What is a Home Equity Loan?

Home Equity Loan

A simple way to finance for your next goal.

A Home Equity Loan can be an affordable way to fund a remodeling project, major purchase, or other large expense. You'll receive the full amount all at once, and a fixed rate option with low fees and consistent monthly payments makes budgeting easier.

A Great Southern Bank Home Equity Loan comes with many benefits, including:

  • Fixed rate option
  • Competitive rates and terms available1
  • Low fees
  • Up to 80% combined loan-to-value (CLTV) ratio

Contact your nearest banking center for personal assistance to get started or to learn more about our convenient lending options.

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Ways to use it.

Generally, a Home Equity Loan is a reasonable solution for major, one-time expenses or purchases. Typical Home Equity Loan uses may include a home remodel, a vehicle purchase, or replacement of larger household appliances. Its uses aren't limited, though, so could include other expenses like debt consolidation (all in one place with a low rate), building a deck, buying new furnishings, or travel.

Rate options.

Choose from either a fixed rate loan or an adjustable rate loan (ARM). With the fixed rate, your payments are consistent and expected, which may make budgeting a little easier. With the ARM, your payment is consistent for the first five years and then will adjust as interest rates change. Your Great Southern lender will help you decide which option suits you best.

Loans for life. 

No matter where you're headed, we have solutions to get you there, with auto and home loans, financing for education, flexible lines of credit and more. Apply online or stop by your nearest location to get started.

Home Equity Line of Credit More Loan Options

1. Subject to credit approval. The annual percentage rate (or APR) is the total annualized cost of your loan. Minimum loan amount is $6,000. Cannot be used in conjunction with any previous offers. If your property is located in MN, you will pay a mortgage tax up to 0.24% of your loan amount. See your loan officer for details. Proof of home owners insurance is required.

For example: a $20,000 loan for 84 months at 5.625% interest, monthly payments would be $288.59. Other home equity loan options are available, contact a Great Southern Residential Lender for more details.