Some people look for a beautiful place, others make a place beautiful
Let Lake Elmo Bank help you with your project needs
No equity in your home, but looking to fix it up? Lake Elmo Bank offers a Fixed Rate unsecured installment loan that is specific to improving your home. The amount borrowed can be used for any home improvement.
Borrow against the equity you've built up in your home to use towards a variety of financial needs. The amount of credit is determined on the amount of equity in your home & other factors.
A HELOC is similar to a credit card, in the sense that you borrow what you need, as you need it until your credit limit is reached. As you repay your balance, your available credit is replenished. Your available credit can be used towards a major purchase, renovating your home, consolidating debt, or something entirely different.
There are potential tax advantages on the interest paid on a HELOC. Consult your tax advisor for possible tax advantages.
Home Equity Loan
Similar to a HELOC in the sense that you're borrowing against the equity in your home, however with a Home Equity Loan, you will receive a lump sum of money all at once.