If you've made progress in paying off your existing mortgage, you've likely built equity in your home. First United can help you borrow against that equity using your home as collateral. You can use the borrowed money for any number of purposes, like taking a family vacation or paying for college tuition. One popular choice is to use the money to remodel or update your home. This uses the value you've built in your home to further increase its value–a real win-win.
At First United, you don’t have to choose between a revolving line of credit or a term loan. Our Home Equity Lock-In Line of Credit account allows you to get the best of both worlds; a revolving line of credit and the ability to lock in a fixed interest rate on up to three portions of your line for 5, 10 and 15 year periods.*
A portion of your line can be a revolving line of credit that lets you write checks for any expense. And you can use other portions of your line to pay for large purchases.
It can all be done on a fixed interest rate, or you can choose a variable rate in order to take advantage of market rates. Talk to our lending team today to see which option is best for you. Stop by or fill out the form below to receive a call from one of our associates.
With this solution, you get:
*Loans subject to credit and property approval. Rates, program terms and conditions are subject to change without notice. Other restrictions and limitations apply. Rates are variable and based on the Prime Rate (as published in The Wall Street Journal). Rate is based on line amount and credit rating. The current amounts with a credit score above 720 or better are as follows: Tier 1 - $10,000- $49,999 is Prime + 1.50; Tier 2 - $50,000 - $99,999 is Prime + 0.25; Tier 3 - $100,000 - $500,000 is Prime - 0.25; or our floor of 4.00% which is applicable to all Tier’s. Maximum line amount $500,000/Minimum line amount $10,000. Lifetime Annual Percentage Rate (APR) will not exceed 16.00%. Property insurance is required; if the collateral is determined to be in an area having special flood hazards, flood insurance will be required as well. The product requires third party fees ranging from $300 to $1500. Upon request we will provide you with a breakdown of any third party fees required.
Optional Lock Feature:
You can lock in portions of your Home Equity Line of Credit (HELOC) for fixed lock terms of 5, 10 or 15 years. The APR for the locked term will be calculated by adding a margin to the current HELOC APR that applies as of the date of the lock. The following rates are applicable as of 1/30/2012: 5 Year Term = Current HELOC APR plus 1.25%; 10 Year Term = Current HELOC APR plus 1.75%; 15 Year Term = Current HELOC APR plus 2.25%. You may request a 5 year lock of $5,000 to $50,000; a 10 year lock of $25,000 to $150,000 and a 15 year lock of $50,000 to $150,000 of your available credit.
All loans subject to credit approval. All applicants must be 18 years of age.
Some customers have reported receiving text message alerts, stating that their debit card has been "blocked" and that they need to reply to the text message with their full debit card number. This is a phishing attempt and you should never enter your card information or any other private personal information into a text message or email.
Please know that First United will never ask you for confidential or private information through text, email or social media channels. If you are ever unsure about a communication from the Bank, please contact our Customer Care Center directly at 1-888-692-2654.