What is Home Equity and how do you use it?

$200K current home worth (or appraisal) x $160K multiply by 80% - $100K What you still owe on your mortgage loan = $60K available home equity

Tap into the borrowing power of your home with a Home Equity Loan.

Homeowners may not realize how many choices they have for borrowing money. One of the options is a home equity loan, which lets you borrow funds against the equity you’ve built up in your home. You can use your funds for a variety of purposes, such as home improvement projects, debt consolidation or major expenses.  There are two types of home equity loans, a fixed rate closed end Home Equity Loan (Lump-sum disbursement) or a variable rate open end Home Equity Line of Credit (HELOC) (Withdraw funds as needed).


Why Consider a Home Equity Loan from Eureka Savings Bank?

  • Fixed rate closed-end options.
  • Variable rate open-end home equity line of credit option.
  • Potential tax benefits
  • Short Term loans
  • No Annual Fees

Home Equity Loan Rates

Call your local branch for today's home equity loan rates.

LaSalle - 815-223-0700

Mendota - 815-539-5656

Oglesby - 815-883-3354

Peru - 815-223-9400

Wenona - 815-853-4333

Key Differences Between Home Equity Loans and Home Equity Lines of Credit 

Home Equity LoanHome Equity Line of Credit (HELOC)
CollateralUses home as collateralUses home as collateral
How Funds Can Be UsedFor anythingFor anything
Accessing the FundsLump-sum disbursementWithdraw funds as needed
PaymentFixed Monthly PaymentVariable Monthly Payment based only on drawn funds/balance
Term of LoanUp to 10 years10-year draw period
Interest RateFixed interest rateVariable interest rate

Get Started With Your Home Equity Loan

Find out how a home equity loan from Eureka Savings Bank can benefit you by contacting us today!