 an amount of money that is made available to you for 10 years.3 You withdraw cash as you need it, and you only pay interest on the money you have withdrawn.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 your rate in 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.

Home Equity Line of Credit Rates

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Easy Home Equity Line of Credit Application

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Borrowing from First Midwest Bank

Personal Loans

Borrow as much as $35,0001 for up to seven years with no collateral.

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Home Equity Loans

Use your “house-power” to make home improvements, fund your kids’ education, or consolidate debt.1

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Mortgages

First Midwest bank offers more than 50 mortgage options to help you achieve your purchase or refinance goals.1

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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.
2 Contact your tax advisor regarding deductibility of interest.
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).