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Home Equity Credit Line

The Home Equity Credit Line is todayís smartest and most economical way to borrow: great rates, ultimate flexibility, a potential tax break, and the ease and convenience of dealing with your local community bank. Whether itís for home improvements, college tuition, unexpected medical expenses, paying off higher interest rate debt or other major purchases, establishing an equity line of credit makes financial sense for most homeowners. Once you have a Home Equity Credit Line from American Enterprise Bank, you can use the equity in your home for what you need now ó or later. 

Great Rates are Just the Beginning*

For lines of credit from $10,000.00 to $99,999.99, the interest rate is prime plus 0.75%*; for lines of credit $100,000 and above, the interest rate is prime plus 0.25%* ó both significantly lower rates than the average credit card or other non-secured loans. And, if you have a lower loan-to-value ratio or make monthly payments via automatic debit from your checking account, you may qualify for even lower rates. Check with your loan officer. Best of all, we make your line easy to use ó and easy to fit into your budget.

  • Access your funds by writing an Equity Line Check (minimum $500)
  • Use the automatic debit feature on your American Enterprise Bank checking account to minimize payment hassles and maximize your available balance
  • Make interest-only monthly payments and pay the principal whenever you choose during the seven-year term of the line

Itís a Better Way to Borrow

A Home Equity Credit Line from American Enterprise Bank is a flexible, revolving line of credit, based on the equity youíve built in your home and your credit worthiness. Just write yourself a loan whenever you need it and pay interest only on the amount you use. Unlike most other forms of consumer credit, home equity credit lines give qualified borrowers an important tax break: the interest paid is deductible for most homeowners. Consult your tax advisor about your personal financial situation.

*American Enterprise Bankís Home Equity Lines are variable rate products, which are tied to the Wall Street Journalís published Prime rate, currently 3.25% as of June 16, 2015. Your rate will adjust as the Prime rate changes. Equity Lines are limited to a maximum 80% combined loan to value (LTV) up to a combined loan amount of $650,000, 75% combined LTV up to a combined loan amount of $650,001 to $999,999.99, 70% combined LTV up to a combined loan amount of $1,000,000 to $1,200,000 and are intended for and secured by a first or second lien on the applicantís primary one-to-four family residence located in Illinois. Approved lines of $100,000 and above are at Prime + .25% with a minimum Annual Percentage Rate (APR) of 4.50% and a Maximum APR of 25%. Approved Lines of Credit of $10,000 to $99,999.99 are at Prime + .75% with a minimum APR of 4.75% and a Maximum APR of 25%. Typical third party fees are waived. An annual fee of up to $50 may apply after the first year and can be waived with an auto debit from an AEB account that has a recurring electronic deposit. The Equity Lines are interest only monthly and there is a balloon payment of any unpaid principal due at maturity. An early termination fee of the lesser of 2% of the initial credit limit or $500 will be charged if the account is cancelled/ closed within 36 months of the loan date. Property insurance is, and flood insurance may be, required. Rates subject to change. Consult your tax advisor regarding the deductibility of interest. Other terms and conditions may apply. Other products available. NMLS #412438.

The Savings Really Stack Up

  • No application fees or closing costs
  • No points or origination fees
  • Low interest rates
  • Pay interest only on the amount you use and only when you use it

Donít Wait. Apply Today!

Start using your home's equity to your best advantage.

For more information contact your local AEB branch, or click here to contact us via email. 

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