Home Equity Loans

Available for Minnesota, Wisconsin, Iowa, Arizona and Florida real estate only Rates are accurate as of specified date and are subject to change. When Your Home is on the Line brochure (Federal Reserve Board)

Related Links Home Equity/Home Improvement Information Apply for a loan Calculate your monthly payment

*6-year amortization or up to 15 year amortization with a 5-year balloon.

**The variable loan rate is subject to change the first day of each calendar month, based on the external prime lending rate index published in "The Wall Street Journal" in effect at the close of the fifteenth day of the preceding month (i.e., July 1-31, the rate would be determined based on the June 15 prime rate). Any rate change will affect existing balances as well as future advances. The maximum rate is 16.00%.

***Minimum payment is $15 per thousand or $50 per month, whichever amount is greater. Initial advance must be at least $5,000, after that, $100. When an advance is given, the new payment amount is disclosed on the receipt.

****Actual rate is based on applicant's credit history.

The dollar amount you pay for money borrowed is called a "finance charge" and begins on the date of each advance. No prepayment penalties apply.

Interest expense incurred on home equity loans may be tax deductible. Please consult your tax advisor regarding the deductibility of interest.

Note: All out-of-pocket expenses in setting up a home equity loan will be paid by the member. Such costs may include appraisals, title report, recording fees, and the mortgage registration tax. Adequate property insurance must be maintained.