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Home Equity Loans / Lines of Credit (HELOC)

A Home Equity Line of Credit is like a credit card. You can borrow money up to your credit limit, and you only get charged interest on the portion that you borrow. You can pay down the balance, then reuse the credit. Most have a draw term, usually 5 to 10 years, where you can draw money out, then the loan is paid back over a 10 to 15 year period. You may also elect to refinance the Equity Line and get another 5 to 10 years to use the line of credit.

You choose what you want to do with your home equity line of credit:

There are many features of HELOC loan programs. Ask your Loan Officer to help you decide which is best for you.

A HELOC is usually 100% tax-deductible*, and a smart way to consolidate debt, pay for home improvements, new automobiles, student loans or even vacations or weddings.

Home Equity Fixed Rate Loan

You may prefer a home equity fixed rate loan compared to a HELOC. Home equity fixed rate loans offer a wide variety of amortization periods (length of time to pay it back), more choices for people with less-than-perfect credit, fixed rates so your rate can never go up and the interest paid may also be tax-deductible*!

* It is recommended that customers consult their tax advisor. Not all loan fees or interest payments are tax deductible.

Mortgages Unlimited does NOT offfer small stand alone Home Equity Loans.

 We do offer CASH OUT REFINANCES in MN, WI, and SD

A cash out refinance is where you REPLACE your existing mortgage loan with a new loan, AND take out additional money to be used for anything you wish.

MN WI SD Mortgage ApplicationCash out refinances in MN, WI, and SD are limited based on the type of new loan you wish to take out:

  • VA Loans allow for 100% of the homes value to be taken out

  • FHA Loans allow for 85% of the homes appraised value to be taken out

  • Conventional loans allow for 80% of the homes value to be take out (lowered from 85% in Dec 2014)

  • Multi-family homes and investment properties are usually limited to 70% to 75% of the value.

  Equal Housing Lender

Policies, Procedures, Disclaimers

33 Wentworth Ave E - Suite 290
St Paul, MN 55118

(651) 552-3681  

Member in Good Standings, National Association of Mortgage Brokers Read our weekly Mortgage Market review Member in Good Standings, Minnesota Mortgage Association

Our services available only for properties located in Minnesota, Wisconsin, and South Dakota. PLEASE DO NOT KEEP US A SECRET from your FRIENDS. Licensed as Mortgages Unlimited, Inc. and Great Rivers Mortgage. As a Lenders One partner, we are part of the 3rd Largest Retail Mortgage Originators in the country. We are consistently ranked as one of the top mortgage lenders in Minnesota by Minneapolis St Paul Business Journal. Any use or duplication of any materials is  strictly prohibited.  All images, text, and materials 1998 - 2017. Joe Metzler. All Rights Reserved.