Home Equity Installment Loan

15
YEAR

6.05% APR with autopay up to a 15-year1 Fixed Rate Loan

Refinance today. Financial freedom tomorrow.

A 15-year Home Equity Installment Loan may speed up how quickly you build equity in your home and possibly save you thousands of dollars in interest payments. You may also cut the number of payments in half when you refinance your current mortgage with a 15-year Home Equity Installment Loan.

Why refinance your current mortgage with a 15-year Home Equity Installment Loan?

  • Pay off your home sooner - By condensing your loan term into 15 years, you may eliminate your housing debt in half the time.
  • Save thousands in interest – With a shorter term, you may save thousands of dollars in interest payments over the life of the loan.
  • Build equity faster - Because more of your monthly payment applies toward your principal balance, you’ll build more equity in your home with each payment.

Try out our debt calculator to see how a Home Equity Installment Loan from Minnesota Bank & Trust, a division of HTLF Bank may benefit you by consolidating your existing debts into a single fixed rate loan.

Do I need a Home Equity Installment Loan or a Home Equity Line of Credit?

Both loans use the equity in your home as collateral, so what’s the difference? Check out the chart below to get an overview of what makes these loans different and visit our Home Equity Line of Credit page to learn more.


  HOME EQUITY LINE OF CREDIT HOME EQUITY INSTALLMENT LOAN
Interest Rate Type Variable—adjusts with Wall Street Journal Prime Rate Fixed for the life of the loan
Best Used For Home repairs and renovations, debt consolidation, tuition, medical bills or an emergency fund Refinancing and replacing your current mortgage to lower your monthly payment or to pay-off your home loan sooner
Accessing the funds Withdraw the funds as needed Full loan amount is drawn at closing
Collateral Uses your home as collateral Uses your home as collateral
Repayment You pay on the balance you owe; monthly payment can fluctuate, triggered each time you draw on the loan Monthly payment stays the same for the life of the loan

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1The Annual Percentage Rate (APR) shown is accurate as of 11/20/2024 for up to a 15-year Fixed Rate loan with a Loan-to-Value (LTV) of 80%. Payment example: 180 monthly principal and interest payments of $423.30 assuming a $50,000 loan and 6.05% APR which includes a 0.25% discount for automatic payment from Minnesota Bank & Trust, a division of HTLF Bank checking account, a 0.75% origination fee, a $15 title processing fee, a $84 tax service fee, and a $11 flood determination fee. Your APR may be higher and will be based on your credit qualifications, loan amount, and the location and type of property. Payments shown do not include taxes or insurance. The actual payment obligations may be greater. APRs for LTV 80%-90% may be as low as 7.31% APR. Maximum LTV on loans greater than $1,000,000 is 70%. Maximum loan amount of $2,000,000. Customer is responsible for third-party fees. Promotion is not valid on home purchase loans. Rates and terms are subject to change without notice. Rates are fixed after consummation. Contact lender for details. Limited time offers. Normal underwriting guidelines apply, subject to credit approval.

1The Annual Percentage Rate (APR) shown is accurate as of 11/20/2024 for up to a 15-year Fixed Rate loan with a Loan-to-Value (LTV) of 80%. Payment example: 180 monthly principal and interest payments of $423.30 assuming a $50,000 loan and 6.05% APR which includes a 0.25% discount for automatic payment from Minnesota Bank & Trust, a division of HTLF Bank checking account, a 0.75% origination fee, a $15 title processing fee, a $84 tax service fee, and a $11 flood determination fee. Your APR may be higher and will be based on your credit qualifications, loan amount, and the location and type of property. Payments shown do not include taxes or insurance. The actual payment obligations may be greater. The maximum LTV is 80%. Maximum LTV on loans greater than $1,000,000 is 70%. Maximum loan amount of $2,000,000. Customer is responsible for third-party fees. Promotion is not valid on home purchase loans. Rates and terms are subject to change without notice. Rates are fixed after consummation. Contact lender for details. Limited time offers. Normal underwriting guidelines apply, subject to credit approval.