Home Equity Line of Credit
What Can My Home Equity Do?
The equity in your home (its value minus the amount you owe) is a little bit of a secret weapon that can be used to fund just about anything...remodels and upgrades, major purchases like vehicles or appliances, even ‘life stuff’ like orthodontics and education costs. Learn more and see what a Home Equity Line Of Credit can do!
•7.25% APR 6-month introductory rate
• Up to 80% combined loan-to-value ratio
• No processing fees
Why it's a good choice
Think ‘flexibility’. A HELOC works a lot like a credit card: you have a certain amount to use and pay back . . .More >
How should I use it?
Life is full of surprises. Sometimes you need quick access to funds outside your normal expenses . . .More >
*Subject to credit approval. Minimum credit line is $6000. Introductory rate is an Annual Percentage Rate (APR) of 7.25% for the first 6 months. Introductory rate is available on new home equity lines of credit only with combined loan-to-value ratio (CLTV) of 80% or less.
After the introductory period, the APR is the prime rate quoted in the Money Rate section of the Wall Street Journal (“Wall Street Journal Prime”) plus 0.50%. APR will never be lower than 7.25%, nor exceed 19.50%. The Wall Street Journal Prime on 11/28/2023 at 8:00 AM was 8.50%. Current index (Wall Street Prime) plus margin (0.50%) is 9.00%.
Terms and conditions subject to change without notice and may affect this offer. Cannot be used in conjunction with any previous offers. If your property is located in MN, you will pay a mortgage recording tax up to 0.24% of your credit limit amount. See your loan officer for details. Proof of homeowners insurance is required.
For example: a $20,000 loan for 84 months at 5.49% interest rate, monthly payments would be $287.31. Other home equity loan options are available, contact a Great Southern Residential Lender for more details