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Home Equity Loans

Use your home's equity to remodel, buy a car and so much more.

Comparing Home Equity Loans and HELOCs

While both of these options are based on the equity in your home, there is a key difference. Home equity loans are delivered in one lump sum, which is then repaid over time. A home equity line of credit is a revolving line of credit you can use when you need it; you only repay what you use.

Our home equity loans and HELOCs share requirements and other characteristics:

  • Maximum Loan to Value Ratio (LTV): 85%
  • Minimum Loan Amount: $10,000
  • Closing Costs: Home Equity Line of Credit - $295 + appraisal fee (only when applicable)
  • Closing Costs: Home Equity Loan - a loan estimate will be provided.
  • Rates & terms: contact a Mortgage Loan Officer at (708) 946-2246, (708) 258-0530 or send us a secure email.


How to Calculate Your Possible Loan

There is a simple formula for calculating how much equity you have available:

Appraised home value x .85 - current mortgage balance = potential home equity

Here's a real-life example assuming your home's appraised value is $150,000 and your current mortgage balance is $70,000:

($150,000 x .85) - $70,000 = $57,500 potential lendable home equity


Home Equity Checklist

You fill need to following items to start the process for your home equity loan or HELOC.

Home Equity Checklist
Home Equity ChecklistItems
All applicants
  • Real Estate Loan Application - We'll provide and help you complete
  • 30 days of consecutive pay stubs
  • 2 of your most recent bank statements
  • 2 most recent federal income tax returns
  • 2 most recent W-2 forms
  • Home Owner's insurance information


If self-employed
  • Last year-end financial statement and current year interim statement

* All offers of credit are subject to credit approval. 



Send Secure Email

Send a secure email or call us at (708) 946-2246 or (708) 258-0530.

Safe Registry MLO EmployeesNMLS ID #
Nicole Squier, Assistant Vice President527672
Susan Springfield, Retail Banking Manager527674
Kelly Johnson, Retail Banker1373148
Tammy Hoffman, Chief Administrative Officer1594302
First Community Bank and Trust Bank Identifier460979

* For licensing information, go to


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