Home Equity Line of Credit

¹The introductory Annual Percentage Rate (APR) for the first 6 months will be fixed at 2.99% with a cap at $500,000 lending limit. Introductory APR for loan-to-value (LTV) between 80% - 90% will be fixed at 4.24%. After the introductory rate period ends, the loan will become a variable rate loan and subject to change based on changes to the index. The index used to determine the interest rate is the Wall St. Journal Prime Rate. Current index as of 10/01/2022 was 6.25%, plus a margin of 0.75%. Your margin and APR will be based on credit history, loan-to-value, eligible deposit account balance with Illinois Bank & Trust and automatic monthly payments. Automatic payment from Illinois Bank & Trust checking account is required or 0.25% will be added to the APR. No origination fee will be charged. Illinois Bank & Trust will pay up to $500.00 of closing costs. Any costs exceeding this amount are the responsibility of the borrower. Hazard insurance is required and flood insurance may be required. The minimum APR for plans with an 80% or less LTV is 3.25% and LTV between 80%-90% will be 4.50%. Maximum APR is 17.50% on all plans. $50$15 annual fee will be assessed on the anniversary date of the loan.

²Eligible deposit accounts include personal consumer checking, savings, and money market accounts. Funds must be in deposit account prior to final loan approval.

The offer is available on new lines only, owner occupied homes. In order to qualify as a new line, you may not have had a line using the same owner-occupied home as collateral with Illinois Bank & Trust within the past 30 days. Not available on piggyback loans to purchase property, homes that are for sale and/or listed for sale, purchase money HELOCs and refinancing existing bank mortgage or HELOC debt even if new money. Subject to credit approval and normal underwriting guidelines. Contact lender for details. Introductory rate effective for applications received on or after September 21, 2022, and may change at any time.