- ***PAID ADVERTISEMENT**
- ACHIEVE LOANS – HOME EQUITY EXPERTISE
- FLEXIBLE FINANCING SOLUTIONS
- PERSONALIZED SUPPORT
- RECOMMENDED FICO SCORE: 640+
- COMPETITIVE RATES STREAMLINED APPLICATION PROCESS
Are you considering a HELOC for investment properties? 1st Bank’s Home Equity Line of Credit might be the solution you’re looking for.
At HELOC360, we’ve analyzed 1st Bank’s HELOC offering to help you make an informed decision. This guide covers everything from eligibility requirements to the application process, giving you a comprehensive overview of what to expect.
Let’s explore the pros and cons of 1st Bank’s HELOC and how it compares to other providers in the market.


- Approval in 5 minutes. Funding in as few as 5 days
- Borrow $20K-$400K
- Consolidate debt or finance home projects
- Fastest way to turn home equity into cash
- 100% online application
What Is 1st Bank’s HELOC Offering?
Understanding Home Equity Lines of Credit
A Home Equity Line of Credit (HELOC) from 1st Bank provides homeowners with a flexible financial tool to access their property’s equity. This revolving credit line, secured by your home, allows you to borrow funds as needed, repay that amount, and use it again as long as you remain within the draw period.
Key Features of 1st Bank’s HELOC
1st Bank’s HELOC boasts competitive features that set it apart:
- Promotional Interest Rate: A 6.99% rate for the first six months (valid until February 28, 2025).
- Standard Interest Rates: After the promotional period, rates range from 7.35% to 10.80% APR (based on factors like credit score and loan-to-value ratio).
- No Upfront Costs: No closing costs on Home Equity Lines of Credit on owner occupied residences.
- Fixed Rate Option: For a fee, borrowers can lock in a fixed interest rate on all or part of their outstanding balance.
Eligibility and Requirements
To qualify for a 1st Bank HELOC, you must meet specific criteria (based on industry standards):
- Credit Score: A minimum of 620 (higher scores likely secure better rates).
- Debt-to-Income Ratio: Below 43%.
- Home Equity: At least 15-20% equity in your home.
1st Bank allows access to up to 80% of your home’s total equity (standard in the industry).
Application Process
The application process for a 1st Bank HELOC follows these steps:
- Document Preparation: Gather proof of income, mortgage details, and property information.
- Application Submission: Complete and submit the HELOC application to 1st Bank.
- Property Appraisal: 1st Bank schedules an appraisal to determine your home’s value.
- Credit Line Finalization: Based on the appraisal and your financial information, 1st Bank finalizes your credit line.

While 1st Bank offers a competitive HELOC product, it’s important to compare options. HELOC360 stands out as the top choice for evaluating 1st Bank’s HELOC against other lenders, ensuring you find the best deal for your specific situation.
As we move forward, let’s examine the advantages and potential drawbacks of choosing 1st Bank for your HELOC needs.
Is 1st Bank HELOC Right for You?
Competitive Rates and Fees
1st Bank’s HELOC offers an attractive promotional rate of 6.99% for the first six months (valid until February 28, 2025). This rate undercuts many competitors’ introductory offers. After the promotional period, rates range from 7.35% to 10.80% APR, aligning with industry standards.

