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Home Equity Options

Borrow Smarter

If you own a home, you may have built up some equity (the amount by which your principal has been reduced). So why not Live Smarter by using that to your advantage and borrowing against it? For bigger projects, debt consolidation and ongoing needs like upfront college tuition, a Home Equity Loan or Home Equity Line of Credit could be the answer. Which will work for you? It depends on your needs.

Dad, son play soccer in yard of home from which they will borrow against home equity

What’s the Difference Between a Home Equity Loan and a Home Equity Line of Credit (HELOC)? In both cases, you’re borrowing money against the equity in your home, using the home itself as collateral.


Home Equity Loan

A home equity loan is a fixed loan with a set payment schedule. Often referred to as a “second mortgage”, it is an option that can be combined with your original mortgage for simpler monthly payments with a fixed interest rate. When approved for a home equity loan, you get the entire amount of the loan up front, so it’s often better for larger, one-time purchases like a new deck, or to pay off a big expense, like a wedding. Even better, interest on a Home Equity Loan may have tax benefits (consult your tax advisor), depending on what you use it for.

Home Equity Loan: Learn More


Home Equity Line of Credit (HELOC)

A HELOC is a revolving line of credit from which you can draw, with a variable interest rate, and allows for draw period extensions. A HELOC is more like a credit card. Once it’s approved, you can decide if and when you want to use any of the money available, and withdraw it from that account. Once you’ve taken some out, you’ll have a repayment due. A HELOC is more practical for purchases that are made a smaller amount at a time, like ongoing renovations. Similar to a Home Equity Loan, interest on a HELOC may have tax benefits (consult your tax advisor), depending on what you use it for.

Home Equity Line of Credit: Learn More


Which is Best for Your Needs?

Like many decisions, the answer is, “it depends”. A larger, one-time-payment project would be better served by a home equity loan, while a long-term project that can be paid a small amount at a time could call for a HELOC. We’ll help you Live Smarter by deciding which is best for you and your needs.


Home Equity Details

Did you know in some cases you can finance more than your home’s current appraisal? We offer both fixed and variable rate home equities, with 24/7 account access. Plus we have escrow options on 1st lien properties; a convenient and hassle-free way to ensure your taxes and insurance are paid on time.

The reason that this type of loan is so appealing is that you may have possible tax benefits (consult your tax advisor) by using your home as collateral, and the rates are generally lower than other loan types or credit cards.


Choose to Live Smarter 

If you know how you want to use your home’s equity, it’s time to see if you can put it to work for you. Make an appointment or call 315-735-8571 today to talk about your home equity options.

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Make an appointment and see how you can use your home’s value to your advantage to help pay for a variety of needs.

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Member Andria Heath shares her experience with a home equity loan from First Source

Which home equity option is right for you?

Check out our helpful loan comparison calculator.


Home Equity Comparison Calculator

Which home equity option
is best for you?

Our most popular options
are highlighted for you.


Home Equity Loan

  • Secured Loan
  • 1st or 2nd Lien
  • Loan to Value is Determined by Credit Score
  • Fixed Rate
  • No Closing Costs
  • Mortgage Tax Paid by Member or First Source
  • Funds Advanced Up Front, No Additional Draw
  • Up to 20-Year Installment Terms 
  • Principal Plus Interest Payment 
  • Auto Payment Available
  • If Paid Before 3 Years, Member Repays Closing Costs
  • Mortgage Refinance

Home Equity Line of Credit*

  • Secured Loan
  • 1st or 2nd Lien
  • Loan to Value is Determined by Credit Score
  • Variable Rate
  • No Closing Costs
  • Mortgage Tax Paid by First Source 
  • Funds As Needed Up to 15 Years
  • Variable Draw Period Up to 15-Years with 15-Years Additional to Repay
  • Interest Only During Draw Period, Principal Plus Interest During Repayment Period
  • Auto Payment Available
  • If Paid Before 3 Years, Member Repays Closing Costs
  • Mortgage Refinance
* Full disclosures listed below.

