Whatever you need, a HELOC can help!
This is a perfect time to tackle those home improvement projects we have been putting off for so long. With a Home Equity Line of Credit (HELOC) from First Fidelity Bank you can use the equity in your home to secure the funds you need to upgrade your kitchen, remodel a bathroom, plan a dream wedding, consolidate debt and much more.
A HELOC may be tied to a checking account to sweep funds or advance on your line of credit. Your HELOC advances in $100 increments. We will also provide you with checks to access your HELOC when and where you need it.
- Borrow up to 80% of equity in your home
- Revolving line of credit
- $10,000 minimum
- Checks are issued
- HELOC may be tied to a checking account with access by check, debit card, or ATM
*Rates and terms are subject to change without notice. All loans are subject to credit approval.
Contact Us Today!
- Oklahoma City Area 405-416-2222
- Tulsa Area 918-728-6345
- Phoenix Area 602-912-5555
- Denver Area 720-782-7222
- Nationwide 800-299-7047
The Differences Between a HELOC and a Home Equity Loan
| Details |
HELOC |
Home Equity Loan |
| Uses |
- Ideal for multiple, convenient purchases or expenses over time
- Remodeling, education, emergency fund, etc.
|
- Ideal for one-time expenses
- Remodeling, debt consolidation, retirement prep, vehicle purchase, etc.
|
| Rate |
Variable, based on Prime
|
Fixed (stays the same over the life of the loan) |
| Term |
5 years |
Up to 10 years |
| Amount |
- $10,000 minimum loan amount
- Combined loan-to-value up to 80%
|
- $10,000 minimum loan amount
- Combined loan-to-value up to 80%
|
| Limitations |
- Must be owner occupied
- Residence or second residence
|
- Must be owner occupied
- Residence or second residence
|
Other rules and restrictions may apply. Consult your First Fidelity Banker for more information.
Disclosure:
The APR during the revolving period is variable and ranges between NYP -.25 up to NYP +1.25 with a floor of 4.0% with a maximum APR of 21%. The APR offered is based on the credit characteristics and Loan-To-Value (LTV). Loan amount must be $10,000 or greater. Current appraisal, property insurance required including flood insurance where applicable. Customer pays all fees and costs. A one-time $100 documentation fee applies. Loan amount may not exceed 80% of your home’s value and there is no down payment required.
The minimum monthly payment is the greater of 1% of the balance, the interest accrued, or a minimum payment of $50. For example, the minimum payment is $600 for a loan at 6% APR with a $40,000 balance. All rates and terms are subject to credit approval and could change without notice.
