Home Equity Loans
A home equity loan is advisable if you already have plans for your money. Budgeting is easy with fixed monthly payments for the term of the home equity loan. Additionally, you choose financing terms between 5-20 years to fit your budgeting needs.
Lake Area Bank provides competitive rates and flexible repayment options. Prepayment is allowed at any time without penalty — and we offer fast credit approvals with prompt and personalized service!
Home Equity Line of Credit (HELOC)
A home equity line provides maximum flexibility to use your credit line when you want, in any increment, for just about any purchase. Payments are calculated based only on what you’ve used. The 10-year availability, along with competitive rates and no closing costs*, make this a very affordable loan option. If you prefer to have ongoing credit available, a home equity line of credit is your best choice.
10-Year Term Availability Competitive Rates No Closing Costs*
*Appraisal credit of up to $175 and all other closing costs paid by Lake Area Bank.
A bridge loan is transition financing allowing you to access equity in your existing home to use as down payment on a new home purchase. Typically, this occurs when a homeowner enters into a purchase agreement on a new home before their existing home sells. A Lake Area Bank bridge loan allows the homeowner to borrow up to 80% of the appraised value of their existing home.
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