Home Equity Loans

Use the equity in your home to borrow the amount you need, when you need it, up to your credit limit. Your credit limit is based on the amount for which a borrower qualifies. The minimum HomeFlex Equity Line is $10,000, and the maximum is $250,000. Draw on your approved HomeFlex Equity Line of Credit (HELOC) for home remodeling projects, debt consolidation, college tuition, major medical expenses, vacations or those unexpected expenses.

You have 10 years to draw and repay on the line and up to 15 more years to repay the remaining outstanding balance.

Variable Rate Option

First National's HomeFlex Equity Line of Credit offers you the flexibility and convenience of a credit card. You can draw on your approved line for remodeling projects, college tuition, vacations or anything else you need, whenever you want. There is no minimum draw.

Fixed-Rate Option

You can convert a portion or all of your outstanding HomeFlex balance to a fixed interest rate ($5,000 minimum; repayment term no longer than 15 years any time after your first draw). Subsequent requests can be made one year following any previous request. You can have up to three fixed-rate conversions as part of your HomeFlex account at one time. Your request for a fixed-rate conversion must be submitted in writing, by mail or delivered to a First National branch nearest you.

Maximum Loan Amount

The maximum loan amount allowed will be determined by whether the HomeFlex Equity Line would be considered a 1^st Deed of Trust or 2^nd Deed of Trust, and also if the property is owner-occupied or not. The maximum Loan to Value ranges from 65% to 75%. If the HomeFlex Equity Line is a 2^nd Deed of Trust then the combined amount of your existing mortgage and the HomeFlex Equity Line cannot exceed $550,000.

We use the assessed value of your home when determining your maximum loan amount. Current assessed value of your home can be found on your most recent tax valuation card. If you think the assessed amount does not accurately reflect the value of your property, you may request the bank to order an appraisal. Cost of appraisal will be borne by you.

Easy to Access and Use

Using your approved credit is convenient with a HomeFlex Equity Line. Once approved you'll have access to your available credit using online banking and banking by phone, as well as FlexChecks and by visiting any branch.

You'll also receive your HomeFlex debit card after you're approved for your line of credit if that is an option you choose.

Use the HomeFlex debit card to draw on your available line of credit for anything, anytime, anywhere Debit Mastercard is accepted, with no additional fee. Your card and PIN give you instant access to your available line of credit, 24 hours a day, seven days a week at an ATM displaying the Mastercard logo*.

Local Loan Servicing

Our team of loan servicing specialists is located right here in Alaska.

Contact us for specific details about First National's HomeFlex Equity Line of Credit.

* When you use an ATM not owned by First National, you may be charged a fee by the ATM operator and/or any network used.