Minnesota Home Equity Line of Credit (HELOC)

Available in the Minneapolis-St. Paul Metropolitan Area. Use the equity in your home to fund major purchases.

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Limited time offer: Contact a local lender to learn more and apply for a HELOC today.

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Your home, your equity, your possibilities to do more.

 

Home equity loans are a great way for homeowners to take advantage of the equity they have built up in their homes. There is no limitation on what the funds can be used for, which means you can use funds for home improvements, adoption expenses, vacations or even consolidating your debt into one manageable payment. Rates are generally more favorable than other borrowing options and depending on the use, the interest paid may be tax-deductible (check with your tax advisor).

HELOC funds are withdrawn as you need them for a specified period of time (the draw period). During the draw period, payments are interest-only based on the amount borrowed. After the draw period, payments are made on principal and interest (P&I) for the remaining duration of the loan (the repayment period). Because the amount drawn can vary from month to month and the total amount borrowed is not determined until the repayment period begins, monthly payment amounts can vary.

Limited Time Offer

Apply for a new home equity line of credit of up to $100,000 before 1/31/25 and we’ll cover the closing costs.

For primary residences only. Evidence of adequate property insurance required.

How can you use a home equity loan or line of credit?

Ready to get started?

Sign up to be contacted by one of our local lenders in the Minneapolis-St. Paul Metropolitan Area. With locations in Downtown Minneapolis, St. Paul, Maplewood, Oakdale, Mounds View, and Shakopee, our team of experts is ready to serve you.

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Which home equity financing option is right for you?

 

Home Equity Line of Credit
(HELOC)

Home Equity Loan
(HELOAN)

Loan Type
Loan Type

Open-ended line of credit
Revolving line of credit (borrow funds as you need them)

Loan Type

Closed-end loan
One-time lump sum received upfront

Best for...
Best for...

Multiple projects or purposes with the potential for variable costs over time

Best for...

One-time projects or purposes where the cost is known

Minimum Amount
Minimum Amount

$5,000

Minimum Amount

$5,000

Rates
Rates

(3) types:
5-year fixed rate draw / 15-year repayment
5-year adjustable rate draw / 15-year repayment
10-year adjustable rate draw / 10-year repayment

Rates

Fixed rate
From 12 to 180 month term options

OR

Adjustable Rate Mortgage (ARM)
Rates may adjust annually after a 5-year fixed period with 5, 10 and 15 year term options

Repayment Terms
Repayment Terms

Draw period payments are interest-only based on the amount borrowed.
After the draw period, payments are made on P&I for the remaining duration of the loan.

Repayment Terms

Fixed payments
Principal & interest payments for the entire duration of the loan.

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Let a HELOC with American National Bank help you reach your financial goals.

 

If you’re a homeowner, you have the potential to access funds that can help you do more to accomplish your home or life goals.

 

Options to take advantage of your balance today:

1. Fill out an inquiry form to be contacted by a local lender.

2. Visit any of our branches to meet with a banker.

3. Give us a call at (833) 708-2486.

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