To-Dos Done Your Way
Summit’s home equity loan options all offer great rates and fast turnaround. What an affordable way to cover home improvements (adding value to your home and building your wealth). Or knock down high-interest debt, go back to school – anything for your goals! Compare your home equity loan options below, and we’re here to help you get the right fit for you.
Pick the Home Equity Loan Option That’s Best for You
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Key Features & Benefits
A great option for when you need more flexibility. You have access to a pool of money and only borrow what you need when you need it.
- Borrow up to 100% of your home’s equity (maximum loan amounts apply)
- Get a variable rate as low as prime minus 0.50%2
- Lock in your balance to a low rate for a term of up to 15 years5
- No or low closing costs3
- Forget about annual fees or prepayment penalties
- Deduct your interest from your taxes (if eligible)4
- Use it whenever anything unexpected comes up
- Access your funds easily online
A great option for when you’re looking for a lower, more affordable payment. Payments only include interest accrued on the loan – no principal – during the “draw” or borrowing period.
- Get ALL the same advantages of a standard HELOC with the same low rate!
- But enjoy a smaller minimum payment – just interest accrued on the loan since the previous due date, or $50 (whichever’s greater)
- Make larger payments when you have funds to do so (great if you work on commission or seasonal income!)
A great option for when you have a project in mind and know the price tag. You take a set amount of money at a fixed rate and term.
- Borrow up to 100% of your home’s equity (maximum loan amounts apply)
- Get a great, low rate with low closing costs
- Deduct your interest from your taxes (if eligible)4
- Never pay an annual fee or prepayment penalty
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Rate TypeVariable (with option to lock in your balance for up to 15 years)5Variable (with option to lock in your balance for up to 15 years)5Fixed
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Loan Term5-year draw (or borrowing) period, up to 3 times5-year draw (or borrowing) period, up to 3 times36-180 months
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Maximum loan-to-value100%100%100%
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Closing costsLow (or none!)3Low (or none!)3Low
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Annual FeeNoNoNo
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Are there tax benefits?Deduct your interest from your taxes (if eligible)4Deduct your interest from your taxes (if eligible)4Deduct your interest from your taxes (if eligible)4
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Is this available outside of Wisconsin?