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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.

Check Home Equity rates in our Online Mortgage Center.

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.

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

Private Banker | NMLS#1444041

Location: West Des Moines Mills Civic Branch

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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