When you have plans, we’ll help you find a way to fund them

Sometimes the answer is right in front of your eyes. With the equity you’ve built up in your home, we can help you “borrow” from yourself to finance the expenditures you may have been putting off—from home improvements to personal ones, we can help you get started.


Home equity options

In addition to refinancing your home to lower your monthly expenses using a fixed-rate or adjustable-rate mortgage, you have two more flexible options.

THE FIXED-RATE HOME EQUITY LOAN


For large expenses, such as a home renovation or your child’s college education, you may be able to “put it on the house” with an Old Second Fixed-Rate Home Equity Loan. An Old Second residential lender can help you decide if a fixed-rate home equity loan is right for you.

BENEFITS:
  • Predictable, fixed monthly principal and interest payment for the life of the loan
  • No interest rate risk because the loan rate is locked in
  • No application fees
  • No hidden closing costs
  • Automatic payment options available through O2 Online Banking when you have a checking or a savings account
IF YOU ARE CONSIDERING APPLYING

THE VARIABLE-RATE HOME EQUITY LINE OF CREDIT


Gain the flexibility to decide how much you want to borrow, when you borrow it and how you want to pay it back. With Old Second’s Variable-Rate Home Equity Line of Credit, you are in control.

BENEFITS:
  • Once a line of credit is established, you have easy access to your home’s equity via check or online banking transfer
  • This is a reusable source of credit—you may pay it down and then borrow against it at a later date
  • Automatic payment options available through O2 Online Banking when you have a checking or savings account
  • We only require interest payments each month; you may repay principal at your discretion, within the terms of the line of credit
IF YOU ARE CONSIDERING APPLYING