Interest rates for home equity lines and loans are typically lower than other forms of credit because your home is used as collateral, meaning the risk to a bank is less than an unsecured loan. This not only results in a lower cost to you, the interest you pay may be tax deductible. Consult your tax advisor regarding tax deductibility.

Because of the low interest rates and potential tax advantages of home equity lines and loans, they’re a smart way to finance almost anything, including home improvements, education, purchasing a vehicle, buying a second property or consolidating higher-interest rate balances.

You can borrow up to $750,000 (up to $1,000,000 for properties in CA) depending on your credit history, available equity in the property and your current monthly debt.

Interest on home equity lines and loans may be tax deductible. Consult your tax advisor regarding tax deductibility.

Our home equity installment loan has a fixed rate. Our Home Equity Line of Credit has a variable rate which changes when the Prime Rate changes (as published in the Money Rates section of the Wall Street Journal). In addition, the Home Equity Line of Credit allows the option to convert all or a portion of your balance to a Fixed Rate Option. The variable rate changes when the Prime Rate changes (as published in the Money Rates section of the Wall Street Journal).

Yes. U.S. Bank Package customers who have their monthly payments deducted automatically from a U.S. Bank Checking account receive a .50% interest rate discount, which is already reflected in the rates displayed in our rate tool.

No, there are no closing costs¹ on home equity lines or loans.

Yes. When opening a home equity account, your personal banker can transfer any higher-rate balances to your new home equity line of credit or loan. After opening the account, you can transfer balances to a home equity line of credit via convenience checks, U.S. Bank Internet Banking, telephone transfers into a U.S. Bank Checking account, or at any U.S. Bank branch.

You can complete the application in minutes; the length of time to process the application varies depending on your situation. Once you’ve signed the documents at closing, the funds will be available after the rescission period of three business days has expired.

A home equity loan is one-time installment loan secured by your home. Both the interest rate and monthly payments are fixed, ensuring you of a predictable repayment schedule for the life of the loan.

You can borrow up to $750,000 (up to $1,000,000 for properties in CA) depending on the amount of equity in your home. Terms are flexible up to 360 months (30 years). The interest rate is fixed for the term of your loan, and repayments are made in monthly installments of principal and interest.²

A home equity line of credit is a revolving line of credit secured by your home and is the most flexible type of home financing available. The credit limit is based on the amount of available equity. When payments are applied to the outstanding balance of your credit line, your available credit is replenished accordingly.

The Fixed Rate Option allows you to convert all or any portion of your line of credit balance into installment loans with a fixed rate and fixed payments. As you make payments to your installment loan(s), the available credit in your line is replenished. You can have up to three Fixed Rate Options in place at any time. The first Fixed Rate Option is free, after that, each one costs $50 to setup.

The interest rate is based on the Wall Street Journal Prime Rate as published in the Money Rates section. You can lock in all or any part of your outstanding balance into a fixed interest rate at any time with our Fixed Rate Option.

Yes, you can lock any or all of your outstanding balance into a Fixed Rate Option on a line of credit.

You can borrow up to $750,000 (up to $1,000,000 for properties in CA) for a period of 25 years (15-year draw period and 10-year repayment period). Interest rate options include variable (based on the Prime Rate) and fixed with the Fixed Rate Option. Your minimum monthly payment during the first 15 years is your choice of either 1% or 2% of the outstanding balance, or interest only. Once the 15-year draw period has expired, your entire outstanding line balance will be converted into a fully amortizing loan for the 10-year repayment period. Repayment options depend on LTV.

• Apply Online: U.S. Bank Equiline Home Equity Line of Credit Application or U.S. Bank Home Equity Loan Application
• Call 888-444-BANK or 800-685-5065 (TDD)
• Visit your local U.S Bank branch