Interest rates for home equity lines and loans are typically lower than other forms of credit because your home is used as collateral, and the risk to a bank is less than an unsecured loan. Ultimately, this means a lower cost to you. Plus, the interest you pay for home equity financing may be tax deductible. Consult your tax advisor regarding tax deductibility of interest.
 

Home equity is a great solution to finance almost anything. With low interest rates and potential tax deductibility, it's the smart way to pay for home improvements, education expenses, purchasing a vehicle, buying a second property or consolidating higher-interest rate balances.
 

A home equity line of credit is a revolving line of credit secured by your home and is the most flexible type of home financing available. The credit limit is based on the amount of available equity and when payments are made to the balance, your available credit is replenished.
 

The Fixed Rate Option allows you to convert all or any portion of your line of credit balance into fixed rate, fixed payment installment loans. As you make payments to your installment loan with the Fixed Rate Option, the available credit in your line increases. You can have up to three Fixed Rate Options within your line at any time.
 

You can borrow up to $500,000 (up to $1,000,000 for properties in CA) for a period of up to 30 years. The interest rate is fixed for the term of your line or loan, and repayments are made in monthly installments of principal and interest.²
 

You can borrow up to $500,000 (up to $1,000,000 for properties in CA) for a period of 25 years (15-year draw period and 10-year repayment period). The interest rate options are both variable (which is based on the Prime Rate) and fixed with the Fixed Rate Option. Your minimum monthly payment during the first 15 years is your choice of either 1% or 2% of the outstanding balance, or interest only. Once the 15-year draw period has expired, your entire outstanding line balance will be converted into a fully amortizing loan for the 10-year repayment period. Repayment options depend on LTV.
 

You can borrow up to $500,000 (up to $1,000,000 for properties in CA) depending on your credit history, available equity in the property and your current monthly debt.
 

Interest may be tax deductible on line or loan amounts that are less than 100% of the value of your home. Consult your tax advisor regarding tax deductibility.
 

U.S. Bank Package customers that have their monthly payments automatically deducted from a U.S. Bank Checking account receive a .50% interest rate discount which is already reflected in the interest rates displayed on our rate tool.
 

Choose from a basic fixed rate installment loan or a Home Equity Line of Credit with variable and fixed rate options. The variable interest rate on a line of credit changes when the Prime Rate changes (as published in the Money Rates section of the Wall Street Journal).
 

The interest rate on a line of credit is based on the Wall Street Journal Prime Rate as published in the Money Rates section. You can lock in a fixed interest rate at any time with our Fixed Rate Option.
 

Yes. At any time, you can lock in a Fixed Rate Option on a line of credit for all or any portion of your balance.
 

No. There are no closing costs ¹ on home equity lines or loans.
 

Yes. When opening a home equity account, your personal banker can transfer any higher rate balances to your new home equity line of credit or loan. After opening the account, you can transfer balances to a home equity line of credit by using any of our convenient access options including convenience checks, U.S. Bank Internet Banking, telephone transfers into a U.S. Bank Checking account, or at any U.S. Bank branch.
 

You can complete the application in as little as five minutes. Processing your application can take as few as two business days depending upon your application. Once you've signed the documents at closing, the funds will be available after the three-business-day rescission period has expired.