1st United Bank of Faribault and Owatonna can help with all your Personal Loan Needs
Home Equity Installment Loan
A Home Equity Installment Loan (HEIL) is a lump sum you borrow in which your home serves as collateral. The HEIL is a fixed rate loan with a fixed monthly payment with multiple terms to fit your needs.
Home Equity Line of Credit
A Home Equity Line of Credit (HELOC) is a form of revolving credit in which your home serves as collateral. You will be approved for a specific amount of credit and can access money repeatedly in varying amounts, as needed, up to your credit limit. The interest rate on a HELOC is variable, with a 5 year term. Payments are interest only on the amount outstanding.
Both the Home Equity Installment Loan and the Home Equity Line of Credit can be used for however you choose - home improvement, debt consolidation, vacations or education. The interest on your loan may be tax deductible (consult your tax adviser).
Flexible terms (depending on the year of the vehicle)
Protect yourself against the costs associated with overdrafts. Add a Ready Reserve line of credit to your checking account. When your balance falls below zero, a Ready Reserve line of credit automatically makes a deposit into your checking account in $100 increments.
Questions? Contact a Banker at 507.334.2201
Minnesota Housing Home Improvement Loans
Minnesota Housing is a trusted state agency that works with local lenders to provide affordable home improvement loans. From DIY projects to big remodels, a Minnesota Housing Fix Up loan will help you achieve your vision without breaking your budget!
1st United Bank is a Minnesota Housing participating lender. Learn more by visiting www.mnhousing.gov