Home Equity Loans

SPIRE Home Equity Loans

You've done a lot for your home. Now let your home do something for you. Maximize the equity in your home or vacation property with a home equity loan from SPIRE. Funds can be used for anything - home improvements, debt consolidation, medical bills, or that trip of a lifetime!

Home Equity Fixed Rate/Second Lien Position Loan

Borrow up to 90% of the value of your primary home.
5-15 year terms available.
Low fixed rates won’t change over the term of the loan.
Minimum loan amount is $10,000 and maximum of $250,000.

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Home Equity Line of Credit

Not sure how much you need or when you’ll need it? A home equity line of credit is revolving and works similar to a credit card. Get the funds when you need them and pay interest only on the balance. Use the funds to remodel your house, build a deck, pay off debt, go on a dream vacation, or anything else your heart desires!

5-year Draw

Borrow up to 85% of the value of your primary home.
Interest-only payments available during draw period.
Variable rate loan.
Minimum loan amount of $10,000.
Maximum loan amount of $50,000.

10-year Draw

Borrow up to 75% of the value of your primary home.
Interest-only payments available during draw period.
Variable rate loan.
Minimum loan amount of $10,000.
Maximum loan amount of $100,000.

Rates

Primary Residence

Home Equity; Second Lien Position (Primary Residence)Rates Effective: 1/1/2019

	APR*	Term	Monthly Payment
Home Equity - 5yr. CLTV up to 80%	4.000	60	$920.83
Home Equity - 5yr. CLTV up to 90%	4.750	60	$937.85
Home Equity - 7yr. CLTV up to 80%	4.500	84	$695.01
Home Equity - 7yr. CLTV up to 85%	5.250	84	$712.58
Home Equity - 10yr. CLTV up to 80%	4.750	120	$524.24
Home Equity - 15yr. CLTV up to 80%	5.250	180	$401.94

Home Equity Line of Credit

	Rate	APR* as low as
CLTV up to 75%	5.000	5.000
CLTV up to 85%	5.000	5.000

Second Homes/Vacation Homes

	APR*	Term	Monthly Payment²
Home Equity - 5yr. LTV up to 75%	6.990	60	$989.82
Home Equity - 7yr. LTV up to 75%	7.240	84	$760.51
Home Equity - 10yr. LTV up to 75%	7.990	120	$606.37
Home Equity - 15yr. LTV up to 75%	8.740	180	$499.43

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^*APR = Annual Percentage Rate. Rates disclosed include a .25% discount for automatic payment. Principal & interest payment based on loan amount of $50,000. Maximum loan amount for a fixed rate loan is $250,000 and a Home Equity Line of Credit (HELOC) is for 10-year draw is $100,000. Minimum loan amount is $10,000. A minimum of $10,000 must be new money at SPIRE. Property must be the primary or secondary residence and property insurance is required. Residential properties only located in MN or WI. Commercial, agriculture and large acreage properties excluded from offer. SPIRE member responsible to pay $500 toward closing costs, which includes the cost of the required appraisal. If the loan does not close, the cost of the appraisal will not be refunded. SPIRE will pay closing costs in excess of $500.00. Offer subject to termination at any time. Rates and terms are subject to qualification and may change at any time. Borrower must meet membership requirements to qualify. Other restrictions may apply. See your tax advisor for details regarding interest deductibility.

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APPLICATION CHECKLIST

Start preparing today! Gather the following required items for your home equity loan application:

Your current mortgage loan(s) information including where loan is financed, monthly payment amount and balance, if applicable.
The annual amount of your property tax and homeowner’s insurance costs if not included in your first mortgage payment amount.
Annual or hourly income information for all applicants on the loan along with the employer’s name, date of hire and current position.
Driver’s license and social security numbers for all applicants on the loan.
For debt consolidation, have the creditor's name(s) and the balance owed for those pay-offs.

Disclosures

NMLS #469510
NMLS Active Numbers
Interest may be tax deductible. See your tax advisor for complete details. Property must be located in the State of Minnesota or Wisconsin. Property insurance is required.