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A younger couple who have financed a home improvement project with a Home Equity Loan review construction plans on a laptop

Home Equity Loans

You may have generated tremendous value over the time you have owned your home. Why not use that equity to help achieve your financial goals?

A First Midwest Home Equity Loan1 can be a smart borrowing option. Simply stated, home equity is the difference between how much your home is worth and how much you owe on your mortgage. You can borrow against your home equity to:

  • Make home improvements
  • Fund your children’s education
  • Consolidate debts
  • Buy a new car, truck, or boat
  • Cover emergency costs

Home Equity Loan rates are lower than a typical credit card and the interest may be tax-deductible.2

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

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made available to you for 10 years.3 You withdraw cash as you need it, and you only pay interest on the money you have withdrawn.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 Loan Rates

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Easy Home Equity Loan Application Process

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Borrowing from First Midwest Bank


The EquiFlex™ Home Equity Line1 gives you lower rates than a typical credit card.

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Personal Loans

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

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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 or Residential Lender for current rates.
2 Contact your tax advisor regarding deductibility of interest.
3 After the 10 year draw period, any outstanding balance will be automatically converted to a 20-year fully-amortized repayment period.