First Northern Credit Union - Home Equity Loans
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Home Equity Loans

First Northern offers home equity loans and lines of credit to members on their Illinois residences. Both offer great low rates, and best of all, the interest paid on these loans is tax-deductible for many borrowers. (Check with your tax advisor for details.)

How do you tell which loan is right for you? Take a look at this chart, which highlights the differences.

Home Equity Loan Home Equity Line
of Credit
Get your money in a lump sum Flexible line to draw on as needed
Predictable monthly payments Payments vary based on interest rate and amount drawn
5, 10, and 15 year terms Up to a 10-year credit line with a 10-year repayment period
Best for one-time expenses, debt consolidation, or vehicle purchase period Best for multiple expenses, like remodeling projects or college tuition

Our home equity loans and lines of credit allow you to borrow up to 85% of your home's appraised value, minus any outstanding balances you may owe. We also offer Home Access loans and lines of credit for members who need to borrow up to 100% of the equity in their homes.

Loyalty discount
Take advantage of a rate .25% lower than our published fixed-rate home equity loan if you have direct deposit into our Preferred or Advantage Checking accounts.


This page was last revised: 2/13/13
 
Home Equity Loans
(Borrow up to 85%
of your home's equity)
  5-year fixed 3.49% APR*
10-year fixed 4.99% APR*
15-year fixed 5.49% APR*
Home Access Loans
(Borrow up to 100%
of your home's equity)
  7-year fixed 8.49% APR*
*APR = Annual Percentage Rate. Subject to credit approval. Rates are subject to Lender’s credit criteria, certain conditions, and restrictions. Offer valid on Illinois residences only. Fixed rate repayment example: 5.49% APR for 120 months is $10.85 per $1,000 borrowed.

 
Home Equity Line Of Credit
(Borrow up to 85%
of your home's equity)
Line of Credit 4.00%** APR*
Home Access Line Of Credit
(Borrow up to 100%
of your home's equity)
Line of Credit (variable) 7.00%** APR*
*APR = Annual Percentage Rate. Home Access Line of Credit carries a variable rate, loans are subject to credit approval. Rates are subject to Lender’s credit criteria, certain conditions, and restrictions. Rates are subject to change. The rate is set and adjusted each January and July 1st based on the Prime Rate as published in The Wall Street Journal plus a margin of -.50% for Home Equity Loan and 2.00% for Home Access Loan. Your margin may vary based on your credit qualifications. As of 10/2/12 the Prime Rate was 3.25% APR. **These reflect product floor rates and are higher than the index plus margin.
   Equal Housing Lender