Home Equity Line of Credit (HELOC)
Finance nearly any need as it arises with the help of your home. A HELOC utilizes your home's equity as collateral for a competitive-rate credit line. Once the line of credit is opened, you can make advances as you need.
Unlike an amortized loan, what you don't use, you don't owe; you only pay interest on the part that's used. Added bonus: the interest that you do end up paying might even be tax deductible!
- Utilizes your home's equity to secure financing
- Competitively low rates for a wide range of seasonal or ongoing needs:
- Home improvements
- Debt consolidation
- Personal expenses
- Home remodeling
- Education expenses
- Medical expenses
- And more!
- Accommodating terms, custom-tailored to customer's situation
- Interest paid may be tax deductible*
- Only pay interest on the part that's used
- Direct, anytime access to funds without reapplying
- Helpful service, centered on your needs
- Local decision-making and processing in Otter Tail County