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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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.*
*Consult your tax advisor concerning the deductibility of interest.