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APPLY FOR A HOME EQUITY LOAN TODAY

A First Midwest Home Equity Loan1 can be a smart borrowing option. You can get an interest rate lower than a typical credit card, that may be tax deductible.2

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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Get a Rate Quote

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What Real Clients Have to Say

John's client testimonial - A GREAT 5-STAR LENDER

A GREAT 5-STAR LENDER

“The smoothest process I've experienced when obtaining a loan. My loan officer was a huge help from start to finish. A 5-star lender all the way. Looking forward to many more years of partnership.” — John, Home Equity Loan recipient.3 Read all our reviews on LendingTree.

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Jason's client testimonial - GOOD SERVICE AND THE BEST INTEREST RATE.

GOOD SERVICE AND THE BEST INTEREST RATE

“The process was fast and easy. After extensive shopping, I received a home equity loan at a rate that beat all the competition. I am glad I used First Midwest Bank.” — Jason, Home Equity Loan recipient.3 Read all our reviews on LendingTree.

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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is a line of credit that allows you to withdraw cash as you need it, and you only pay interest on the money you have withdrawn.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.

Home Equity Loan Rates

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Home Equity Loan Application Process

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Get a Home Equity Rate Quote*

*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 or Residential Lender for current rates.
2 Contact your tax advisor regarding deductibility of interest.
3 Based on actual LendingTree customer reviews of a First Midwest Bank loan product. Edited for length and clarity. Read all our reviews on LendingTree.