Home Equity Loans

Put Your Home Equity to Work for You

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 vacations, college tuition, debt consolidation, major medical expenses, home remodeling projects or those unexpected expenses.

You have seven years to draw and repay on the line and up to 10 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 — with more favorable terms. You can draw on your approved line for vacations, college tuition, remodeling projects or anything else you need, whenever you want. There is no minimum draw.

Fixed Rate Option

Once each year, at any time during the year, 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 10 years). 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 1st Deed of Trust or 2nd 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 2nd Deed of Trust then the combined amount of your existing mortgage and the HomeFlex cannot exceed $450,000.

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 & Use

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

You'll also automatically receive your HomeFlex debit card after you're approved for your line of credit.

Just like a regular debit card, 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 (850k PDF). That means you don't have to go thousands of miles away to get answers to your questions about your First National Bank loan.

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