Home equity financing options
Two ways to put your equity to work.
Both options let you borrow against your home’s equity. The right choice depends on how much you need, when you need it, and how you prefer to repay it.
Home Equity Loan
Receive a single lump sum at a fixed rate, repaid over a set period of time using your home’s equity as collateral. Ideal for:
Major home improvements
Large one-time expenses
Debt consolidation
Home Equity Line of Credit
Borrow only what you need, up to your approved limit, at an adjustable rate using your home’s equity as collateral. Ideal for:
Ongoing home projects
Expenses spread over time
Costs that may change
Home equity financing features
See the rates, repayment options, and lending features available with Minnesota First home equity loans and lines of credit.
| Feature. Scroll horizontally for product details. | About this feature | Home Equity Loan | HELOC |
|---|---|---|---|
| Cost & savings | |||
| Competitive fixed rates | Predictable payments over time. | Available | Not available for this option |
| Low closing costs | Helps reduce upfront expenses. | Available | Available |
| No PMI* | No private mortgage insurance when eligible. | Available | Available |
| No prepayment penalty* | Pay early without an added fee. | Available | Available |
| Potential tax benefits** | Interest may be tax deductible. | Available | Available |
| Loan flexibility | |||
| Flexible financing | Payments tailored to your budget and needs. | Available | Available |
| Loan modification options | Adjust qualifying loan terms as needs change. | Available | Not available for this option |
| Interest-only options | Flexible interest-only payment options. | Not specified | Available |
| Flexible payment schedules | Pay weekly, bi-weekly or monthly. | Available | Available |
| Local convenience | |||
| Automatic payments | Pay from checking, savings or payroll. | Available | Available |
| Free in-house appraisals | Available for qualifying loans. | Available | Available |
| Fast in-house approvals | Get a faster answer from our local team. | Available | Available |
| Local loan servicing | Your loan stays with Minnesota First. | Available | Available |
*Certain restrictions apply.
**Consult a tax advisor for eligibility.
—Not available for this option.
MN First Home Equity Solutions
Clear options. Local support.
Explore home equity financing with guidance from a team that knows your community.
Local lending decisions
Work directly with a Minnesota-based team for clear, timely answers.
Guidance built around your plans
Compare home equity loan and HELOC options based on your plans.
Support beyond closing
Count on personal service throughout the life of your loan.
Apply for Home Equity Financing
Take the next step with confidence.
Review the application checklist, apply online, or connect with a local lender for personal assistance.
Review the checklist.
View the Home Loan Application Checklist to see the information and documents you’ll need.
Submit your application.
Apply securely online or in person when you’re ready.
Connect with our team.
Get help comparing options or completing your application.
Ready to explore your options?
Turn your home’s equity into new possibilities.
Talk with our local lending team to compare your options and find the approach that makes sense for your plans.