Fixed-rate option2
You have the option to lock in a fixed interest rate for up to 20 years on some or all the money you borrow during your draw period. It’s a simple way to add predictability to your monthly budget.
A home equity line of credit, or HELOC, is a revolving credit line that’s secured by the equity you’ve built in your home. The HELOC can be used as needed during your draw period, which is the timeframe between opening it, up until your repayment begins. You only pay interest on what you borrow from your HELOC.
To qualify for a HELOC, you’ll need a credit score of 660 or higher. U.S. Bank also looks at factors including:
The rate shown is the current national average. Enter your location details for rates in your area.
Rates range from 8.65% APR to 13.05% APR and are subject to change at any time. Lowest rate assumes a credit limit of $50,000 or more, loan to value (LTV) of 60%, FICO score of 730 or higher and a U.S. Bank personal checking account.
U.S. Bank currently doesn’t offer home equity products in your location. An alternative option, cash-out refinance, is available in all 50 states.
If you’re interested in this or other financing options, please call us at 855-815-8894.
Prequalification helps you see how much you might be able to borrow, without affecting your credit score.
You have the option to lock in a fixed interest rate for up to 20 years on some or all the money you borrow during your draw period. It’s a simple way to add predictability to your monthly budget.
With HELOCs you can borrow funds over time as needed. They also offer flexible repayment options, including interest-only payments for those who qualify.
You can draw on your HELOC by using convenience checks, transferring money to your U.S. Bank checking account or by visiting a branch or ATM. You can also use your Visa® Access Card anywhere Visa® is accepted.
Whether you’re looking to remodel your kitchen or build an outdoor living area, a HELOC can be a great option.
You may be able to save money by using a HELOC to consolidate higher-cost debt, such as credit cards and student loans.
If you’re planning on funding major expenses, such as college tuition, a HELOC may be a good option. Its flexible availability of funds and low interest rates make it a smart choice for financing.
The process for getting a HELOC is simple.
You can do this online, by calling 800-642-3547 or by visiting a U.S. Bank branch.
You can easily upload documents using our secure online home equity application portal. (Requested documents may include paystubs, tax returns and W-2s, among other items.)
You’ll do this at a local U.S. Bank branch. You can also lock in a fixed rate at this time.
Home equity loans and lines of credit can be great ways to fund major purchases. Use our rate and payment calculator to find out what your home equity monthly payment may be.
Our home improvement calculator can help you estimate what your home remodeling project could cost. Get your personalized estimate by answering a few questions.
A HELOC is a flexible financing option that allows you to borrow as needed, up to your approved credit line. As you make payments to the outstanding principal balance, your available credit increases. Interest is paid during the repayment period only for what you’ve drawn from your HELOC that’s still outstanding.
Interest on a HELOC may be tax deductible.3 Consult your tax advisor regarding tax deductibility.