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Deluxe Check Reorder

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Saving at American Bank & Trust

When it comes to saving, American Bank & Trust is full of bright ideas

You've got a plan for the future, and we've got a plan for you. No matter what you're
saving for, we have the perfect savings plan to match your needs.

Home Equity Loans & Home Equity Lines of Credit (HELOC)

The cash you need may be right under your roof.

 

If you own your home, you may be able to use the equity to increase your purchasing power. Depending on the type of loan you choose, up to 100 percent of your home's equity may be accessible.

American Bank & Trust is a leader in home lending. We offer:

 

  • Competitive Rates
  • Local, responsive decision making
  • Low Fees
  • Flexible Terms
  • Friendly, Professional Service

 

Let us help you find the right loan that fits your needs!

 

FAQ's Home Equity Line of Credit Home Equity Loan
What is the difference between a home equity line of credit and a home equity loan? A home equity line of credit is a form of revolving credit, a continuous cycle of borrowing and paying down. It allows you to borrow money at your discretion, up to your individual credit limit. A home equity loan is a lump sum of money that you borrow all at once. It has a fixed interest rate and maturity date. It also has a set payment schedule that is based on the loan amount, interest rate and maturity.
What can it be used for? It can be used to finance a new car, a vacation, home improvements, landscaping, boat, RV, braces. Anything you can think of. It's also great for emergencies, like car trouble. There are no restrictions on what you can use it for. Primarily used for big purchases that require a lump sum payment, like a car, boat or home improvements. Bill consolidation is also a popular use for this product. There are no restrictions on what you can use it for.
What are the benefits? You can borrow money at any time, for any reason, whenever you may need it. It may be the last loan you'll ever need. Also, the interest you pay may be tax deductible. Ask your tax advisor for more information. You will have equal monthly payments of a pre-determined amount for a set period of time. Interest may be tax deductible. Consult your tax advisor for details.
How do I qualify? You must have equity in your home. Equity is the difference between the value of your home and the balance of any mortgage debt you may have. The amount of your credit line will be based on a percentage of this amount. Good credit and debt ratio is also needed. You must have equity in your home. Equity is the difference between the value of your home and the balance of any mortgage debt you may have. The maximum amount that you can borrow will be a percentage of this amount. Good credit and debt ratio is also needed.
How do I access the money? Access the funds with free checks from a special checking account. You may cash them at one of our offices or use them to pay for items or services that you purchase. A disbursement is made one time, at the beginning of your loan. Funds may be paid to you, to your account, or you and your vendor. The purpose of your loan may determine how funds are paid.
What about the interest rate? The interest rate is variable and is tied to the Prime Rate plus or minus a margin with an established floor rate.  This way, your loan rate stays current with the market trends. Different loan maturities have different interest rates. Once your rate and term are determined, your rate will stay the same for the entire term.
What will my payments be? Your minimum payment will change as your current balance and interest rate changes. You can always pay more than the minimum and reduce your debt faster. Different loan terms, balances and interest rates have different payment amounts. Your payment will be set at the time you sign your loan documents. This will be your minimum payment for the life of the loan. If you want, pay more and reduce your debt faster.
What if I need more money? As long as you haven't reached your credit limit, just write a check for the additional amount you need. As you pay back the loan, those funds become available again. This may be the last loan you'll ever need. You will need to apply for another loan. This loan is for a lump sum which you've already received.

 

Please visit or call any of our convenient locations to speak to a Consumer Loan Representative or contact us online. Consult with your tax advisor regarding the deductibility of interest.