Home Equity

Convenient Collateral

Home equity loans and home equity lines of credit are two ways you can use the equity in your house to borrow funds for a variety of reasons.

Home Equity Loans

With a home equity loan, you borrow a specific amount for whatever your needs — such as a home remodel, debt consolidation, or a new vehicle.

Home equity loans may qualify for tax-deductible interest (check with your tax advisor). They also lend themselves to easy budgeting since the monthly payments of principal and interest are fixed.

Home Equity Line of Credit

You have worked hard to build equity in your home. Put it to work for you with a HELOC! Borrow what you need, when you need it, for projects around your home, paying off higher interest debt, or making large purchases.

It is time to say yes to that updated kitchen, finished basement, new car, or debt consolidation!

Mortgage Options

Comparison table of Mortgage Options
Product/Term Interest Rate Annual Percentage Rate* Learn More
30 Year Fixed Rate 6.500% 6.588% Learn More
The information provided assumes the purpose of the loan is to purchase a property, with a loan amount of $150,000 and an estimated property value of $200,000. The property is located in WI and is within Sauk county. The property is an existing single family home and will be used as a primary residence. An escrow (impound) account will not be established. The rate lock period is 45 days and the assumed credit score is 740.

For example, at a 6.500% interest rate, the APR for this loan type is 6.588%. The payment schedule would be:

  • 359 payments of $948.10 at an interest rate of 6.500%
  • 1 payment of $948.84 at an interest rate of 6.500%

The payment does not include real estate taxes and insurance. The actual payment obligation will be greater.

20 Year Fixed Rate 6.375% 6.490% Learn More
The information provided assumes the purpose of the loan is to purchase a property, with a loan amount of $150,000 and an estimated property value of $200,000. The property is located in WI and is within Sauk county. The property is an existing single family home and will be used as a primary residence. An escrow (impound) account will not be established. The rate lock period is 45 days and the assumed credit score is 740.

For example, at a 6.375% interest rate, the APR for this loan type is 6.490%. The payment schedule would be:

  • 239 payments of $1,107.35 at an interest rate of 6.375%
  • 1 payment of $1,107.01 at an interest rate of 6.375%

The payment does not include real estate taxes and insurance. The actual payment obligation will be greater.

15 Year Fixed Rate 6.000% 6.103% Learn More
The information provided assumes the purpose of the loan is to purchase a property, with a loan amount of $150,000 and an estimated property value of $200,000. The property is located in WI and is within Sauk county. The property is an existing single family home and will be used as a primary residence. An escrow (impound) account will not be established. The rate lock period is 45 days and the assumed credit score is 740.

For example, at a 6.000% interest rate, the APR for this loan type is 6.103%. The payment schedule would be:

  • 179 payments of $1,265.79 at an interest rate of 6.000%
  • 1 payment of $1,264.92 at an interest rate of 6.000%

The payment does not include real estate taxes and insurance. The actual payment obligation will be greater.

10 Year Fixed Rate 6.125% 6.271% Learn More
The information provided assumes the purpose of the loan is to purchase a property, with a loan amount of $150,000 and an estimated property value of $200,000. The property is located in WI and is within Sauk county. The property is an existing single family home and will be used as a primary residence. An escrow (impound) account will not be established. The rate lock period is 45 days and the assumed credit score is 740.

For example, at a 6.125% interest rate, the APR for this loan type is 6.271%. The payment schedule would be:

  • 119 payments of $1,674.74 at an interest rate of 6.125%
  • 1 payment of $1,674.58 at an interest rate of 6.125%

The payment does not include real estate taxes and insurance. The actual payment obligation will be greater.

10 Year Fixed Rate 6.000% 6.146% Learn More
The information provided assumes the purpose of the loan is to purchase a property, with a loan amount of $150,000 and an estimated property value of $200,000. The property is located in WI and is within Sauk county. The property is an existing single family home and will be used as a primary residence. An escrow (impound) account will not be established. The rate lock period is 45 days and the assumed credit score is 740.

For example, at a 6.000% interest rate, the APR for this loan type is 6.146%. The payment schedule would be:

  • 119 payments of $1,665.31 at an interest rate of 6.000%
  • 1 payment of $1,665.01 at an interest rate of 6.000%

The payment does not include real estate taxes and insurance. The actual payment obligation will be greater.

Portfolio Jumbo 30 Fixed 6.750% 7.030% Learn More
The information provided assumes the purpose of the loan is to purchase a property, with a loan amount of $647,201 and an estimated property value of $720,000. The property is located in WI and is within Sauk county. The property is an existing single family home and will be used as a primary residence. An escrow (impound) account will not be established. The rate lock period is 45 days and the assumed credit score is 740.

For example, at a 6.750% interest rate, the APR for this loan type is 7.030%. The payment schedule would be:

  • 112 payments of $4,402.68 at an interest rate of 6.750%
  • 247 payments of $4,197.73 at an interest rate of 6.750%
  • 1 payment of $4,198.95 at an interest rate of 6.750%

The monthly payment amounts quoted include the mortgage insurance premium.

