Unlock the power of your home’s equity! Use the equity in your home to get the cash you need with a Home Equity Line of Credit (HELOC). HELOC rates are currently as low as 4.75% APR* for up to 180 months.
What is a HELOC? A HELOC or home equity line of credit is a line of credit secured by your home that gives you a revolving credit line to use for large expenses or to consolidate higher-interest rate debt on other loans such as credit cards. A HELOC often has a lower interest rate than some other common types of loans, and the interest may be tax-deductible. Please consult your tax advisor regarding interest deductibility as tax rules may have changed.
How does a HELOC work? With a HELOC, you’re borrowing against the available equity in your home, and the house is used as collateral for the line of credit. As you repay your outstanding balance, the amount of available credit is replenished – much like a credit card. This means you can borrow against it again if you need to, and you can borrow as little or as much as you need throughout your draw period up to the credit limit you establish at closing. At the end of the draw period, the repayment period begins.
How do I qualify for a HELOC? To qualify for a HELOC, you need to have available equity in your home, meaning that the amount you owe on your home must be less than the value of your home.
To learn more about a HELOC, please visit with a loan officer. If you’re ready to apply for a HELOC, you can apply securely and conveniently online.
*Annual Percentage Rate. Equal Housing Lending. Federally Insured for the NCUA. HELOC is only available in MN & WI.