#home equity loan rates
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Home equity loans and home equity lines of credit can be a smart way to use the home equity you have built up in your home to pay for home improvement, debt consolidation, refinance of a home mortgage, or vehicle purchase.
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 June 18, 2015, the variable rate for home equity lines of credit ranged from 3.99% APR to 8.24% APR. The higher rates may apply for a credit limit below $125,000, an LTV at or above 80%, and/or a low credit score. A U.S. Bank personal package checking account is required to receive the lowest rate, but is not required for loan approval. The rate will not vary above 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. Loan and credit products 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. Customer pays no closing costs, except escrow related funding costs. An annual fee of up to $90 may apply after the first year. This fee will be waived annually for borrowers with a U.S. Bank personal Platinum Checking Package. See the Consumer Pricing Information brochure for terms and conditions that apply to U.S. Bank Package Checking accounts. Property insurance is required. Other restrictions may apply.
3. Smart Refinance 4.09% fixed Annual Percentage Rate (APR) is available on or after June 18, 2015 for 15-year first position home equity installment loans $40,000 to $250,000 with loan-to-value (LTV) of 80% or less. Higher rates apply for higher LTV, certain property types, lower credit scores or other loan amount. The APR reflects a 0.50% interest rate reduction for having automatic payments from a U.S. Bank personal Package Checking account. Automatic payments are not required for loan approval. See the Consumer Pricing Information brochure for terms and conditions that apply to U.S. Bank Package Checking accounts. Loan payment example: on a $40,000 loan for 180 months at 4.09% interest rate, monthly payments would be $297.68. 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. APR is 4.09%. No closing cost option: a) is available for customers with a debt to income ratio of 43% or less; b) customer pays no closing costs, except escrow related funding costs; c) an early closure fee of 1% of the original loan amount, maximum $500, will apply if the loan is paid off and closed within the first three years; d) customers can choose to remove the early closure fee by paying an origination fee of 1% of the loan amount, maximum $500. Customers with a debt to income ratio above 43% do not have an early closure fee. 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.