Generally, mortgage insurance is required if you are making a down payment of less than 20% of the home's value or purchase price.

$4,197.73
$204.95
$4,402.68

The payment does not include real estate taxes and insurance. The actual payment obligation will be greater.

Portfolio Jumbo 15 Fixed 6.250% 6.373% Learn More
The information provided assumes the purpose of the loan is to purchase a property, with a loan amount of $647,201 and an estimated property value of $720,000. The property is located in WI and is within Sauk county. The property is an existing single family home and will be used as a primary residence. An escrow (impound) account will not be established. The rate lock period is 45 days and the assumed credit score is 740.

For example, at a 6.250% interest rate, the APR for this loan type is 6.373%. The payment schedule would be:

  • 36 payments of $5,662.51 at an interest rate of 6.250%
  • 143 payments of $5,549.25 at an interest rate of 6.250%
  • 1 payment of $5,549.11 at an interest rate of 6.250%

The monthly payment amounts quoted include the mortgage insurance premium.

Generally, mortgage insurance is required if you are making a down payment of less than 20% of the home's value or purchase price.

$5,549.25
$113.26
$5,662.51

The payment does not include real estate taxes and insurance. The actual payment obligation will be greater.

Portfolio Jumbo 5/1 ARM 6.000% 6.937% Learn More
The information provided assumes the purpose of the loan is to purchase a property, with a loan amount of $647,201 and an estimated property value of $720,000. The property is located in WI and is within Sauk county. The property is an existing single family home and will be used as a primary residence. An escrow (impound) account will not be established. The rate lock period is 45 days and the assumed credit score is 740.

At a 6.000% initial interest rate, the APR for this loan type is 6.937%, subject to increase. Based on current market conditions, the payment schedule would be:

  • 60 payments of $4,085.25 at an interest rate of 6.000%
  • 49 payments of $4,509.66 at an interest rate of 7.125%
  • 250 payments of $4,304.71 at an interest rate of 7.125%
  • 1 payment of $4,305.18 at an interest rate of 7.125%

The monthly payment amounts quoted include the mortgage insurance premium.

Generally, mortgage insurance is required if you are making a down payment of less than 20% of the home's value or purchase price.

$3,880.30
$204.95
$4,085.25

The payment does not include real estate taxes and insurance. The actual payment obligation will be greater.

Loan Calculator

Crystal Lautenbach
Crystal Lautenbach VP, Mortgage Lending 608.644.2706 Email Crystal NMLS #451162

Linda Oelke-McNamer
Linda Oelke-McNamer VP, Mortgage Lending 608.644.2704 Email Linda NMLS #685867

HELOC FAQ

What is a home equity line of credit?

A home equity line of credit, often called HELOC, is a revolving line of credit with interest-only payments. It uses a portion of the equity in your home to borrow money at low interest rates for any purpose. It allows you to access money when needed without needing to reapply for a new loan.

Is a home equity line of credit right for me?

Homeowners with equity in their home, especially those with a low fixed rate on their first mortgage, can benefit from a HELOC. A HELOC can provide funds as you need them, both now and in the future. You can borrow, repay, and re-borrow up to your credit limit as often as you wish.

How much can I borrow?

You can borrow up to 80–90% of your home’s value minus the remaining balance of your mortgage for a HELOC. Talk to one of our lenders to see how much you qualify to borrow.

How can a HELOC be used?

You can use your line of credit for anything. Common uses of a HELOC include home improvements, consolidation loans, vacations, vehicle or boat purchases, weddings, medical expenses, education, or starting a business. Access HELOC funds easily with our Online Banking and Mobile App or by writing a check.

Will the interest rate change?

The interest rate will vary with the Prime Rate as published in the Wall Street Journal, plus a margin of up to 1%.1

What is the difference between a HELOC and a home equity loan?

Home equity loans provide you with one lump sum, which is typically repaid with equal monthly payments over the term of the loan.

A HELOC is more flexible, because it is a form of revolving credit, similar to a credit card. You are given a credit limit and can use as much or as little of that credit limit as you want. You only pay interest on the balance you have borrowed. A HELOC allows you to borrow, repay, and re-borrow up to your credit limit as often as you wish.

What will my monthly payments be?

Your monthly payments will be only the interest accrued on the amount you have used of your credit line.

How do I make payments toward my HELOC balance?

You can make principal payments on the balance of your credit line at any time over the term of the HELOC. A balloon payment of any remaining balance will be due at the end of the HELOC term (15 years from the opened date).1

How much does it cost to open a HELOC?

We do not charge any underwriting fees, but there may be other fees involved in opening a HELOC.1 Closing costs could include fees for title, recording, appraisal or evaluation, or more. In most cases, costs range from $163 to $414 unless an appraisal is required. An appraisal typically costs $400 if it is required. Talk to our lenders to learn what closing costs may apply for your situation.

Does a HELOC have any fees?

An annual fee of $50 does apply to HELOC accounts. There are no transaction fees.

How do I apply for a HELOC?

Talk to one of our mortgage lenders to get started! Call our office at 608.643.3393 or schedule an appointment.

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