Put Your Equity to Use!
Your home’s equity serves as a valuable tool. We offer several options that allow you to take advantage of your home’s equity. Home equity loans allow you to borrow for home repairs, remodeling or any other need you have that you'd like to finance over a longer period of time. Our lenders will help you determine which options are the best for you. Learn more about how you can use your home’s equity below.
How Can I Use My Home’s Equity?
There are several options available that allow you to utilize your home’s equity. Use the comparison chart below to see which option may work best for you and your family.
| Loan Option | How It Works | Important Features |
|---|---|---|
Home Equity Loan | Use your equity to borrow a lump-sum loan to make home improvements, purchase a new vehicle, buy land and much more. | Loans have fixed rates and payments
Flexible repayment terms of up to 20 years
Interest may be tax-deductible*
|
Home Equity Line of Credit (HELOC) | Your equity acts as a revolving line of credit that you draw on as needed. | Most loans are approved the same day you apply
Use your HELOC as you need it
Payment flexibility: Make interest-only payments or pay off the principal whenever you llike
Interest may be tax-deductible*
Advance funds on your HELOC via online banking or over the phone
|
Fix-Up Fund Program | This option is offered through the Minnesota Housing Finance Agency and is available for 1-4 family homes that serve as your primary residence for making home improvements or completing remodeling projects. | Secured and unsecured loans available
Loans offer fixed rates and payments
Flexible repayment terms of up to 20 years
Interest may be tax-deductible*
Income limits apply
|
*Consult your tax advisor