There are three basic ways to access your home’s equity: a home equity line of credit, a home equity loan (also called a “second mortgage”), and a mortgage refinance that gives you cash when you close on your new mortgage.
Compare rates and payments for a variety of home equity options.
Loan approval is subject to credit approval and program guidelines. Not all loan programs are available in all states for all loan amounts. Interest rate and program terms are subject to change without notice. Mortgage, Home Equity and Credit products are offered through U.S. Bank National Association. Deposit products are offered through U.S. Bank National Association. Member FDIC. 
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The Consumer Pricing Information brochure lists fees, terms and conditions that apply to U.S. Bank personal checking and savings accounts and can be obtained by visiting a branch or calling 800-872-2657.
Return to content, Footnote 1Home Equity Line of Credit: 1.99% Introductory Annual Percentage Rate (APR) is available on Home Equity Lines of Credit with an 70% loan-to-value (LTV) or less. The Introductory Interest Rate will be fixed at 1.99% during the 9-month Introductory Period. A higher introductory rate will apply for an LTV above 70%. Offer is available for new applications submitted from June 20 – August 14, 2020. After the 9-month introductory period: the APR is variable and is based upon an index plus a margin. The APR will vary with Prime Rate (the index) as published in the Wall Street Journal.
As of July 28, 2020, the variable rate for Home Equity Lines of Credit ranged from 3.60% APR to 6.90% APR. Rates may vary due to a change in the Prime Rate, a credit limit below $100,000, a loan-to-value (LTV) above 70% and/or a credit score less than 730. A U.S. Bank personal checking account is required to receive the lowest rate, but is not required for loan approval. Customers in certain states are eligible to receive the preferred rate without having a U.S. Bank personal checking account. The rate will never exceed 18% APR, or applicable state law, or below 3.25% APR. Choosing an interest-only repayment may cause your monthly payment to increase, possibly substantially, once your credit line transitions into the repayment period. Repayment options may vary based on credit qualifications. Interest-only repayment may be unavailable. Loans are subject to credit approval and program guidelines. Not all loan programs are available in all states for all loan amounts. Interest rates and program terms are subject to change without notice. Credit line may be reduced or additional extensions of credit limited if certain circumstances occur. The maximum allowable line amount in New York is $100,000. An early closure fee of 1% of the original line amount, maximum $500, will apply if the line is paid off and closed within the first 36 months (30 months for customers residing in North Carolina). Property insurance is required. Other restrictions may apply. Customer pays no closing costs. Initial escrow related funding costs may apply. An annual fee of up to $90 may apply after the first year and is waived with a U.S. Bank Platinum Checking Package.
Home Equity Line of Credit – Fixed Rate Option: A maximum of three active Fixed Rate Options are permitted on a Home Equity Line of Credit. Property insurance is required. Other restrictions may apply.
Home Equity Loan and Smart Refinance: In order to receive the lowest rate advertised, a set-up of automatic payments from a U.S. Bank personal checking or savings account is required but neither are required for loan approval. No closing cost option: a) is available for customers with a debt-to-income ratio of 43% or less; b) customer pays no closing costs. Initial escrow related funding costs may apply; c) a prepayment penalty of 1% of the original loan amount, maximum $500, will apply if the loan is paid off and closed within the first 36 months (30 months for customers residing in North Carolina); d) customers can choose to remove the prepayment penalty by paying an origination fee of 1% of the loan amount, maximum $500. Choosing the origination fee option will increase the final APR. Customers with a debt-to-income ratio above 43% do not have a prepayment penalty or origination fee. Loans are subject to credit approval and program guidelines. Not all loan programs are available in all states for all loan amounts. Interest rates and program terms are subject to change without notice. Property insurance is required. Other restrictions may apply.
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