Home Equity Loan
Put Your Home to Work with an SMW Home Equity Loan
A home equity loan lets you use your home’s equity to finance just about any project or purchase at a competitive rate. Whether you want to make a major purchase, renovate your home, or consolidate debt, we have the solution to meet your needs and budget. Try out the amount you are looking to borrow in our Simple Loan Calculator to estimate how a home equity loan could fit into your financial picture.
FAQs
What's the difference between a home equity loan and a HELOC (Home Equity Line of Credit)?
Both a home equity loan and a HELOC are based on your home’s available equity. A home equity loan provides the funds as a single lump sum up front, which you pay back with fixed payments based on the interest rate and loan term.
A HELOC is a revolving line of credit that allows you to borrow funds as needed during the draw period, during which payment amounts will vary based on the balance. After the draw period, any balance left becomes a fixed term loan that is known as the repayment period.
What can I use a home equity loan for?
According to U.S. News, the five best ways to use a home equity loan is for:
- Improving your home
- Consolidating debt
- Starting a business
- Paying for college
- Funding an emergency
However, you can use a home equity loan for just about any purpose, as long as it makes sense for you and your budget.
How do I calculate the amount of equity I have?
The simplest way to get a rough estimate of the amount of equity you have in your home is to take the appraised/assessed value of your home and subtract all amounts owed on your property (first and second mortgages).
Or Call one of our expert Loan Officers
Katrina at (651) 747-1511 or Matt at (651) 747-1565
A Powerful Home Improvement Loan
The best thing to use a home equity loan for is work on the home that secures the loan. Styles have changed since you first bought your home? Give it an upgrade with home improvements financed with an SMW home equity loan. Check out our great home equity loan rate, and consider the many features SMW offers:
· Low fixed annual percentage rate
· Various repayment terms available
· Borrow up to 100% of your home's current property tax value or appraised value (minus any existing first mortgage balance) for home improvement projects
· Automatic payments available from your SMW FCU checking or savings account
· Fast, attentive, friendly service from start to finish
· Available on first or second mortgage on a primary residence in MN or WI
· Consider refinancing existing home equity loans for better rate or lower payment
· Five-, ten- and 15-year term
· No application fee
Your house is more than bricks and mortar. It is a major investment in your present and your future. Let the equity in your home work for you today.
- Only pay interest on what is used, not full approved amount
- Low, variable annual percentage rate
- Draw funds whenever you need them without reapplying
- Get approved for up to 90% of your home's value
- Easy access to funds via a debit card, ATM or online
Styles have changed since you first bought your home. Give it an upgrade with an affordable home improvement loan.
- Low fixed annual percentage rate
- Various repayment terms available
- Borrow up to 100% of your home's current property tax value or appraised value (minus any existing first mortgage balance) for home improvement projects
- Automatic payments available from your SMW FCU checking or savings account
*Consult a tax advisor for more information regarding the tax implications.