Get a home equity recommendation

Answer this series of questions to identify a loan that may fit your needs.

What do you want from a home equity loan?

How much money do you need?

Do you want to keep your current mortgage?

Hint: If you bought your home or refinanced when rates were low, you may want to stay with your current mortgage.

Will you need all the money at once?

How much money do you need?

Do you want to keep your current mortgage?

Hint: If you bought your home or refinanced when rates were low, you may want to stay with your current mortgage.

Is your goal to pay off your debt by a certain date

Is your goal to pay off your debt by a certain date

How much money do you need?

Do you want to keep your current mortgage?

Hint: If you bought your home or refinanced when rates were low, you may want to stay with your current mortgage.

Will you pay for your project all at once?

Hint: Many home contractors charge one-third of the estimated cost of a project before work begins, another third midway through the project, and the balance when the project is finished.

Our recommendation

Personal loan

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Fixed annual percentage rate as low as:

As of

Get the funds you need all at once, with a fixed rate and fixed monthly payments for the life of your loan.

Best if:

check icon You need to borrow less than $25,000
check icon You don’t own a home or don’t want to use equity

Fixed rates and payments

Check your rate Learn more

Personal line of credit

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Variable annual percentage rate as low as:

As of 9/20/2024

12.00%

Take out funds as you need them, with rates typically lower than your average credit card.

Best if:

check icon You want ongoing access to funds
check icon You don’t own a home or don’t want to use equity

Instant, ongoing credit access

Check your rate Learn more

Compare home equity options or you can call 855-246-3139.

Our recommendation

Home equity loan

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10-year fixed annual percentage rate

As of

15-year fixed annual percentage rate

As of

Get the funds you need all at once. You'll have the security of fixed-rate payments on principal and interest for the life of the loan.

Best if:

check icon You need to borrow $25,000 or more
check icon You want to keep your current mortgage

Fixed rates and payments

Prequalify Learn more

Compare home equity options or you can call 855-246-3139.

Our recommendation

Home equity line of credit (HELOC)

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Variable annual percentage rate

As of

Take out funds over time, as you need them. A HELOC is similar to a credit card, but rates are typically lower.

Best if:

check icon You want ongoing access to funds
check icon You want to keep your current mortgage

Funds as you need them

Prequalify Learn more

Compare home equity options or you can call 855-246-3139.

Our recommendation

Cash-out refinance

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Conventional 30-year fixed-rate term

As of

Rate

By replacing your current mortgage with a new one, you may be able to get a lower rate. You can also take out extra funds for your project or purchase when you close on your new loan.

Best if:

check icon You need to borrow $25,000 or more
check icon You want to check on a better mortgage rate

Refinance with access to cash

Start your application Learn more

Compare home equity options or you can call 855-246-3139.

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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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For cash-out refinance:

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Annual percentage rate (APR) represents the true yearly cost of your loan, including any fees or costs in addition to the actual interest you pay to the lender. The APR may be increased after the closing date for adjustable-rate mortgage (ARM) loans.

Conforming fixed-rate estimated monthly payment and APR example: A $464,000 loan amount with a 30-year term at an interest rate of 6.500% with a down payment of 25% and no discount points purchased would result in an estimated monthly principal and interest payment of $2,933 over the full term of the loan with an annual percentage rate (APR) of 6.667%.

Estimated monthly payment and APR calculation are based on a down payment of 25% and borrower-paid finance charges of 0.862% of the base loan amount. If the down payment is less than 20%, mortgage insurance may be required, which could increase the monthly payment and the APR. Estimated monthly payment does not include amounts for taxes and insurance premiums and the actual payment obligation will be greater.

The rates shown here are the current rates for the refinance of a single-family primary residence based on a 45-day lock period. These rates are not guaranteed and are subject to change. This is not a credit decision or a commitment to lend. Your final rate will depend on various factors including loan product, loan size, credit profile, property value, geographic location, occupancy and other factors.

To lock a rate, you must submit an application to U.S. Bank and receive confirmation from a mortgage loan officer that your rate is locked. An application can be made by calling 888-291-2334, by starting it online or by meeting with a mortgage loan officer.

Minnesota properties: To guarantee a rate, you must receive written confirmation as required by Minnesota Statute 47.206. This statement of current loan terms and conditions is not an offer to enter into an interest rate or discount point agreement. Any such offer may be made only pursuant to subdivisions 3 and 4 of Minnesota Statutes Section 47.206. 

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Personal loan: As of February 12, 2024 the fixed Annual Percentage Rate (APR) ranged from 8.74% APR to 24.99% APR, and varies based on credit score, loan amount, purpose and term. Minimum loan amount is $1,000 and loan terms range from 12 to 84 months (up to 60 months for non-customers). The lowest APR in the range is available on loans of $10,000 or more with a term of 12-36 months, a credit score of 800 or greater, purpose of home improvement and includes discount for automatic payments from a U.S. Bank or external personal checking or savings account. Automatic payments and U.S. Bank personal checking or savings account are not required for loan approval. Electronic funding to a non-U.S. Bank account requires verification and can take one to four business days. Not all loan programs are available in all states. The Consumer Pricing Information disclosure lists fees, terms, and conditions that apply to U.S. Bank personal checking and savings accounts. This disclosure can be obtained by visiting a U.S. Bank branch or calling 800-872-2657. Loan payment example: on a $10,000 loan for 36 months, monthly payments would be $316.79 and APR of 8.74% with automatic payments from a personal checking or savings account and for the purpose of home improvement. Maximum loan amounts may vary by credit score. Loan approval is subject to credit approval and program guidelines. Interest rates and program terms are subject to change without notice.

Personal line of credit: The annual percentage rate (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, 2023, the variable unsecured personal line of credit APR ranged from 12.50% to 22.50% APR and the margin varied based on credit score. The lowest APR in the range requires a credit score of 800 or greater. Cash Advance ATM fee: 4% of each advance amount, $10 minimum. Cash Equivalent fee: 4% of each cash equivalent amount, $10 minimum. The annual fee is $0. Foreign Transaction fee: 3% of each foreign purchase transaction or foreign ATM advance transaction in a Foreign Currency. Subject to credit approval, eligibility and credit qualifications. Personal Line of Credit may be reduced or additional extensions of credit limited if certain circumstances occur. Approval for personal line of credit requires having a new or existing U.S. Bank personal checking account. Your Deposit Account Agreement and the Consumer Pricing Information disclosure list terms, conditions, and fees that apply to U.S. Bank personal checking accounts. You may obtain a copy of the disclosure by visiting a branch or calling 800-872-2657.

Home Equity Line of Credit: The Annual Percentage Rate (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 November 6, 2023, the variable rate for Home Equity Lines of Credit ranged from 8.95% APR to 13.10% APR. Rates may vary due to a change in the Prime Rate, a credit limit below $50,000, a loan-to-value (LTV) above 60% 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.

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 30 months. Property insurance is required. Other restrictions may apply. An annual fee of up to $75 may apply after the first year and is waived or discounted with an existing U.S. Bank Platinum Checking Package or with enrollment in our Smart Rewards Program. Annual fees are assessed based on the tier in our Smart Rewards Program on your HELOC anniversary date. Please refer to your Smart Rewards terms and conditions for more information on tier assignment.

Home Equity Loan: As of March 15, 2024, the fixed Annual Percentage Rate (APR) of 7.65% 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 7.65% interest rate, monthly payments would be $597.43. 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.