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Consumer & Home Equity Loans


Home Equity

Home Equity Loans at Attractive Rates

New Jersey home ownership can be a sound investment. Home prices in the Garden State have increased by 101.47% over the past 20 years, while in Morris County alone that increase is 73.9% since 2000.1  A home equity line of credit (HELOC) and home equity loan are methods to reap the financial benefits of that investment.

Home equity loans and HELOCs use the equity in your home – that is, the difference between your home’s value and your mortgage balance – as collateral. Since the loans are secured against the equity value of your home, these loans offer extremely competitive interest rates that are similar to first mortgages. Compared to unsecured borrowing sources, like credit cards, you pay less in financing fees for the same loan amount.

Determining the product that is best for you is where the Lincoln 1st team comes in. As a community bank serving Montville, Lincoln Park, Towaco, Pine Brook and the greater Morris County area, we see you as more than a customer. You are our neighbor, who we will see in town at a local restaurant or Little League baseball game. We understand your goals and personal situation.

While HELOCs and home equity loans are similar in that they leverage the value of your home, there are some differences. Our Lincoln 1st team will sit with you like a trusted neighbor does and help you determine which loan is best for your personal situation.

Benefits of a HELOC

A smart approach to use the equity in your home and get a great low rate is with a HELOC. This rate is not fixed, so be sure to call a Lincoln 1st representative to discuss your options and if this is the right loan for you.

A HELOC is a revolving, open line of credit available at your disposal. It is similar to a credit card in that you access it, as needed. The big difference is that a HELOC typically has lower interest rates compared to a credit card.

Lincoln 1st offers HELOCs with a variable interest rate and an initial draw period, which can last as long as 10 years. During that time, you are required to make interest-only payments. At the conclusion of the draw period, there’s a repayment phase. On this date, you must pay any principal and remaining interest.

By establishing a HELOC, you access the money only when it’s needed, and untapped funds will not incur interest. You only pay for what you use. HELOCs typically have lower closing costs than a home equity loan. They can also be a great source of emergency funds.

For your convenience you may use our Secure Forms to apply online for a HELOC.

Home Equity Loan

Another option to maximize the equity in your house is to take out a home equity loan. By offering various terms and a low fixed payment, we can make any project more affordable.

With a home equity loan, you receive a single sum of cash, compared to the draw-as-you-need HELOC. A home equity loan is often a smart alternative if you need the money for a one-time or unexpected expense. That cost can be for a major event, such as a wedding, or to add equity to your home, such as a kitchen renovation. Because home equity loans offer fixed rates, you know your monthly payments when you take the loan out. It is similar to a traditional mortgage in that respect.

A home equity has another thing in common with a traditional mortgage. You must pay many of the same closing costs associated with a first mortgage. Among the fees that are included in a home equity loan are loan-processing, origination, appraisal, and recording.

For your convenience you may use our Secure Forms to apply online.*

Other Consumer Loan Options

Lincoln 1st has other consumer loan products that can help bring you some financial relief. You can contact our local team to discuss which is best for you.  

Overdraft Checking Credit Reserve Line of Credit

We’ve got you covered. Never worry about accidentally overdrawing your account with our overdraft protection program. Our convenient product automatically provides coverage, so you never have to be concerned with overdraft charges or making an emergency deposit or fund transfer. Simply make a deposit using your online account, during your next branch trip, or mail us a payment directly.

Personal Unsecured Loan

If you have no collateral but need financial relief, we can help with our affordable personal unsecured loan program. After all, neighbors help each other in times of need. We offer 36-, 48-, and 60-month terms to help you select a monthly payment that fits into your budget.

Car Loans

Lincoln 1st offers both new and used auto loans at affordable rates to help you purchase a car without emptying your bank account.

Passbook Loans

Utilize your Lincoln 1st passbook savings or CD as collateral to obtain a secured loan at a low rate while continuing to earn interest on your account.

Please visit our rates page or contact a member of our Lincoln 1st consumer loan team for additional product options, information, and payment information. We are ready to serve you, our neighbors.

1  Neighborhoodscout.com