The process for getting a home equity loan is easy.

See what you could borrow.

Use our home equity calculator to get an estimate of your monthly payment. Then see if you prequalify – all without impacting your credit score.

Apply online in minutes.

Our application is fast and easy. Just enter the amount you want to borrow and your property and contact information.

Close, and access your funds.

The time it takes to process your application can vary. If approved, your funds will be available within three business days after you close, with no closing costs.

What is a home equity loan?

A home equity loan is a one-time installment loan that lets you use the equity in your home as collateral. It’s sometimes referred to as a home equity installment loan or HELOAN for short. Home equity loans offer several benefits, including a fixed interest rate that may be lower than other types of loans, and a regular monthly payment. This gives you a predictable repayment schedule for the life of the loan, up to 30 years.

Requirements to get a home equity loan

To qualify for a home equity loan, you’ll need a FICO score of 660 or higher. U.S. Bank also looks at factors including:

  • The amount of equity you have in your home
  • Your credit score and history
  • Your debt-to-income (DTI) ratio
  • Your income history


Want to learn more about credit scores? You can monitor your VantageScore® credit score from TransUnion® for free1 via the U.S. Bank Mobile App or online banking. (This score is for educational purposes and isn’t used by U.S. Bank to make credit decisions.)

Find home equity loan rates2 by location.

The rates shown are the current national average. Enter your location details for rates in your area.

Where is your property?

10-year term home equity loan rate

% APR 2

For

15-year term home equity loan rate

% APR 2

For

Rates shown for loans in the amount of $50,000 – $99,999 up to 60% loan to value (LTV), and for customers with automatic payments from a U.S. Bank personal checking or savings account with a FICO score of 730 or higher.2 Rates may vary by region and are subject to change.

We’re sorry.

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.

Take the next step: See if you prequalify.

Prequalification helps you see how much you might be able to borrow, without affecting your credit score.

Popular uses for home equity loans

Home improvements

For one-time home remodel projects, a home equity loan is a great option. Not only are you improving your home, you’re reinvesting the money back into your property.

Debt consolidation

If debt management has become a burden, a home equity loan could help you consolidate your debt into a single, more manageable payment at a competitive rate.

Weddings and celebrations

A large one-time expense can be difficult to cover from savings alone. A home equity loan can be one of the most affordable ways to fund a large expense while sticking to a fixed amount.

Education

When student loans aren’t available or aren’t enough, a home equity loan can be another
solution to help you fund your or a loved one’s higher education.
 

Explore more home equity and home improvement tools.

Calculate your potential home equity payment.

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.

Estimate your home improvement project cost.

Our home improvement calculator can help you estimate what your home remodeling project could cost. Get your personalized estimate by answering a few questions.

Obtaining a Loan Estimate for a home equity loan

A Loan Estimate provides important details about your loan, including the estimated interest rate, monthly payment and total closing costs. Get a Loan Estimate without completing a full loan application by speaking to a banker.

Get answers to frequently asked questions about home equity loans.

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Disclosures

Loan approval is 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. Mortgage, home equity and credit products are offered by U.S. Bank National Association. Deposit products are offered by U.S. Bank National Association. Member FDIC.

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  1. Free credit score access, Alerts and Score Simulator through TransUnion’s CreditView Dashboard are available to U.S. Bank online and mobile banking customers only. Alerts require a TransUnion database match. It is possible that some enrolled members may not qualify for alert functionality. The free VantageScore® credit score from TransUnion® is for educational purposes only and is not used by U.S. Bank to make credit decisions.

  2. Home Equity Loan: As of November 14, 2023, the fixed Annual Percentage Rate (APR) of 8.40% is available for 10-year second position home equity installment loans $50,000 to $99,999 with loan-to-value (LTV) of 60% or less. Rates may vary based on LTV, credit scores or other loan amount. 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. Customers in certain states are eligible to receive the preferred rate without having automatic payments from a U.S. Bank personal checking or savings account. Loan payment example: on a $50,000 loan for 120 months at 8.40% interest rate, monthly payments would be $617.26. Payment example does not include amounts for taxes and insurance premiums. The monthly payment obligation will be greater if taxes and insurance are included and an initial customer deposit may be required if an escrow account for these items is established. Home equity loans not available for properties held in a trust in the states of Hawaii, Louisiana, New York, Oklahoma and Rhode Island. Loan approval is 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.

  3. U.S. Bank and its representatives do not provide tax or legal advice. Your tax and financial situation is unique. You should consult your tax and/or legal advisor for advice and information concerning your particular situation.

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The Consumer Pricing Information disclosure 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.