Home Equity Line
Fixed Rate Conversion Loans

Let your home and equity line work for you for a change.

• Make home improvements.
• Buy your dream car or boat.
• Pay off credit card debt and more!
• Refinance existing home equity debt with a lower fixed rate and more!
• Refinance an existing first mortgage with a first lien conversion loan option and retain access to any remaining equity with your line of credit, all with just one application.
• Set up regular monthly payments for your larger purchases with a fixed rate loan and repayment term.

What your options are:

• Terms vary based on whether your rate is a balloon loan with a repayment of up to 20 years; or a fully amortized loan with a repayment period up to the term of the rate.
• If your home equity line of credit is a first lien loan, we have several conversion refinance loan options with a balloon or fully amortized loan term to select from.
• Ask a banker at your nearest neighborhood branch for what today's fixed rate and term options are for either a second lien home equity or first lien refinance conversion loan option from your home equity line of credit loan.

Who it’s for:

Homeowners who want an easy way to make fixed monthly payments for major purchases and things like home improvements, college tuition, refinance other loans, a new car or other purchases by using their equity from their Illinois State Bank home equity line of credit with its fixed rate conversion loan option.

Homeowners where their line of credit will be a first lien position loan whether they have a zero loan balance, or wish to refinance a current first lien mortgage balance with a regular monthly payment, plus a line of credit to access additional equity at a later time. All in one application and closing.

What’s in it for you:

• Up to 80% or less of your home's current value.
• Low monthly payments (minimum $100).
• Repayment terms from 3-20 years based on a second lien conversion loan request.
• Repayment terms from 3-30 years based on a first lien conversion loan request.
• Loans from $5000 - $250,000 based on loan to value.

Additional benefits:

• Enjoy the convenience of making your home equity line of credit and fixed rate conversion loan monthly payments with optional automatic withdrawal from your Illinois State Bank checking account.

It's easy to get started, apply now for your home equity line loan and obtain this unique fixed rate conversion loan option feature.