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Home Equity

Your home is more than just a shelter — it can also become a great source for funding major or unexpected expenses. You can pay for a medical emergency, consolidate your debt, make home improvements, or anything else you may need or want. And because home equity loans are based on the equity you have built-up over time, you will enjoy a lower rate than most consumer loans, and the interest may be tax deductible. Whatever your needs may be, our local experts will work with you — with quick decisions made right here in Itasca County.

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Summary
  • Competitive rates for several short-term or one-time needs:
    • Education expenses
    • Major life events
    • Home remodel projects
    • Debt consolidation
    • And much more!
  • The existing equity in your home is used as collateral backing
  • Line of credit also available (see tab)
  • Accommodating repayment terms that work uniquely for you
  • The interest paid may be tax deductible*
  • Local decision-making and processing 
  • Helpful, customized service throughout the entire process
HELOC

Much like a home equity loan, a home equity line of credit (HELOC) lets you use the equity built in your home to secure a loan. But unlike a traditional home equity loan, once approved you can access as much or as little as you want. You only pay interest on what you use. Best of all, you can reuse without the need to reapply, and the interest may even be tax deductible.*

  • Competitive rates for a wide range of ongoing expenses:
    • Home improvements
    • Medical expenses
    • Renovation projects
    • And more!
  • Direct, anytime access to funds without reapplying
  • Revolving credit – when you repay, your limit is replenished for future borrowing
  • Affordable payment plans
  • Only pay interest on the part that's used
  • The interest paid may be tax deductible*
  • Local decision-making and processing 
  • Helpful, customized service throughout the entire process

*Consult your tax advisor concerning the deductibility of interest.