Cover the cost of your home improvement project, big or small.

Home equity line of credit (HELOC)

Get easy access to funds with flexible repayment options.1

  • Rates typically lower than credit cards
  • Ongoing access to funds
  • Flexible repayment options
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Home equity loan

Walk away with a single lump sum at a fixed rate.

  • Lock in a repayment rate
  • Steady repayment schedule
  • Terms up to 30 years2
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Cash-out refinance

Negotiate new mortgage terms and walk away with cash.

  • Combine refinance with cash at closing
  • Potentially lower your rate
  • Conventional, VA and FHA cash-out loan options available
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Home improvement personal loan

There’s no need for collateral with this unsecured personal loan.

  • Fixed rate and fixed monthly payment
  • No origination fees
  • Repayment terms up to five years3

Check your rate before completing a full application to see what you may be eligible to borrow. It won’t affect your credit score.

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Home improvement personal line of credit

The flexibility of a credit card with unique perks.

  • Exclusive to U.S. Bank checking customers
  • Typically offers lower interest rates than credit cards4
  • No collateral needed5

Before you apply you can check your rate and see what you may be eligible to borrow. It won’t affect your credit score.

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U.S. Bank Visa® Platinum credit card

Low introductory APR

  • 0% introductory APR on purchases and balance transfers for 21 billing cycles. After that the APR is variable, currently 18.74% to 29.74%.6
  • No Annual Fee
  • Purchase supplies for your projects, with the flexibility to pay for them over time
  • NerdWallet’s 2021 Best-Of Awards winner for Best 0% Intro APR and Balance Transfer Credit Card
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See if using your home’s equity is right for you.

Home equity rate calculator

Find out what rates could be available for you with our rate and payment calculator.

Estimate your rate

Home equity loan options

See the different ways you can use your home’s equity.

Compare your options

Have questions about loan options for your home improvement project?

We have lending experts who can help. Learn about your loan options and get personalized estimates for your specific project. Give us your details and we’ll give you a call.

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View videos designed to help you understand your remodel costs and investments.

Uncover the costs of a home renovation

What is a home equity line of credit (HELOC)?

Explore articles about home improvement tips and smart ways to spend your money.

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What is a home equity line of credit and what can it be used for?

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Cash-out refinance vs. home equity loans and lines of credit

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Home equity loan or line of credit?

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Get answers to common home improvement loan questions.

A home improvement loan is a type of financing that helps you pay for home repairs, renovations or additions. There are a variety of home improvement loan options and features to choose from.

There are different types of funding available depending on the cost of your project and the features you’re looking for. The requirements for each type of financing vary.

  • Unsecured loans: For these types of loans, no collateral is needed. Credit cards, home improvement personal loans and personal lines of credit fall within this category.
  • Secured loans: Collateral is required for home equity lines of credit (HELOC), home equity loans or cash-out refinances. In many cases, your home serves as collateral for the money you borrow. This assures the lender that they can recover the unpaid balance of the loan in the event of a default.

Lenders will typically extend home improvement loans to borrowers based on a variety of qualifying factors that can include:

  • Credit score: The minimum credit score needed to qualify for a home improvement personal loan or line of credit is typically around 660. If you’re a current U.S. Bank customer, you can check your credit for free with our tool so you know where you stand. And anyone has access to check their report once a year for free at annualcreditreport.com.
  • Debt-to-income ratio: A debt-to-income ratio (the ratio of total monthly debt payments — not including utilities, cell phone or cable service — compared to gross monthly income) of 45% or less is a good way to show your ability to repay what you borrow.
  • Credit history: How well you made payments on (or paid off) car loans, student loans and other lines of credit will help the lender predict your ability to pay back what you borrow.
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Disclosures

©  2017-2024 and TM, NerdWallet, Inc. All Rights Reserved.

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.

Start of disclosure content

  1. 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.

  2. 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.

  3. 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.

  4. 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.

  5. Home Improvement Personal Line of Credit Collateral: A U.S. Bank Home Improvement Personal Line of Credit is for existing U.S. Bank customers who prefer financing without using collateral. There are other less costly home improvement product options with property as collateral. You may be able to borrow up to $25,000 with fixed interest rates, flexible loan terms and no annual fees.

  6. The 0% introductory APR applies to purchases and is valid for the first 21 billing cycles. The 0% introductory APR applies to balance transfers made within 60 days of account opening and is valid for the first 21 billing cycles. The introductory rate does not apply to cash advances. Thereafter, the APR may vary. The current undiscounted variable APR for Purchases and Balance Transfers is $ based on your creditworthiness. The variable APR for Cash Advances is $. Cash Advance fee: 5% of each advance amount, $10 minimum. Convenience Check fee: 5% of each check amount, $5 minimum. Cash Equivalent fee: 5% of each cash amount, $10 minimum. Balance Transfer fee: 5% of each transfer amount, $5 minimum. There is a $1 minimum interest charge where interest is due. Annual fee: $0. Foreign Transaction fee: 3% of each foreign purchase transaction or foreign ATM advance transaction in U.S. Dollars. 3% of each foreign purchase transaction or foreign ATM advance transaction in a Foreign Currency. U.S. Bank ExtendPay® Fees: A monthly fee not to exceed 1.6% of the original principal amount in a U.S. Bank ExtendPay® Plan or U.S. Bank ExtendPay® Loan. This fixed fee is disclosed upon enrollment and charged each month that you owe the applicable ExtendPay balance. ExtendPay Fees are calculated based upon the original principal amount, Purchase APR, and other factors. When you make a payment, the amount up to your Minimum Payment is applied first to the monthly payment obligation for ExtendPay Plans and ExtendPay Loans if any, and then to non-Fixed Payment Program balances in the order of the lowest to highest APR. Any amount over your Minimum Payment is applied to balances in the order of highest to lowest APR.