Home Improvement Loan

  • Personal Loan
  • N/A
  • N/A 
  • Fixed Rate
  • N/A
  • N/A
  • Funds Advanced Up Front, No Additional Draw
  • Up to 10-Year Installment Terms 
  • Principal Plus Interest Payment 
  • Auto Payment Available
  • No Prepayment Penalty 
  • N/A

Home Equity Options

Check today’s home equity rates effective November 21, 2018


1st Lien Home Equity Loan

Term APR
Fixed Rate with Closing Costs
1-5 Years as low as 3.49%
6-10 Years as low as 3.74%
11-15 Years as low as 4.24%
16-20 Years as low as 4.74%
Fixed Rate No Closing Costs
1-5 Years as low as 3.99%
6-10 Years as low as 4.24%
11-15 Years as low as 4.74%
16-20 Years as low as 5.49%

2nd Lien Home Equity Loan

Term APR
Fixed Rate with Closing Costs
1-5 Years as low as 3.99%
6-10 Years as low as 4.49%
11-15 Years as low as 4.99%
16-20 Years as low as 5.74%
Fixed Rate No Closing Costs
1-5 Years as low as 4.49%
6-10 Years as low as 4.99%
11-15 Years as low as 5.49%
16-20 Years as low as 6.24%

Home Equity Line of Credit

Rate APR
Introductory Rate as low as 1.49% for six months*
Variable Rate as low as Prime Rate

1st Lien Disclosure

Loan rates and terms are determined by overall credit history and are subject to change without notice. Applications are subject to credit approval. Rates apply to new loans and are based on a loan to value (LTV) up to 80%.

1st Lien Fixed Rate With Closing Costs: Out-of-pocket fees vary depending on loan amount and can be as low as $350.00 for a $50,000 loan or $725.00 for a $100,000 loan. If closed within 3 years of the opening date, reimbursement for certain fees paid to third parties to open the loan is required. Fees vary depending on the loan amount and can be as low as $502.50 for a $50,000 loan or $502.50 for a $100,000 loan.

Monthly payments for 10 years would be $10.01 per $1,000 borrowed. This does not include taxes and insurance. Actual payment amounts will be greater. Homeowners insurance is required.

1st Lien Fixed Rate No Closing Costs: If closed within 3 years of the opening date, reimbursement for certain fees paid to third parties to open the loan is required. Fees vary depending on loan amount and can be as low as $852.50 for a $50,000 loan or $1,227.50 for a $100,000.

Monthly payments for 10 years would be $10.25 per $1,000 borrowed. This does not include taxes and insurance, actual payments will be greater. Homeowners insurance is required.

The interest on the portion of the credit extension that is greater than the fair market value of the dwelling is not tax deductible for Federal income tax purposes. Consult a tax advisor for further information regarding the deductibility of interest and charges.


2nd Lien Disclosure

Loan rates and terms are determined by overall credit history and are subject to change without notice. Applications are subject to credit approval. Rates apply to new loans and are based on a loan to value (LTV) up to 80%.

2nd Lien Fixed Rate With Closing Costs: Out-of-pocket fees vary depending on loan amount and can be as low as $350.00 for a $50,000 loan or $725.00 for a $100,000 loan. If closed within 3 years of the opening date, reimbursement for certain fees paid to third parties to open the loan is required. Fees vary depending on the loan amount and can be as low as $502.50 for a $50,000 loan or $502.50 for a $100,000 loan.

Monthly payments for 10 years would be $10.37 per $1,000 borrowed.
This does not include taxes and insurance. Actual payment amounts will be greater. Homeowners insurance is required.

The interest on the portion of the credit extension that is greater than the fair market value of the dwelling is not tax deductible for Federal income tax purposes. Consult a tax advisor for further information regarding the deductibility of interest and charges.

2nd Lien Fixed Rate No Closing Costs: If closed within 3 years of the opening date, reimbursement for certain fees paid to third parties to open the loan is required. Fees vary depending on loan amount and can be as low as $852.50 for a $50,000 loan or $1,227.50 for a $100,000.

Monthly payments for 10 years would be $10.61 per $1,000 borrowed. This does not include taxes and insurance, actual payments will be greater. Homeowners insurance is required.

The interest on the portion of the credit extension that is greater than the fair market value of the dwelling is not tax deductible for Federal income tax purposes. Consult a tax advisor for further information regarding the deductibility of interest and charges.


Home Equity LOC Disclosure

*After 6 months, the APR (Annual Percentage Rate) may vary monthly based on the Prime Rate published in the Wall Street Journal plus a margin. Prime rate as of 09/27/2018 is 5.25%. Minimum Line of Credit loan is $7,500. Rates can increase or decrease, but not to exceed 15.99% APR.

Loan rates and terms are determined by overall credit history and are subject to change without notice. Applications are subject to credit approval. Rates apply to new loans and are based on a loan to value (LTV) up to 80%.

If closed within 3 years of the opening date, reimbursement for certain fees paid to third parties to open the loan is required. Fees vary depending on loan amount and can be as low as $852.50 for a $50,000 loan or $1,227.50 for a $100,000 loan.

Consult a tax advisor for deductibility for interest. Homeowners insurance is required.

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