Home Equity Loans
A home equity loan from Thrivent Financial Bank may help meet your needs in certain situations. It is important to remember that your home is your collateral for a home equity product.
3 Ways to Apply
- Apply online for a home equity loan.
- Contact a Personal Banker for telephone application.
- Download a Printable Personal Loan Application (PDF, 516K) and mail or fax it to us.
Check Rates
Check out our current home equity rates and product descriptions.
Which Home Equity Product is Right for You?
Home Equity Fixed Rate Loan
Fixed rate loans offer one "locked-in" interest rate over the life of your loan. This type of loan may be right for you if:
- You are looking for a uniform payment throughout the life of your loan.
- You seek additional security from changes in the interest rate environment.
- You intend to stay in your home for the life of your loan – because the longer you pay on the loan, the more money goes toward your principal as you reach loan amortization, even though your payments stay the same!
Home Equity Total Line of Credit
A variable rate home equity loan product that offers the unique feature to lock in all or a portion of your revolving portion of your Total Line of Credit anytime during the life of the loan and have up to 3 different fixed rate lock loans at a time. This type of loan may be for you if:
- You do not need all of your funds at closing, but will have a need in the future.
- You need flexibility with the option to lock in part of your revolving Total Line of Credit balance and still have access to remaining revolving portion balance anytime.
- Peace of mind knowing you have a competitively priced reserve fund available to meet any unexpected emergencies, like medical, home repair, etc.
- Easy access to your revolving portion by access card, checks, on-line banking transfers or speaking to your Personal Banker.
- Features that may help you when interest rates rise or fall without having to refinance your loan. During rising interest rate cycles, you can have up to a maximum of 3 different rate lock loans at a time. During a declining interest rate cycles, your revolving interest rate may decline and you also have the ability to unlock your higher interest rate fixed rate loans and relock at the new lower interest rates.2
- No limit to the number of rate locks you request over the life of your loan, but cannot have more than 3 rate locks at any 1 time.
Consider these guidelines for when to use a home equity line of credit:
| Yes, if you are using it for: | No, if you are using it for: |
|---|---|
| Purchases that appreciate in value. For example, real estate, remodeling or education that will promote future earnings (college tuition). | Purchases that depreciate in value. For example, travel, furniture, clothes or entertainment. |
| Reserve funds for emergencies. This could include job loss, medical emergencies, vehicle or home repair. | Cash advances for day-to-day living expenses. |
| Consolidating debt for the first time. | Consolidating debt for the second or third time. |
| Auto purchase on a 5-year home equity term. | Auto purchase on a 30-year home equity term. |
| Things you need. | Things you want. |
The interest may be tax deductible.1
Contact a Personal Banker to discuss your home equity loan options.
1 Consult your tax advisor regarding the deductibility of interest. Home Equity Total Lines of Credit are not offered in Texas. All loans are subject to credit application, qualification and approval.
2 Revolving and Fixed Rate loans are both subject to maximum ceiling (26% for both) and minimum floor interest rates (4.50% for revolving portion and 5.50% rate lock loans). Minimum amount for a Fixed Rate Loan is $5,000.
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Application Mail/Fax Information
| Fax | |
|---|---|
| Thrivent Financial Bank ATTN: Personal Banker 866-226-5226 |
Thrivent Financial Bank ATTN: Personal Banker 122 E. College Avenue, Suite 1E Appleton, WI 54911 |
Thrivent Financial Bank's Home Equity Loan Rate Lock Policy
Interest rates change without advance notice. Because the interest rate on our home equity total line of credit is based on an index, the interest rate will change anytime the value of the index changes. With our home equity total line of credit, you have the option to lock in a rate for up to three portions of your total outstanding balance on the credit line at one time.
If you apply for a fixed home equity loan, your interest rate will be locked at the rate it was approved at, provided that the loan closes within 90 days. For your convenience, a rate lock agreement does not need to be signed.