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Home Equity Loans

A home equity loan lets you tap the equity in your home to cover major purchases, home repairs and renovations, a new car or any large one-time expense. Interest rates on home equity loans are typically lower than credit cards or personal loans, and that could mean lower monthly payments.

Benefits of a First Financial Home Equity Loan

  • Fixed interest rate and term.
  • Consistent monthly payments that do not change over the life of the loan.
  • No penalty for paying additional amounts against the principal balance.
  • Interest on your loan may be tax deductible -- check with your tax advisor to see if you qualify.
  • Receive a .25% discount on the interest rate when you have your monthly payment automatically deducted from your First Financial checking account.
How to estimate the equity in your home

To get a general idea of the equity available in your home to borrow against, you will need to know your home's approximate current market value. You may be able to determine this through online research or by requesting a market analysis from a real estate agent in your area.

Once you know the market value, multiply it by .85, which reflects a loan-to-value limit of 85%. From that, subtract what you owe on your mortgage and any other debt secured by your home. This will give you an estimate of how much you could borrow.


Example (for illustration only)

  • Market value of your home = $150,000
  • Total existing mortgage(s) = $85,000
  • $150,000 X .85 = $127,500
  • $127,500 - 85,000 = $42,500

The homeowner in this example could borrow up to $42,500, based on credit history and other factors.


First Financial Bank NMLS# 401915
What would you like to do?

Click to apply online for a home equity loan

• Call us at 800-511-0045 for more information. Hours: Monday through Friday, 8 am to 7 pm and Saturday from 9 am to 2 pm Eastern Time

• Apply in person at one of our banking centers. Locate the banking center nearest you with the Find a Branch or ATM search on the left side of this page.


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