Make Yourself Comfortable with a Home Equity Loan or Line of Credit

Use your home’s value to make your life comfortable.

Whether you are looking to remodel your home or add a little extra cash in your pocket every month, 1ST SUMMIT will get you to your comfort zone.

Our Home Equity Loans and Home Equity Lines of Credit fund your home renovations, your debt consolidation, or your future plans. With extremely low rates and no processing fees*, our professionals will work out a payment plan that fits your budget.

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Loan Rates

Home Equity Line of Credit*
6-month Intro Rate¹ 1.99% APR


Home Equity Loan*
10 year² 3.74% APR
15 year³ 3.99% APR

Any bank can finance your loan. We want to do more than that. We strive to be your financial partner for life – from first homes to vacation homes, from that first home renovation to the last. We invite you to experience the difference here at 1ST SUMMIT BANK.


Differences Between a Home Equity Line of Credit and a Home Equity Loan

There are two types of home loans you can apply for: a Home Equity Line of Credit (commonly called a HELOC) or a Home Equity Loan.

Both loans are secured using the value of your home. You are, in essence, converting the equity in your home into cash. Use that cash to make improvements and you could end up increasing the value of your home.


What is a Home Equity Line of Credit?

A Home Equity Line of Credit acts much like a credit card, a revolving line of credit. You draw the amount of money you need, pay it back, and then borrow again. The interest rate is variable.

    • If you aren’t sure which renovation you are going to tackle first or if you intend to foot multiple college expenses or vacation expenses, a line of credit is an option to consider.

What is a Home Equity Loan?

With a Home Equity Loan, all the funds are delivered in one, single, lump sum. The loan has a fixed repayment term with a fixed monthly repayment amount and a fixed interest rate.

    • If you know exactly how much each renovation is going to cost and you want to keep your monthly payments consistent, this type of home loan is the option to consider.

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Loan Calculator

Home Equity Credit Line Get an estimate on how much you can borrow on a Line of Credit with this handy calculator. The loan amount is based on the difference between the home’s current market value and the mortgage balance due.


Our Professionals are waiting to assist you.

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Subject to credit approval. Other rates and terms are available. Offers available February 1, 2022 through June 30, 2022. Offer may be changed or discontinued at any time. Offer requires a minimum new money loan or lien increase and draw of $10,000 with an automatic funds transfer (AFT) from a 1ST SUMMIT BANK checking account. To qualify for the promotional offer, a Credit Score of 700+ is required. Maximum loan-to-value ratio is 80%. Property insurance is required.

*All valuation and processing fees are paid by 1ST SUMMIT BANK and the Origination Fees will be waived. If the property is in a flood zone (SFHA), a professional appraisal is required at the property owners’ expense. If loan amount exceeds $250,000, Title Insurance is required at the property owner’s expense.

1After the 1.99% Annual Percentage Rate (APR) 6-month introductory period, the Home Equity Line of Credit will be a variable rate based on the Prime Rate as published in the Wall Street Journal, (3.25%, current as of this publication date). The maximum rate is 18% and the minimum rate/floor is 2.50% APR. The introductory period begins on the date of account opening. At the end of the introductory period, any and all remaining balances will automatically convert to the variable APR per the terms of the Home Equity Line of Credit agreement. Home Equity Lines of Credit are charged $25 maintenance fee annually.

2Fixed rate with Maximum term of 120 months.

3Fixed rate with a Maximum term of 180 months.

Limited Time Promotional Rates  

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