What is equity?

Simple definition is equity equals ownership. It's the portion of your house that is actually owned by you (not your mortgage company). A more accurate definition of home equity is the difference between your home's market value and your loan balance.

What is loan to value?

Your total loan balances outstanding to the appraised value of the property. For Example: Appraised Value = $100,000 1st Mortgage Balance = 80,000 Loan to Value% = 80%

How much will I have to pay in closing costs on a home equity line of credit?

Zero.*

Where do I close my loan?

At a First Tennessee branch convenient to you or through a closing agent's office if a branch is not convenient to where you live.

Is there an annual fee?

Yes, there is a $50.00 annual fee charged during the draw period. This annual fee is waived the first year.

How long does it take to close?

Depending on the location of the property it normally can take 2-3 weeks to close on a Home Equity Line of Credit.

Is there a prepayment penalty?

That depends, based on the loan offered. Your financial advisor can tell you whether there is a prepayment penalty for early payoff on your specific loan.

Once the loan is closed, how do I get my cash?

There are 4 ways to get your Home Equity Cash:

  • Checks: You will receive checks, which you can use to draw from your Home Equity Cash account.
  • Homeowner's Platinum Card: A Visa® Platinum access card that can be used around the world.
  • ATM: The Homeowner's Platinum Gold Card gets you cash at any ATM in the U.S.
  • Any First Tennessee location: Meet with a loan officer to receive your cash.

Purchases are automatically debited from your line of credit balance.

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