The process for getting a home equity loan is easy.

See what you could borrow.

Use our home equity calculator to get an estimate of your monthly payment. Then see if you prequalify – all without impacting your credit score.

Apply online in minutes.

Our application is fast and easy. Just enter the amount you want to borrow and your property and contact information.

Close, and access your funds.

The time it takes to process your application can vary. If approved, your funds will be available within three business days after you close, with no closing costs.

What is a home equity loan?

A home equity loan is a one-time installment loan that lets you use the equity in your home as collateral. It’s sometimes referred to as a home equity installment loan or HELOAN for short. Home equity loans offer several benefits, including a fixed interest rate that may be lower than other types of loans, and a regular monthly payment. This gives you a predictable repayment schedule for the life of the loan, up to 30 years.

Requirements to get a home equity loan

To qualify for a home equity loan, you’ll need a FICO score of 660 or higher. U.S. Bank also looks at factors including:

  • The amount of equity you have in your home
  • Your credit score and history
  • Your debt-to-income (DTI) ratio
  • Your income history

Popular uses for home equity loans

Home improvements

For one-time home remodel projects, a home equity loan is a great option. Not only are you improving your home, you’re reinvesting the money back into your property.

Debt consolidation

If debt management has become a burden, a home equity loan could help you  into a single, more manageable payment at a competitive rate.

Weddings and celebrations

A large one-time expense can be difficult to cover from savings alone. A home equity loan can be one of the most affordable ways to fund a large expense while sticking to a fixed amount.

Education

When student loans aren’t available or aren’t enough, a home equity loan can be another solution to help you fund your or a loved one’s higher education.