Home Equity Loans

Your home is probably your single largest assets. At MinnStar Bank, we offer financing options that allow you to tap into the existing equity you have in your home for home improvement projects, debt consolidation and major purchases. There are two basic types of home equity loans: the standard home equity loan and a home equity line of credit. A standard home equity loan works like a traditional loan. Your receive a lump sum payment at a fixed interest rate and you pay the money back in monthly payments over the life of the loan.

• Competitive rates
• Accommodating payment plans
• Quick application process
• Local decision-making and in-house processing

A home equity line of credit (HELOC) works like any other line of credit. You are granted an amount that you draw money from as you need it. You pay interest only on the amount actually borrowed. The benefit of a HELOC is that it is revolving credit—meaning as you pay off the principal, more becomes available for you to use.

• Competitive rates
• Accommodating payment plans
• Funds available anytime without reapplying
• Quick application process
• Local decision-making and in-house processing