Home equity loans

Equity is the difference between your home’s market value and the amount you owe. You can use your home’s equity to finance almost anything, and these loans may offer tax advantages (consult a tax professional for details). Since home equity loans are secured by your home, they often come with lower interest rates compared to other loan types. We offer a variety of options to help you put your home’s equity to work for you.
 

Get up to $250 toward closing costs when you open a fixed-rate home equity loan.1

Limited time offer is available for new 5, 10, 15, or 20 year fixed-rate home equity loan applications submitted on or before 2/28/2025. To qualify, loans must close on or between 11/04/2024 and 4/11/2025.1


Fixed home equity loan

Use your home equity for remodeling, education expenses, debt consolidation, vehicle purchases, and more.
 
Loan features:

  • Terms: 5, 10, 15, and 20 years (fully amortizing)
  • Fixed rate and payment for the entire loan term
  • No origination fee
  • No prepayment penalty

Home equity line of credit

Home equity lines of credit (HELOCs) provide quick access to cash for remodeling, education expenses, debt consolidation, vehicle purchases, and more. They’re also an excellent way to prepare for the unexpected, allowing you to borrow any amount up to your established limit whenever you need it.
 

HELOC features:

  • Borrow up to your established limit anytime, with no need to reapply
  • Pay interest only on the amount you use
  • Repaid funds become available to borrow again
  • Access your line of credit for up to 30 years (unless you sell or refinance)
  • Variable rate and payment
  • No origination fee
  • No prepayment penalty



How to apply:

Explore our various options to leverage your home's equity.  Apply online, visit a branch  or call us at 1-800-288-3425.


1The $250 closing cost credit is only available for new 5, 10, 15, or 20 year fixed-rate home equity loan applications submitted on or before 2/28/2025. To qualify, loans must close on or between 11/04/2024 and 4/11/2025. The credit will be applied at closing for actual costs incurred up to $250. The credit is not valid for any other loan products.
 
Home Equity Line of Credit: Monthly payment is 1.5% of the principal balance owed on the monthly billing date (minimum payment $75). 7.50% APR2 subject to change monthly for new loans. Maximum rate 18% APR2. Financing available up to 90% of value for qualified customers. Rate current as of 1/1/2025.

Interest Only Home Equity Line of Credit: Monthly payment is interest only based on the principal balance owed on the monthly billing date for 30 years with final balloon payment for principle balance. 8.00% APR2 subject to change monthly. Maximum rate 18% APR2. Financing available up to 90% of value for qualified customers. Rate current as of 1/1/2025.

2APR = Annual Percentage Rate. Payment does not include amounts for taxes & insurance and the actual payment obligation may be greater. Origination fees for other products may vary from $0-$1500. Other closing costs may apply.

Home equity loans are available to existing customers, or new customers who live or work in Minnesota, for properties located in AZ, FL, IL, IN, IA, KS, MN, MO, NE, ND, SD & WI.