Home Equity Line of Credit (HELOC)

As a homeowner, your best source of credit is a Home Equity Line of Credit from 1st Source. Consider the benefits:

• low, competitive rate
• flexible payment schedule
• no annual fee the first year
• tax-deductible interest*

*consult a tax advisor

Uses -- You can use your Home Equity Line for anything you want or need:

• improve your home
• fund your education
• take a trip
• consolidate debts

To draw on your line, just write a check in any amount from $250 to your credit line limit.

The Basics -- With a Home Equity Line, you tap the buying power of your home -- using that asset power to secure flexible financing to suit your budget and an interest rate that's hard to beat.

Better than a Credit Card -- Your Home Equity Line rate is always competitively low. It beats credit card rates hands down -- even credit cards with low introductory rates. After a few months, that credit card rate can soar -- sometimes over 20%. With your Home Equity Line, you'll always enjoy one of the best rates going.

Equity -- How much equity do you have in your home? Just take your home's current market value, multiply by 80%, and subtract your current mortgage balance. That's how much you can borrow.

Payments -- Unlike a loan, there are no fixed monthly payments. Pay your balance off each month or just make the interest payments. Choose the repayment plan that best fits your budget.

Online Banking bonuses -- Sign up for Online Banking, and enjoy the maximum flexibility: transfer money from your Home Equity Line directly into your 1st Source checking account. Then write a check for any amount you wish (even less than the $250 minimum) and still enjoy your low Home Equity Line rate.

Home Equity Line of Credit is subject to credit approval. Terms, rate and conditions subject to change. Home Equity Line of Credit is a variable rate product. Maximum APR is 18%. Applicants should be from an area served by 1st Source Bank. For a full list of our locations, click here. Annual fee of $49 waived for the first year. Regarding tax deductibility, please consult a tax advisor.