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Primeline - Home Equity Line of Credit

Are you looking for a revolving line of personal credit to answer all your lifestyle needs? The flexibility of our home equity line of credit might be what you need. Take instant advantage of special investments or meet unexpected expenses with ease and convenience. Completely confidential - What you use the money for or how you use it is totally up to you. Low rates of interest - Enjoy extremely competitive interest rates that often fall below other forms of financing.

How does PrimeLine work?

This line of credit is based on the equity in your home. In fact, up to 85% of a single-family home's appraised value, minus its mortgage balance, can be borrowed. For example, let's assume your home's appraisal value is $100,000, and you have a mortgage balance of $50,000. A $35,000 credit line would be computed as follows:

Home equity Calculations

Calculation Amount
Appraisal Value $100,000
Multiply By 85% X .85
Equals $85,000
Minus Mortgage Balance $50,000
Estimated PrimeLine of Credit $35,000

Try your own calculation using our custom calculators page!

Of course your actual home equity line of credit can only be determined when your home has been formally appraised. Personal income and outstanding debt are among the other factors considered in determining your maximum line of credit.

Keep in mind, property used as collateral must include your primary residence and be located within our service area


Why do you need a home equity line of credit?

Borrowing money can be both time consuming and unpredictable. Avoid costly delays while arranging for financing for special purchases or investments. Once the credit line is established you will find it is the easiest and most convenient way to ever borrow money.

How are interest rates computed?

The interest rate is equal to the prime interest rate as published in the Wall Street Journal, plus 0.50%. This rate will adjust whenever the Wall Street Journal changes. An APR cap of 19% is established on all home equity accounts.

What are the minimums?

The minimum amount required to access your home equity line of credit is $500. What are the repayment terms? Your interest is billed monthly. You have seven years to repay the principal. At the end of the seven year period, you will be required to pay off any existing balance on the line in one single balloon payment. Refinancing through a variety of options will be available from the bank to qualified applicants. Interest paid on this home equity loan may be tax deductible. You should contact a tax advisor regarding the deductibility of interest. Property insurance is required.

What are the fees?

A one time fee will range from $300 - $1,000 at account opening. There is no annual fee. You pay for only the money you borrow.

How do I get more information?

Fill out the Contact Us form to be contacted by a First Bankers Trust team member, or you may go to our online application by clicking here.


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