US Bank Offering Home Equity Line of Credit with 1.99% APR for the First 6 Months

U.S. Bank logoOwning a home can be of benefit to individuals and families when the need to cover major expenses arises. Paying for things like college tuition, a remodeled bathroom or kitchen, or consolidating high-interest credit card debt can all be done through a home equity line of credit (HELOC). Homeowners have the ability to borrow as much or as little as they need with a home equity line of credit, and they have flexibility in how the borrowed funds are repaid over time. Each financial institution offering home equity lines of credit varies in terms of eligibility, interest rates, and fees, so it is important for homeowners to do their research in advance.

The Offer

Currently, US Bank is offering qualified homeowners a new home equity line of credit with an interest rate as low as 1.99%. The introductory interest rate is set for the first six months after opening an account, after which time it shifts to a variable interest rate as low as 4.65%. Homeowners who qualify for a new home equity line of credit through US Bank may access their credit line through checks, a Visa card, or withdrawing available funds at a branch or ATM location.

US Bank offers a variety of payment options for homeowners with a home equity line of credit. Even though the interest rate is variable after the introductory period ends, borrowers can select a fixed-rate option for all or a portion of the balance owed. Interest-only payments are also available, and repayment can extend as long as 20 years.

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The home equity line of credit offered through US Bank does not include application fees, nor are there closing costs assessed at the time of account opening. However, all borrowers listed on a home equity line of credit application must qualify based on credit history and score, and an appraisal of the home may be required. The lowest interest rate available is offered to homeowners with a loan-to-value ratio of no more than 80%, a credit line of at least $100,000, and an active Consumer Silver, Gold, or Platinum Checking Package with the bank.

About US Bank

US Bank has been serving customers since 1863, and it currently manages more than $294 billion in customer deposits. The bank operates more than 3,200 branches around the world and provides checking and savings accounts, personal lending and credit cards, business banking, and investment advice to its banking customers in addition to home equity products.

Homeowners interested in the low-interest rate home equity line of credit offered through US Bank may gather additional information or apply by visiting a mortgage specialist at any full-service branch location, contacting a customer service representative at 1-866-829-2347, or visiting the bank online.

Posted on October 3, 2017 by in Home Equity Line of Credit, Mortgages,

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01/03/2018