Home Equity Loan

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Leverage your equity with a BankIowa home equity loan.

Your home is more than just bricks and mortar; it's an investment, a sanctuary, and a springboard to a brighter future. “Home equity” is the difference between your home’s appraised value and the amount you still owe on your mortgage. At BankIowa, we understand that life isn't always predictable, and sometimes, you need a little extra financial boost to turn your dreams into reality. That's where our home equity loan comes in.

Why choose a home equity loan?

Our home equity loan is a smart and flexible way to tap into the built-up equity in your home. Unlike a traditional mortgage where the funds are earmarked for your home, a home equity loan provides you with a lump sum of cash that can be used for a variety of purposes, including:

Home Improvement Projects: Upgrade your kitchen, add a new bathroom, or finish your basement. A Home Equity Loan can help you create the dream home you've always envisioned.
Debt Consolidation: Simplify your finances by consolidating high-interest debt with a lower-rate Home Equity Loan. This can free up monthly cash flow and save you money in the long run.
Major Purchases: Whether it's a new car, a dream vacation, or a medical procedure, a Home Equity Loan can help you afford life's big-ticket items.

Benefits of Choosing BankIowa

At BankIowa, we're committed to helping you achieve your financial goals. That's why our home equity loans offer several advantages, including:

Competitive Rates: We offer some of the most competitive home equity loan rates in the market, saving you money on interest payments over the life of the loan.
Flexible Loan Terms: Choose a loan term that fits your budget and repayment preferences.
Fast and Easy Application Process: Our streamlined application process makes it easy to get started. You'll receive a prompt decision so you can move forward with your plans quickly.
Exceptional Customer Service: Our dedicated team of loan specialists is here to answer your questions and guide you through every step of the process.
Additional Benefits: Our home equity loans have no prepayment penalties and may offer potential tax benefits.*

Apply for a home equity loan in minutes!

Apply online: Our online application is quick and easy to complete
Loan review: Your application is quickly reviewed by our expert loan specialists*
Get a response: After review, you will get an answer quickly, usually within 48 hours or less

Apply Now

Bridge Loan

Our bridge loan is a type of home equity loan offering short-term financing used to "bridge" the gap between the end of one loan and the beginning of another. A common bridge loan example is in real estate to allow a buyer to purchase a new property before the sale of their current home is complete. To discuss bridge loan options, contact one of our Personal Bankers.

*APR = Annual Percentage Rate. Rates as of April 15, 2024 – to receive special rate, loans must meet eligibility requirement of customer having either an active BankIowa checking account with autopay or five (5)
BankIowa account/service relationships. Rates assume a loan-to-value (LTV) of 80% or less and rate and term vary based on credit history and collateral. Proof of homeowners insurance required. Consult with a tax advisor to understand how a home equity loan may affect your taxes. All rates, terms, and conditions subject to change without notice. Limited time offer.

6-Year Term Home Equity Loan Example: For a $30,000 loan for a term of 6 years with a 7.22% APR, the monthly payment will be $514.65. The example assumes a credit score of 720+. Rate assumes a loan-to-value (LTV) of 80% or less. Available rates and terms vary based on credit history and collateral. Taxes and insurance premiums are not included in the payment example and payment obligation may be greater. Proof of homeowners insurance required. No prepayment penalties. All loans subject to approval. Rates, terms, and conditions are subject to change without notice.

7-Year Term Home Equity Loan Example: For a $30,000 loan for a term of 7 years with a 7.36% APR, the monthly payment will be $458.08. The example assumes a credit score of 720+. Rate assumes a loan-to-value (LTV) of 80% or less. Available rates and terms vary based on credit history and collateral. Taxes and insurance premiums are not included in the payment example and payment obligation may be greater. Proof of homeowners insurance required. No prepayment penalties. All loans subject to approval. Rates, terms, and conditions are subject to change without notice.

10-Year Term Home Equity Loan Example: For a $30,000 loan for a term of 10 years with a 7.64% APR, the monthly payment will be $358.30. The example assumes a credit score of 720+. Rate assumes a loan-to-value (LTV) of 80% or less. Available rates and terms vary based on credit history and collateral. Taxes and insurance premiums are not included in the payment example and payment obligation may be greater. Proof of homeowners insurance required. No prepayment penalties. All loans subject to approval. Rates, terms, and conditions are subject to change without notice.