Home Equity Loans

At First Eagle, we offer variable rate Home Equity Lines of Credit and fixed rate Home Equity Loans. Both offer a quick and easy way to obtain funds for any reason. Use them to pay off high rate credit cards or for home improvement.

Applying for a Home Equity Loan is easy. Simply fill out the Consumer Loan Application and submit it along with copies of one month paycheck stubs for both the Applicant and the Co-Applicant. If the Applicant or Co-Applicant is self employed, also submit copies of the most recent 2-years personal and business tax returns. For loans over $200,000 submit a First Eagle Bank Personal Financial Statement and copies of the most recent 2-years tax returns.

Please contact Julianna Carpenter (jcarpenter@febank.com or 630-893-2081) to obtain a copy of the Consumer Loan Application and for more information on what documents you will need to apply.

FIXED RATE HOME EQUITY LOANS:

Lend 75% of Appraised Value Less First Mortgage
Lend 70% For All Loans Over $500,000
Minimum loan amount $5,000
Maximum loan amount $1,000,000
 

TERM   ANNUAL PERCENTAGE RATE
60 MONTHS
84 MONTHS
120 MONTHS
  6.50%
6.75%
7.00%

 

VARIABLE RATE HOME EQUITY LINES OF CREDIT:

A Home Equity Line of Credit can be accessed by check or call us to transfer funds. Lines of credit can be paid to zero and used again and again throughout the term of the loan.
Lend 75% of Appraised Value Less First Mortgage
Lend 70% For All Loans Over $500,000
Minimum loan amount $5,000
Maximum loan amount $1,000,000
5 year term
 

TERM LOAN AMOUNT RATE FLOOR Annual Percenatge Rate (APR)
60 months $5,000 $199,999 Prime + 0.50%1 3.75% 3.75%
60 months $200,000 $1,000,000 Prime2 3.25% 3.25%

1 Introductory rate of 2.75% fixed for the first 12 months of the loan. Thereafter, variable rate, currently Prime + 0.50% (3.75% APR). The maximum APR will not exceed 23.00%.

2 Introductory rate of 2.25% fixed for the first 12 months of the loan. Thereafter, variable rate, currently Prime (3.25% APR). The maximum APR will not exceed 23.00%.

 

$75 annual fee
$50 payoff fee
NO CLOSING COSTS


 

Home Equity Loan Disclosure

Rates and terms may vary and are subject to change. For example, a $50,000 loan for 10 years at 7.00% APR would be $580.54. Call for our current rates. First Eagle is an Equal Housing Lender and Member FDIC.

Home Equity Line Disclosure

Available only on collateral property located in Illinois. Not available for investment properties The Annual Percentage Rate (APR) is a variable rate based on the highest domestic Prime Rate as reported in the Money Rate section of the Midwest Edition of The Wall Street Journal on the last business day of the month immediately preceding each billing period. The Prime Rate is 3.25% effective March 16, 2020. Prime is a variable rate and as it changes, the APR on the line of credit will change. The maximum annual percentage rate on your home equity line will not exceed 23.00%. An annual fee of $75.00 will apply. Monthly payments of interest only will result in a balloon payment at maturity. Loans in first lien position will be required to escrow property taxes. Homeowner's insurance is required. First Eagle Bank is an Equal Housing Lender and Member of FDIC.