Home Equity Loans

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What is Home Equity and how do you use it?

$200K current home worth (or appraisal) x $160K multiply by 80% - $100K What you still owe on your mortgage loan = $60K available home equity

Tap into the borrowing power of your home with a Home Equity Loan.

Homeowners may not realize how many choices they have for borrowing money. One of the options is a home equity loan, which lets you borrow funds against the equity you’ve built up in your home. You can use your funds for a variety of purposes, such as home improvement projects, debt consolidation or major expenses. There are two types of home equity loans, a fixed rate closed end Home Equity Loan (Lump-sum disbursement) or a variable rate open end Home Equity Line of Credit (HELOC) (Withdraw funds as needed).

Why Consider a Home Equity Loan from Eureka Savings Bank?

Fixed rate closed-end options.
Variable rate open-end home equity line of credit option.
Potential tax benefits
Short Term loans
No Annual Fees

Home Equity Loan Rates

Click Here To View Current Rates

Contact a Lender

Please call any of our five locations to speak with a lender.

LaSalle - 815-223-0700

Mendota - 815-539-5656

Oglesby - 815-883-3354

Peru - 815-223-9400

Wenona - 815-853-4333

Key Differences Between Home Equity Loans and Home Equity Lines of Credit

	Home Equity Loan	Home Equity Line of Credit (HELOC)
Collateral	Uses home as collateral	Uses home as collateral
How Funds Can Be Used	For anything	For anything
Accessing the Funds	Lump-sum disbursement	Withdraw funds as needed
Payment	Fixed Monthly Payment	Variable Monthly Payment based only on drawn funds/balance
Term of Loan	Up to 10 years	10-year draw period
Interest Rate	Fixed interest rate	Variable interest rate