personal loans > Home Equity Loans

Use the equity from your home to consolidate debt, do home improvements, take a vacation, purchase a new vehicle or whatever unexpected expenses come along.

  • No change to your current mortgage
  • 1/2% rate discount with automatic payment from your USB checking account
  • Borrow up to 90% of your equity
  • Terms up to 30 years
  • Low interest rates with fixed terms
  • Interest could be tax deductible (ask your tax consultant)

 personal loans > Home Equity Lines of Credit

Enjoy the flexibility and freedom with the equity in your home.  Turn the equity in your home into cash for home improvements, college expenses, debt consolidation, and more!

  • No annual fee
  • Access up to 90% of your equity
  • Low interest rates
  • Advance and pay down as often as you like, up to your approved limit
  • Variable payment amount (a percentage of your outstanding balance)
  • Interest could be tax deductible (ask your tax consultant)

 

How to Apply for a Home Equity Loan or           Home Equity Line of Credit (HELOC)

We can help you determine which equity-based loan is best for you.  To Apply give Nicole or Tyler a call at 701-282-4598 or 701-277-5886.  We generally need the following information:

  • Personal Financial Information
  • Income verification from employment or other sources
  • Outstanding balance of your current mortgage
  • The estimated value of your home

Click on the link below if you would like to get a jump start on the process. 

 

Home Equity Loan vs. Home Equity Line of Credit (HELOC)

A Home Equity Loan and HELOC are not the same; however, both types of loans are based on the equity you've built up in your home.  A Home Equity Loan is taken as a one-time loan with a fixed interest rate giving you a lump-sum of cash and fixed monthly payments where as a HELOC is a revolving line of credit that allows you to advance funds when needed and pay down the balance as often as you like.  HELOC's have an adjustable interest rate with monthly variable payment amounts (a percentage of your outstanding balance).

 

Which Home Equity Loan is Right for You?

Home Equity Loans are best if you:

  • Need the money up front
  • Prefer monthly fixed payments - principal and interest payments stay the same each month for a specific period of time
  • Need a specific amount quickly

Home Equity Line of Credit Loans are best if you:

  • Need funds now and in the future - use all the funds right away or as your needs change in the future
  • Prefer a set credit limit with a variable interest rate
  • You can easily transfer funds to a Union State Bank checking account - either online, at the bank or just give us a call!

 

Home Mortgage Options

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