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Home Equity Loans and Home Equity Lines of Credit (HELOCs)

If you have lived in your home for a good amount of time and make regular payments on your mortgage, you’ve done yourself a huge favor. With every mortgage payment, you own a little bit more of your home and increase your home’s equity, which can be used to your advantage. Central Bank offers Home Equity Loans and Home Equity Lines of Credit to help you get the cash you need for a variety of uses.

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There are similarities and differences between home equity loans and home equity lines of credit. The main similarity is that both are tied to the equity you have built up in your home and can be used for almost any need.

Home Equity Loans

  • Best for those who have immediate cash needs
  • Loan is received in one lump sum

Home Equity Line of Credit (HELOC)

  • Best for those who have immediate and future cash needs
  • You can draw on the line of credit when you need it

Apply for your home equity loan or home equity line of credit from Central Bank in our Mortgage Center.

Standard credit qualifications apply.

What’s the difference between a home equity loan and a home equity line of credit?

The main difference is that with the loan, you receive a one-time lump sum of money; the line of credit allows you to withdraw money when you need it up to a pre-determined amount.

Are interest payments on home equity loans and HELOCs tax-deductible?

In many cases they are, but as Central Bank is not a tax agency, we recommend you consult your tax advisor regarding the tax deductibility of home equity loans or lines of credit.

Does the purpose of my home equity loan make a difference?

The purpose of your home equity loan doesn't make a difference to us and won't affect your approval decision. It does make a difference to the federal government, however. We'll use the information you provide about the purpose of your loan to determine if certain characteristics of your loan must be reported.

What is the process of applying for a home equity loan or home equity line of credit?

Please call your nearest Central Bank location and set up a consultation with one of our loan experts.

Alicia Hale's Image

Alicia Hale

Branch Manager II | NMLS#950194

Location: Des Moines Drake Branch

Work Phone: (515) 279-8090

Brian Dooley's Image

Brian Dooley

Branch Manager II | NMLS#1444041

Location: Waukee Main Office

Work Phone: (515) 987-2299

Charlie Larson's Image

Charlie Larson

Vice President, Mortgage Loan Officer | NMLS#493731

Location: Storm Lake Main Office

Work Phone: (712) 732-2190

Chris Jenness's Image

Chris Jenness

Assistant Vice President, Mortgage Loan Officer | NMLS#493730

Location: Cherokee Main Office

Work Phone: (712) 225-2546

Christopher Krueger's Image

Christopher Krueger

Assistant Vice President, Mortgage Loan Officer | NMLS#728693

Location: Sioux City Main Office

Work Phone: (712) 293-2265

Cindy Mart's Image

Cindy Mart

Vice President, Mortgage Loan Officer | NMLS#493726

Location: Spirit Lake Main Office

Work Phone: (712) 336-4100

Dianna Menefee's Image

Dianna Menefee

Assistant Vice President, Branch Manager II, Mortgage Loan Officer | NMLS#493728

Location: Sioux City Morningside Branch

Work Phone: (712) 276-3135

Jennifer Brown's Image

Jennifer Brown

Branch Manager II | NMLS#1138317

Location: Ankeny Main Office

Work Phone: (515) 473-7033

Karen Benecke-Renken's Image

Karen Benecke-Renken

Mortgage Loan Officer | NMLS#400191

Location: West Des Moines Mills Civic Branch

Work Phone: (515) 222-1144

William Boord's Image

William Boord

Assistant Vice President, Branch Manager II | NMLS#523274

Location: Urbandale Main Office

Work Phone: (515) 254-9000

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You are leaving the Central Bank website. We are not endorsing or guaranteeing the products, information or recommendations provided by the organizations linked to our website. We are not liable for any failure of products or services advertised on those sites. We are not responsible for the validity, collection, use or security of information by organizations that may be linked to our website. We encourage you to read the privacy policies of websites reached through the use of links from the Central Bank website.

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