Home Equity Line of Credit

Home Equity Lines of Credit (HELOC)​

First Exchange Bank is pleased to offer Home Equity Lines of Credit (HELOC), which allow you to borrow against the equity in your home. If you need help paying for a large expense or renovating your home, put the equity you’ve already earned to work for you! HELOCs are a great way to help pay for your child’s college education, a home improvement you’ve been thinking about, or for the vacation you’ve been dreaming of. Plus, the interest you pay on a HELOC may be tax-deductible! * No matter what you need the money for, First Exchange Bank makes getting it easy. Our loan officers can help you through each step of the process.

*Consult a tax advisor regarding the deductibility of interest. Subject to credit approval. Please contact your local First Exchange Bank for current interest rates. First Exchange Bank is an Equal Housing Lender.

Open a HELOC with no obligation to use it.

A HELOC is a revolving credit line with a certain draw period followed by a repayment period on any remaining balance. Some people like to open a HELOC account with no immediate plans to use it. If an emergency arises, you can borrow from your HELOC at a lower interest rate than most other types of consumer debt, such as a credit card.

Compare a home equity line of credit vs. a personal line of credit.

TierHome Equity Line of CreditAfter 24 Months your rate will revert to a standard variable rate of prime plus 1.00%**
Rate6.25% 24 month initial introductory rate 6.25%
Annual Percentage Rate (APR)6.25%6.25%

Apply Online for a First Exchange HELOC Today!​

We’ve helped generations of West Virginians reach their financial goals and we can help you, too. Come experience our friendly and personal service for yourself! Contact the North Central West Virginia loan officers at First Exchange Bank to learn more about home equity lines of credit. You can also visit us at any of our convenient locations: Mannington, Morgantown, Fairmont, Fairview, Hundred, or White Hall.

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*After 24 months at the initial introductory rate of 6.25%, your APR will revert to a standard variable rate of Wall Street Journal Prime plus 1.00% rounded to the nearest .125% for remaining life of the line. The maximum rate that can be charged is 18.00%. You can obtain credit advances for 120 months (the “draw period). During this period, payments will be due monthly. Your minimum monthly payment will equal the greater of the following: $100.00: or the amount of accrued finance charges plus 1.000 percent of the principal balance outstanding on the last day of the billing cycle. After the draw period ends, you will no longer be able to obtain credit advances and must pay the outstanding balance on your line of credit (the “repayment period.”) The length of the repayment period is 180 months. During the repayment period, payments will be due monthly. Your minimum monthly payment will equal the following:  An amortized payment of the loan account balance on the last day of the draw period. The balance will be amortized over 180 months. The minimum payment will change whenever the interest rate  changes. Annual maintenance fee is $100.00. Homeowner’s insurance is required for the home being pledged as collateral. 

** Rates current of 04/22/24