U.S. Bank offers HELOC and home equity loans and does not charge closing costs. The company’s home equity loan rates start as low as 6.10% APR with a ten and fifteen-year repayment period. The HELOC variable rates range from 5.70% APR to 10.10% APR and vary depending on Prime Rate.
U.S. Bank home equity loans have fixed rates and repayment terms of up to thirty years. The Bank gives loans ranging between $15,000 and $750,000 or higher. The company’s HELOC product has variable rates. However, HELOC allows clients to convert portions of their balance amounts to a fixed rate during the first ten-year period.
U.S. Bank charges a $90 annual fee for its line of credit, which can be waived within the first twelve months when clients open a Platinum checking account. Clients can borrow from their line of credit using checks, Visa Access Card, ATMs, or visiting a local branch.
To set up an automatic payment or get the best APR rates, clients must have a U.S. Bank checking/saving account and a credit score of 730.