Home Equity Loans
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A Better Way to Borrow
Use your home’s equity for unexpected repairs, improvements or for the projects you’ve been picturing for years.
Home Equity Borrowing Options
Home Equity Loans
A Home Equity Loan (HELOAN) is great for when you have a home improvement project in mind and have a good idea of what it will cost. You then borrow a set amount of money at a fixed rate and term.
Use your Home Equity Loan for things like refinancing, remodeling, or paying for some other large expense.
Home Equity Line of Credit
Home Equity Line of Credit (HELOC) is a great option when you need more flexibility. You’ll have access to a pool of money and then you only borrow what you need, when you need it.
A HELOC does have a credit limit and a specified borrowing period, typically 10 years. During that time, you can tap into your line of credit to withdraw money (up to your credit limit) as you need it. Use the funds only when you need to, and you can continue to use the funds as you repay them. Better yet, you only pay interest on the money you use, which is a nice feature of a HELOC.
Which home equity product is right for you?
A HELOC gives you the flexibility of a financial backstop that’s there when you need it. If your roof needs repair or a tuition bill comes due, drawing on a Home Equity Line of Credit can be a convenient solution.
On the flip side, with a HELOAN, you get a lump sum of cash at loan closing and know how much your monthly payments will be and how long it will take to pay off the loan.
Talk With a Loan Officer About Our Home Equity Products
If you’re feeling anxious about which Home Equity Loan option fits your situation best, breathe. Great Midwest Bank can help you experience a state of BankquilityⓇ with flexible loan options that’ll put you mind at ease. Talk with one of our experienced loan officers today.
How can I apply for a Home Equity Loan or a HELOC?
Great Midwest Bank is your Home Equity Loan lender, serving local communities from the greater Milwaukee area all the way to the suburbs of Madison. Talk with a loan officer serving in the community nearest you. Start an online application today.