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Home / Personal / Loans / Home Equity Line of Credit

Home Equity Line of Credit

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With this line of credit, you’ll have cash available when you need to send your child to college, make home renovations, or just take advantages of new opportunities as they arise.  

Visit our Mortgage Center to apply online.


Understand/Improve/Establish Your Credit Score as featured in Macomb NOW Magazine in printable PDF.

Using the equity in your home as a credit line will eliminate the need to apply for a loan every time you need money for special projects or purchases.

  • Money is available when and where it's needed
  • Make purchases and pay them off as you choose
  • After you pay down the balance, the money is available for use again


  • Competitive interest rates
  • Interest-only payment option available for lower payments
  • May be fully tax deductible*
  • Borrow up to 85% of your home's value
  • Minimum loan amount is $5,000 and maximum is $249,000
  • 5-year period to use credit, 10 year for interest only
  • Access is as simple as writing a check
  • Quick approval, apply online 
  • Convenient payment options: automatic deduction from any First State Bank checking or savings account, Online Banking, or any First State Bank ATM or night depository

Current Rates and Fees:as of August 26, 2016

Visit our Mortgage Center to apply online.

  Principal & Interest Loan Interest Only Loan
Annual Percentage Rate

as low as


Prime Rate plus 1% as published in Wall Street Journal**


Prime Rate plus 1% as published in Wall Street Journal**

Fees None

$50 annual fee assessed after 1st year*

Payment Required 1% of outstanding balance plus interest Interest on outstanding balance
Term 60 months 120 months
Monthly Payment $343.75 $93.75

*Consult your tax advisor regarding tax deductibility.  Home Equity Line of Credit rates are based upon loan secured by single family home; loan amount of $25,000, loan-to-value ratio of 85%; debt-to-income ratio of 43% or less; excellent credit history; maximum loan term; payments do not include amount for taxes or insurance premiums, if applicable, and actual payment obligation may be greater and will vary based upon individual situations and current rates. Home equity rates may change daily. Property insurance required, flood insurance may be required. Subject to credit approval and satisfactory appraisal or evaluation from a qualified appraiser. On the Interest Only Line of Credit, the $50 annual fee after the first year is waived for First State Bank checking accounts. A property tax service fee in the amount of $75.00 is required at closing. First Mortgage lien positions may be required to have escrow for taxes and insurance.


**Rates are priced on the Prime Rate (Prime) which is published on the last business day of the month in the Wall Street Journal, currently 3.50 % as of August 26, 2016; Prime is a variable rate with the maximum annual percentage rate (APR) of 18% and is subject to change without notice. A balloon payment may result at the end of the five or 10 year loan term.


Fair Lending
The federal fair lending laws are a group of laws that prohibit discrimination in credit transactions, including transactions related to residential real estate.  These laws include the Fair Housing Act, Equal Credit Opportunity Act, Community Reinvestment Act, and the Home Mortgage Disclosure Act.
In accordance with the fair lending laws, First State Bank is committed to promoting fair housing choice and will not discriminate against any person on the basis of race or color, religion, national origin, sex, marital status, age, lawful source of income, familial status, handicap, disability, sexual orientation or gender identity.


The Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act) is a federal law designed to enhance consumer protection and reduce fraud in the mortgage lending industry.  The SAFE Act requires that all individual mortgage loan originators or MLOs be registered with the Nationwide Mortgage Licensing System and Registry, or NMLS.


License #462643

Equal Housing LenderMember FDIC