Home Equity Loans & LinesHome Equity Loans & Lines

Home Equity Loans & Lines

Summary

Park State Bank offers options for home equity loans to help you consolidate debt or to complete a home improvement or repair. A home equity loan is secured by the value you own in your home. You also can use these loans for debt consolidation, vacations and the purchase of cars, trucks or other big-ticket items. Apply now online or call 218-727-8001 to discuss your needs.


At Park State Bank we have two home equity loan options:

  • Home Equity Fixed Loan
  • Home Equity Line of Credit

Click the tabs on the left to learn more.

Home Equity Fixed Loan

You receive a lump sum and make monthly payments over a defined period.


Here are the benefits and details of a fixed home equity loan:

  • Competitive interest rates
  • Loans up to 80 percent of the value of your home
  • Limited closing costs
  • Maximum loan term of 15 years
Home Equity Line of Credit

This is a revolving loan, meaning the balance may change and that you may borrow up to a maximum amount during the period of the loan. You can withdraw funds, pay down the loan and then withdraw additional funds.


Here are the benefits and details of a home equity line of credit:

  • Competitive interest rates
  • 10-year loan period (a 5-year repayment period on any balance after the loan period ends)
  • A rate that adjusts annually
  • Loans up to 80 percent of the value of your home
  • Unlimited number of times you can withdraw available funds
  • Limited closing costs