REFINANCE TODAY. FINANCIAL FREEDOM TOMORROW.
A 15-year Home Equity Installment Loan can speed up how quickly you build equity in your home and save you thousands of dollars in interest payments. You can also cut the number of payments in half when you refinance your current mortgage with a 15-year Home Equity Installment Loan.
Why refinance your current mortgage with a 15-year Home Equity Installment Loan?
- Pay off your home sooner - By condensing your loan term into 15 years, you’ll eliminate your housing debt in half the time.
- Save thousands in interest – With a lower interest rate and shorter term you’ll save thousands of dollars in interest payments over the life of the loan.
- Build equity faster - Because more of your monthly payment applies toward your principal balance, you’ll build more equity in your home with each payment.
Both loans use the equity in your home as collateral, so what’s the difference? Check out the chart below to get an overview of what makes these loans different and visit our Home Equity Line of Credit page to learn more.
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1The Annual Percentage Rate (APR) shown is accurate as of 05/14/2021 for up to a 15-year Fixed Rate loan with a Loan-to-Value (LTV) of 80%. Payment example: 180 monthly principal and interest payments of $333.47 assuming a $50,000 loan and 2.50% APR. Your APR may be higher and will be based on your credit qualifications, loan amount, and the location and type of property. Payments shown do not include taxes or insurance. The actual payment obligations may be greater. APRs for LTV 80%-90% may be as low as 3.25% APR. Stated APRs include a 0.25% discount for automatic payment from a Illinois Bank & Trust checking account. Maximum LTV on loans greater than $500,000 is 70%. Maximum loan amount of $2,000,000. Origination fee waived; customer is responsible for third-party fees. Promotion is not valid on home purchase loans. Rates and terms are subject to change without notice. Rates are fixed after consummation. Contact lender for details. Limited time offer. Normal underwriting guidelines apply, subject to credit approval.
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