Loans
If you're looking for a loan that offers low interest rates, no closing costs, tax deductibility as well as convenience, consider a home equity loan or line of credit from Principal Bank.*
Home Equity Lending Product Comparison
See the table below for a comparison of home equity products.
| Home Equity Loan | Home Equity Line of Credit | |
|---|---|---|
| Loan Type | One time funding | Flexible line of credit that can be reused as balances are paid down |
| Interest Rates | Fixed for the first five or ten years. | Variable, based on Wall Street Journal Prime Rate |
| Payment Options | Fixed monthly payments for the first five or ten years. Click here for more info. | Variable monthly amount of interest only* |
| Access to Funds | Initial funding of loan in a single check and/or payment to creditors for debt consolidation | Principal Bank Checking Account or access checks |
| Interest Deductibility | Tax deductible in most cases | Tax deductible in most cases |
| Amount You Can Borrow | $10,000 - $250,000 | $10,000 - $250,000 |
| Uses | Home improvements, debt consolidation, vacation, college tuition, emergency, whatever you need* | Home improvements, debt consolidation, vacation, college tuition, emergency, whatever you need* |
| Term | 5 or 10-year term or 5-year term with a 15-year or 20-year amortization*. Click here for more info. | 10-years |
| Statements | Monthly in the mail (unless payment automatically withdrawn from your checking account), and online | Monthly in the mail (if activity or outstanding balance), and online |
| Additional Terms, Fees and Costs | Please refer to Home Equity Loan Important Terms | Please refer to Home Equity Line of Credit Important Terms (PDF: 90 KB) |
Visit our Home Equity Specials page for more detailed information on current line and loan promotions.
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.
Home Equity loans and lines of credit are not available in the state of Texas. Consult your tax advisor regarding tax deductibility.
