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You know what you want. And the time is now.

If you need to get a one-time lump sum to make a significant purchase or pay off a debt, a home equity loan may be right for you. The home equity term loan is sometimes referred to as a ‘second mortgage’ as it is secured by your property.

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Home equity term loans, sometimes referred to as second mortgages, work well in situations where you have a distinct need (say medical expenses, a single home repair project or a wedding), you know the amount you’ll need, and you’ll not need to access funds beyond just that specific instance. Other features and benefits include:

  • Ability to take a lump sum, which may be used to pay off higher-interest credit cards, for instance.
  • Typically will provide a lower interest rate than a credit card.

Standard credit qualifications apply.

Do I need to disclose what I want to do with my loan?

Not usually. In some cases, your lender may need to ask what it will be used for in order to provide information to federal agencies.

How do I know if I’m eligible for enough equity for the purposes/purchases I want to make?

You’ll need to do some calculations to determine that equity. To do this, you’ll need to look at what you owe on your mortgage. Subtract that, as well as any other debts secured by your home, from the value of your home. Check out one of our loan calculators to get an idea of where you land relative to your needs and your equity.

What documentation will I need to apply?

You will need much of the same paperwork as when you applied for your first mortgage. You will need employment paperwork, such as W2s, tax returns, investment and retirement income documentation and any other income that should be considered as a method for repayment of the loan.

Andrew Clausen's Image

Andrew Clausen

Branch Manager II | NMLS #1269268

Location: Urbandale 100th St. Branch

Work Phone: (515) 254-9000

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

Vice President, Mortgage Loan Officer | NMLS#493730

Location: Cherokee Main Office

Work Phone: (712) 225-2546

Christopher Krueger's Image

Christopher Krueger

Vice President, Managing 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 Koontz's Image

Dianna Koontz

Vice President, Mortgage Loan Officer | NMLS#493728

Location: Sioux City Main Office

Work Phone: (712) 293-2265

Ethan Moxnes's Image

Ethan Moxnes

Personal Banker II

Location: Sioux Falls Western Branch

Work Phone: (605) 782-0759

Karen Benecke-Renken's Image

Karen Benecke-Renken

Assistant Vice President, Mortgage Loan Officer | NMLS#400191

Location: Urbandale 100th St. Branch

Work Phone: (515) 254-9000

Matthew Klein's Image

Matthew Klein

Vice President, Managing Mortgage Loan Officer | NMLS#446592

Location: Waukee Main Office

Work Phone: (515) 987-2299

Sheila Zollman's Image

Sheila Zollman

Mortgage Loan Officer | NMLS#1284740

Location: Okoboji Mortgage Lending Office

Work Phone: (712) 337-9001

Todd Utter's Image

Todd Utter

Assistant Vice President, Mortgage Loan Officer | NMLS#501454

Location: West Des Moines Mills Civic Branch

Work Phone: (515) 222-1144

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