Home Equity Financing - Principal Bank

Put the equity in your home to work for you. A home equity loan or line of credit can be a smart way to finance home improvement projects, large purchases, debt consolidation, and even college tuition.

Remodel your home
Consolidate your debt
Take a long-awaited vacation
Buy a new car
Pay for college expenses

A home equity loan or line might be the perfect solution. Principal Bank offers:

Home Equity Loans

Consolidate your bills, or make that special major purchase, and enjoy fixed, lower interest rates and set payments. Plus, interest on your loan may be tax deductible (consult your tax advisor).

Low fixed-interest rates-as low as 8.00%^[1] APR for 5 years or 8.10%^[1] APR for 10 years
No closing costs^[2]
Flexible terms with fixed monthly payments for the first 5 years. Click here for payment options and a calculator
Approval notification within 48 hours
Online balance information

^[1]: This offer is available for a limited time and may be discontinued without notice. Subject to credit qualification. This APR is a Preferred Rate reflecting a .25% discount based on all regularly scheduled payments being paid by automatic debit from a bank account. Failing to accept the terms of the automatic loan payment, or failing to maintain automatic payments once set up will result in a higher APR on the loan. Not available on properties located in Texas. Offer only available on owner-occupied primary residence properties. Cannot be used for real estate bridge loans or business purposes. Not available on manufactured homes. Please refer to Home Equity Loan Important Terms for additional terms, fees and costs.
^[2]: No closing costs does not apply to appraisal costs, mortgage filing fees and taxes, if any. No closing costs offer is not available for properties located in South Carolina. A $500.00 deferred origination fee applies to all Home Equity Loans. This fee will be deferred until the third anniversary of the loan, and will be permanently waived if the loan remains open after that date.

Home Equity Lines of Credit

A Home Equity Line Of Credit from Principal Bank combines the advantages of a home-equity-based credit line with the convenience of online banking. You can establish credit based on the equity in your home, and use it as needed--to make a major purchase, for remodeling projects, a family vacation, or for emergencies. Once approved, the line is yours to use when and where you need it simply by writing a check.

Rates as low as 4.75%^[3]
Competitive rates based on Wall Street Journal Prime Rate^[4]
No closing costs^[5]
Interest may be tax deductible (consult your tax advisor)

^[3]: Your rate is variable, indexed to the Prime Rate as published in the Wall Street Journal plus a margin, if applicable. As of Dec 17, 2008, the Prime Rate was 3.25%. Post-introductory APR can change daily.
^[4]: This APR is a Preferred Rate reflecting a .25% discount based on all regularly scheduled payments being paid by automatic debit from a bank account. Failing to accept the terms of the automatic loan payment, or failing to maintain automatic payments once set up will result in a higher APR on the loan.; General Requirements for all Principal Bank Home Equity Loans and Lines of Credit; 65% CLTV maximum in the states of AZ, CA, FL, MI, NV, OH. General Requirements and Undewriting Criteria are subject to change at any time.
^[5]: No closing costs does not apply to appraisal costs, mortgage filing fees and taxes, if any. No closing costs offer is not available for properties located in South Carolina. A $500.00 deferred origination fee applies to all Home Equity Loans. This fee will be deferred until the third anniversary of the loan, and will be permanently waived if the loan remains open after that date.; All Principal Bank home equity loans are subject to satisfactory appraisal, title and insurance. Home equity products are available on primary residence only and are not available for properties located in Texas. Offer only available on owner-occupied primary or secondary residence properties. Cannot be used for bridge loans or business purposes. Not available on manufactured homes.; Please refer to Home Equity Line of Credit--Important Terms (PDF: 90 KB) for additional terms, fees and costs. Applicants for Home Equity Lines must also read What You Should Know About Home Equity Lines of Credit (PDF: 117 KB) (This document requires Adobe Acrobat Reader)

Before you begin, gather the following information to make the application process quick and easy.

Estimated value of your property
Current mortgage balance and payment
Social Security Number
Current employer's name and address
Gross monthly income
Co-applicant information
Homeowners insurance company name and phone number or agent's name and phone number