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EquiFlex SM Home Equity Lines

The First Midwest EquiFlex Home Equity Line of Credit 1 can be a smart borrowing option for many homeowners. Simply stated, home equity is the difference between how much your home is worth and how much you owe on your mortgage. By using the equity in your home, you have the power to finance a major purchase or cover just about any significant financial need:

  • Make home improvements.
  • Pay for your child's education.
  • Consolidate your debt.
  • Purchase a new car, truck, or boat.
  • Take that overdue vacation you've been thinking about.

Funds can be used for any purpose, at any time, simply by writing a check or using your First Midwest Bank MasterCard ® EquiFlex Card. You have control over your monthly payments with a variety of repayment options.

You can even lock a portion of your variable-rate line into a fixed-rate loan at any time, for only $50, to avoid interest rate risk. This fixed rate option allows you to convert all or a portion of your outstanding line to a fully amortized fixed-rate repayment schedule with terms ranging from 3 to 15 years (depending on the remaining term of the line). You can have up to three locked portions (fixed rate options) within your EquiFlex Home Equity Line of Credit, and you have the ability to lock/unlock your funds at any time.

Combine your First Midwest EquiFlex Home Equity Line of Credit with a First Midwest Checking account, and you may even qualify for a rate discount! Finally, you'll get 100 Tuition Rewards points plus 5% of the original line amount of your EquiFlex Home Equity Line of Credit.

An EquiFlex Home Equity Line of Credit typically has a lower interest rate than most traditional loans or credit cards, and the interest may be tax-deductible (consult your tax advisor). We offer a streamlined loan application process, and we'll help you get the best possible terms.

Call 800-241-1749 to talk with a First Midwest Banker about how an EquiFlex Home Equity Line of Credit can improve the quality of your life and give you the means to take advantage of opportunities that create value and build security for the future – with a term that best fits your financial needs.

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EquiFlex Home Equity Rates

Click here to view our home equity line rates and to apply for your First Midwest EquiFlex SM Home Equity Line of Credit today.

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Home Loan Calculator

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