Home Equity Loans

Home Equity Loans
A Home Equity Loan from The Bank of Elk River is the perfect way for you to get ahead. Whether you want to make home improvements, take vacation, buy a car, pay for college tuition, make an investment, or consolidate your debt, The Bank of Elk River can help.

We provide Home Equity Loans secured by a mortgage on your home.

You will be approved for a specific amount of credit based on the equity in your home. Equity is determined by taking the appraised market value of your home and subtracting the balance owed on any existing mortgages. You may be able to borrow up to 85% of the equity in your home.

Consolidating debts into a home equity loan can save you money by:

  • Lowering your monthly payments.
  • Deducting the interest on your taxes. (Consult your tax advisor about the deductibility of interest and charges.)
  • Paying a lower rate of interest than many other consumer loans.


Home Equity Line of Credit
With The Bank of Elk River's Home Equity Line of Credit, you can take advantage of your home's appreciation in value. We will provide you with checks to use for accessing funds... whenever you wish, for whatever you want! They could be used for anything you need including vacations, buying a car, college tuition, investments, home improvements or consolidation of debt.

A Home Equity Line of Credit is a form of revolving credit. As the balance is paid down on the line of credit, you may re-borrow up to your credit limit until the maturity of the loan. You can either make the low monthly interest payments, or pay off a portion or the whole balance at any time.

You will be approved for a specific amount of credit based on the equity in your home. The equity is determined by taking the appraised market value of your home and subtracting the balance owed on any existing mortgages. You may be able to borrow up to 85% of the equity in your home.

Consolidating debts into a home equity line of credit can save you money by:

  • Lowering your monthly payments.
  • Deducting the interest on your taxes. (Consult your tax advisor about the deductibility of interest and charges.)
  • Paying a lower rate of interest than many other consumer loans.

SueEngholm_for_website.jpg

Sue Engholm, AVP/Manager of Consumer Lending
MLO Number: 539457

MAIN STREET OFFICE
630 Main Street
Elk River, MN 55330

Phone: 763-241-8561

Email: SEngholm@TheBankofElkRiver.com

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Lee Schultz, Consumer Lender
MLO Number: 539023

SCHOOL STREET OFFICE
846 Freeport Ave
Elk River, MN 55330

Phone: 763-241-8563
Email: LSchultz@TheBankofElkRiver.com

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Beth Keller, Consumer Lender
MLO Number:  539118

OTSEGO OFFICE
15800 88th Street NE
Otsego, MN 55330

Phone: 763-241-8559
Email: BKeller@TheBankofElkRiver.com