Home equity loan
Help fund life’s big moments by unlocking your home equity.
The process for getting a home equity loan is easy.
2
Apply online in minutes.
Our application is fast and easy. Just enter the amount you want to borrow and your property and contact information.
3
Close, and access your funds.
The time it takes to process your application can vary. If approved, your funds will be available within three business days after you close, with no closing costs.
What is a home equity loan?
A home equity loan is a one-time installment loan that lets you use the equity in your home as collateral. It’s sometimes referred to as a home equity installment loan or HELOAN for short. Home equity loans offer several benefits, including a fixed interest rate that may be lower than other types of loans, and a regular monthly payment. This gives you a predictable repayment schedule for the life of the loan, up to 30 years.
Requirements to get a home equity loan
To qualify for a home equity loan, you’ll need a FICO score of 660 or higher. U.S. Bank also looks at factors including:
- The amount of equity you have in your home
- Your credit score and history
- Your debt-to-income (DTI) ratio
- Your income history
Find home equity loan rates2 by location.
The rates shown are the current national average. Enter your location details for rates in your area.
Rates shown for loans in the amount of $50,000 – $99,999 up to 60% loan to value (LTV), and for clients with automatic payments from a U.S. Bank personal checking or savings account with a FICO score of 730 or higher.2 Rates may vary by region and are subject to change.
Take the next step: See if you prequalify.
Prequalification helps you see how much you might be able to borrow, without affecting your credit score.
Explore more home equity and home improvement tools.
Obtaining a Loan Estimate for a home equity loan
A Loan Estimate provides important details about your loan, including the estimated interest rate, monthly payment and total closing costs. Get a Loan Estimate without completing a full loan application by speaking to a banker.
Get answers to frequently asked questions about home equity loans.
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Disclosures
Loan approval is subject to credit approval and program guidelines. Not all loan programs are available in all states for all loan amounts. Interest rate and program terms are subject to change without notice. Mortgage, Home Equity and Credit products are offered through U.S. Bank National Association. Deposit products are offered through U.S. Bank National Association. Member FDIC.
Equal Housing Lender
Free credit score access, Alerts and Score Simulator through TransUnion’s CreditView™ Dashboard are available to U.S. Bank online and mobile banking customers only. Alerts require a TransUnion database match. It is possible that some enrolled members may not qualify for alert functionality. The free VantageScore® credit score from TransUnion® is for educational purposes only and is not used by U.S. Bank to make credit decisions.
Home Equity Loan: As of March 15, 2024, the fixed Annual Percentage Rate (APR) of 7.65% is available for 10-year second position home equity installment loans $50,000 to $99,999 with loan-to-value (LTV) of 60% or less. Rates may vary based on LTV, credit scores or other loan amount. In order to receive the lowest rate advertised, a set-up of automatic payments from a U.S. Bank personal checking or savings account is required but neither are required for loan approval. Clients in certain states are eligible to receive the preferred rate without having automatic payments from a U.S. Bank personal checking or savings account. Loan payment example: on a $50,000 loan for 120 months at 7.65% interest rate, monthly payments would be $597.43. Payment example does not include amounts for taxes and insurance premiums. The monthly payment obligation will be greater if taxes and insurance are included and an initial client deposit may be required if an escrow account for these items is established. Home equity loans not available for properties held in a trust in the states of Hawaii, Louisiana, New York, Oklahoma and Rhode Island. Loan approval is subject to credit approval and program guidelines. Not all loan programs are available in all states for all loan amounts. Interest rates and program terms are subject to change without notice. Property insurance is required. Other restrictions may apply.
U.S. Bank and its representatives do not provide tax or legal advice. Your tax and financial situation is unique. You should consult your tax and/or legal advisor for advice and information concerning your particular situation.
The Consumer Pricing Information disclosure lists fees, terms and conditions that apply to U.S. Bank personal checking and savings accounts and can be obtained by visiting a branch or calling 800-872-2657.
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