Personal Loans

We have just the right loan for your need — get a competitive rate and terms that fit any budget.

Home Equity

You’ve put so much into your home — now get something back. Finance a wide array of needs, including college tuition, vacations, and consolidating debt, using the equity you’ve built within your home as collateral.

We offer both home equity loans and lines of credit. Both feature competitive rates, and, as with any loan from Hermantown CU, friendly service that is customized to suit your unique needs.

Summary
  • Competitive rates for several short-term or one-time needs:
    • Education expenses
    • Major life events
    • Home remodel projects
    • Debt consolidation
    • And much more!
  • The existing equity in your home is used as collateral backing
  • Accommodating repayment terms that work uniquely for you
  • The interest paid might be tax deductible*
  • Local processing
  • Attentive, friendly service from start to finish
Home Equity Line of Credit (HELOC)

A HELOC acts as a personal line of credit that you only have to apply for once. Once approved, you can meet all kinds of ongoing or one-time needs like home and garden projects. This option is perfect if you prefer to borrow smaller sums as your endeavors progress. 

  • Competitive rates for several ongoing or seasonal needs:
    • Education expenses
    • Major life events
    • Major home improvements
    • Debt consolidation
    • Emergency reserve
    • And much more!
  • The existing equity in your home is used as collateral backing
  • Accommodating repayment terms that work uniquely for you
  • Funds available anytime without reapplying; apply once, then use repeatedly thereafter**
  • Revolving credit – as principal is repaid, more becomes available for use
  • Funds easily available on demand
  • The interest paid might be tax deductible*
  • Set up automatic payments to be deducted from your account monthly
  • Local processing
  • Attentive, friendly service from start to finish

 

Home Equity

*Consult a tax advisor. 

**Standard draw period 5 years; may be extended with Credit Union approval