This is how big projects get done - and big dreams come true.
Sure, you can add a room - or two or three - to your house. But a Home Equity Loan or Line of Credit can be used for so many other things. Cover college costs, replace big-ticket appliances, throw a fairy-tale wedding, or go on a globe-trotting adventure.
The bottom line: You can leverage your home's value to secure a low-cost, life-changing loan. Starion Bank's experienced lenders can help you figure out how much you can borrow and discuss all the advantages.
Home Equity Loan
- Get all your loan money at once
- Fixed interest rates keep your monthly payments stable
- Loan limit determined by your home equity (market value of home minus your mortgage balance)
- Make easy payments using Online or Mobile Banking
- Interest payments may be deductible1 (Consult your tax advisor)
- Good choice if you're taking on a major renovation project and can estimate how much it will cost
Home Equity Line of Credit2
- Get access to a loan fund you can tap into time and time again
- Variable interest rate
- Pay interest only on the amount you've actually used
- Reuse funds as you repay what you've borrowed
- Easy access to money through checks, Online Banking and at Starion Bank branches
- Good choice if you want to pay off higher interest loans or credit cards
- Allows you to lock in a fixed rate on part of your line of credit
- That portion of the loan has a fixed term and repayment schedule
- You may lock down more than one portion of your credit line
- As you repay the locked-down amount, the money becomes available for other uses
Starion Bank is a full-service financial institution with branches in North Dakota and Wisconsin.