A major plus is the absence of closing costs on HELOCs for owner-occupied residences. This can save borrowers hundreds or even thousands of dollars in upfront expenses. However, a $75 annual fee applies after the first year (a charge some other lenders don’t impose).
Flexibility and Control
1st Bank provides a Fixed Rate Advance option. This feature allows you to lock in low interest rates, arrange for low-cost loan funds, and access your money over and over again. This adds stability and predictability to your repayment plan (especially valuable in a fluctuating interest rate environment).
The 10-year draw period followed by a 15-year repayment term matches industry standards. During the draw period, you can make interest-only payments, which helps manage cash flow. However, this approach could result in higher payments during the repayment period.
Potential Limitations
Despite its benefits, 1st Bank’s HELOC has some potential drawbacks. The maximum loan-to-value (LTV) ratio of 80% is standard but may limit homeowners with less equity. Some competitors offer higher LTV ratios, allowing borrowers to access more of their home’s value.
The minimum credit score requirement of 620 might challenge some borrowers. Other lenders may have more lenient credit requirements, albeit potentially with higher interest rates.
Comparison with Other Providers
When you compare 1st Bank’s HELOC to other providers, consider the entire package, not just the interest rates. While 1st Bank offers competitive rates and fees, some lenders might provide additional perks like rate discounts for existing customers or more flexible terms.
HELOC360 stands out as a resource for comparing HELOCs against home equity loans. It allows you to learn how each works and which option fits your financial goals, ensuring you find the best fit for your financial situation.
Making Your Decision
The decision to choose 1st Bank for your HELOC depends on your specific financial goals, credit profile, and how the terms align with your needs. While 1st Bank offers a solid HELOC product with attractive features, you should thoroughly compare options and consider seeking expert advice.
As you weigh your options, let’s explore the application process and requirements for a 1st Bank HELOC in more detail.
How to Apply for a 1st Bank HELOC
Preparation Steps
Before you start your 1st Bank HELOC application, collect these essential documents:
- Proof of income (W-2 forms, tax returns, pay stubs)
- Recent mortgage statements
- Property tax bills
- Homeowners insurance information
- Recent bank statements
Many lenders allow you to tap your equity with a credit score in the 600s, with 620 being common, especially for HELOCs. A higher score (700+) will likely secure better rates. Try to maintain a debt-to-income ratio below 43% to improve your chances of approval.
Application Submission
You can apply for a 1st Bank HELOC through three channels: online, by phone, or in person at a branch. The online application often provides the quickest method. Here’s what the process involves:
- Fill out personal information, employment details, and property specifics.
- Provide your Social Security number for a credit check.
- Upload or submit the required documents.
- Review and sign the application (electronically or in person).

After submission, a 1st Bank representative will contact you to confirm receipt and discuss the next steps.
Approval Process
Once 1st Bank receives your application, they will:
- Verify your information
- Order a property appraisal
- Review your credit history
- Calculate your loan-to-value ratio
The approval process typically takes 2-4 weeks (depending on the complexity of your application and current demand). During this time, respond quickly to any requests for additional information to avoid delays.
Final Steps
If 1st Bank approves your application, you’ll receive a HELOC agreement. This document details your credit limit, interest rates, and terms. Review it carefully before signing. Once you’ve signed, 1st Bank will set up your line of credit, usually within 3-5 business days.
While 1st Bank offers a solid HELOC product, compare options from multiple lenders. This comparison ensures you find the best fit for your financial needs.
Final Thoughts
1st Bank’s HELOC offers competitive rates and flexible options for homeowners, including those interested in HELOC investment properties. The Fixed Rate Advance feature allows borrowers to lock in rates on portions of their balance, providing stability in fluctuating markets. However, potential borrowers must evaluate their financial situation and compare offerings from multiple lenders to find the best fit for their needs.

The application process for a 1st Bank HELOC requires thorough preparation. Factors such as credit score, debt-to-income ratio, and available equity significantly influence eligibility and terms. Gathering necessary documentation in advance can expedite the approval process and improve your chances of securing favorable terms.
HELOC360 simplifies the process of exploring and comparing HELOC options. This platform provides expert guidance and connects you with lenders that match your unique financial profile. Whether you plan to fund home improvements, consolidate debt, or explore investment opportunities, understanding the terms, benefits, and potential risks of a HELOC is essential for making informed financial decisions.
Our advise is based on experience in the mortgage industry and we are dedicated to helping you achieve your goal of owning a home. We may receive compensation from partner banks when you view mortgage rates listed on our website.