Interest rates for home equity lines and loans are typically lower than for other forms of credit because your home is used as collateral – meaning the risk to a bank is less than with an unsecured loan. A lower rate means a lower cost to you — and the interest you pay may be tax deductible¹ as well.

Because of the competitive interest rates and potential tax advantages of home equity lines and loans, they're convenient ways to finance almost anything, including home improvements/repairs, education, purchasing a vehicle, buying a second property or consolidating higher interest rate balances.

You can borrow as little as $15,000 or up to $750,000 (up to $1 million for properties in California), depending on your credit history, available equity in the property and your current monthly debt.

Interest on home equity lines and loans may be tax deductible.¹ Consult your tax advisor regarding tax deductibility.

Our home equity installment loan has a fixed rate. Our home equity line of credit has a variable rate which changes when the prime rate changes (as published in the money rates section of the Wall Street Journal). In addition, the home equity line of credit includes the option to convert all or a portion of your balance to the fixed rate option. (For more on this, see "What is the fixed rate option?")

Yes. Customers who have their monthly payments deducted automatically from a U.S. Bank personal checking or savings account receive a 0.50% interest rate discount for home equity loans. This discount can be applied in our home equity rate and payment calculator.

There are no closing costs on home equity loans or lines of credit.

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 via convenience checks, U.S. Bank Online and Mobile Banking, telephone transfers into a U.S. Bank checking account, or at any U.S. Bank branch.

The length of time to process the application varies depending on your situation. Once you’ve signed the documents at closing, the funds will be available after a waiting period of three business days on accounts secured by a primary residence.

Both the home equity installment loan and home equity line of credit offer homeowners looking for cash flexible options depending on if you want the money in a lump sum paid back over a period of time or a line of credit to draw from as you need it for a pre-determined amount.

Homeowners who are in need of cash have convenient loan options available today. Once you determine how much you need we can help you compare which loan is right for you.

Depending on your goals either a home equity loan or mortgage refinance may be the right choice for you.