Home Equity Line of Credit
*Mortgage*Checklist
To help speed up your loan
process, please have the
following documents available.
*For*all*applicants
00Real Estate application
(we will provide)
00Sales Contract to
purchase home
00Current pay stubs
*We*will*need*later
00Legal Description of property
00Survey
00Appraisal
*If*self*employed
00Last 3 years of business
tax returns
00Last 3 year-end financial
statements
Our Home Equity Line of Credit has become a lifestyle product. A
line of credit that is available when you need it. No need to wait for
a loan to be approved. Write a home equity check and you've got
the money you need.
Home*Equity*Line*of*Credit
Our home equity credit line gives you complete flexibility to make purchases or
pay for services without having to go through a new loan application every time
you need money. Simply apply for a Home Equity Line of Credit, upon approval,
you'll have 7 years to use the funds as you wish. With our home equity line of
credit you can: make home improvements, buy a new car, consolidate bills, pay
for school tuition, take long awaited vacation, and much more.
To help pay for these events, we will provide you with special home equity
checks. Write a check and that total will be drawn against your home equity line of
credit. Or, if you prefer, you can use First eBanc to transfer money from your Home
Equity Line of Credit to your checking account or savings account. Remember, the
interest you pay on your home equity line of credit may be tax deductible1.
Using*your*Line*of*Credit
For starters, you have the ability to borrow up to 85% of your home's appraised
value after subtracting the balance owed on your existing first mortgage, if any
(see chart at right). Our home equity line of credit is a revolving line of credit,
meaning any amount that you borrow and pay back can be borrowed again. Each
month you will owe the interest on your outstanding balance. You may pay down
your principal balance as you see fit. At the end of the Home Equity Line of Credit
term, our plan may allow you to renew your line of credit for an additional period
of time, rewrite the unpaid principal balance on a regular monthly repayment
schedule or pay off the loan (with no penalties).
Calculate *Your*Equity
Multiply your home appraisal by 85%. Then subtract any second mortgages you
have on your current home. What's left is the amount you can borrow for a home
equity line of credit. For instance: if your home appraises for $100,000. Multiply
$100,000 by 85%. This gives you $85,000. Subtract any first mortgage, say
$45,000. In this example, you would be able to borrow $40,000 in a Home Equity
Line of Credit.
For*More*Information
Contact our knowledgeable mortgage loan department. Ask for Amanda Wilkins,
Donna Barber or Wendy Hoekstra at 708.946.2246. For additional information
or to view loan calculators to figure payment terms, visit our web site at
www.firstcbt.com.
(from l to r) Contact Amanda
Wilkins, Donna Barber or Wendy
Hoekstra at 708.946.2246.
House & Home
For Your
1111 Dixie Highway
Beecher, IL 60401
708.946.2246
650 Wilmington Rd.
Peotone, IL 60468
708.258.0530
www.firstcbt.com 00Member FDIC
An Equal Housing Lender
漏 First Community Bank and Trust. All rights reserved.
1 The Internal Revenue Service allows homeowners to deduct interest on mortgage debt, including
home equity lines of credit. Certain restrictions do apply, so please consult your tax advisor regarding the
deductibility of interest.
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