Home Equity Loan

It’s easy to envision where you want to go with a Home Equity Loan from Cedar Rapids Bank & Trust. Access the equity you have in your home to pay for virtually ANYTHING - vehicles, weddings, remodeling projects, vacation, unexpected costs, or consolidating your debt. Unlike credit cards, the interest you pay on your Home Equity Loan may even be fully deductible.1  

Home Equity Line of Credit2

A Home Equity Line of Credit offers flexibility as it allows you to borrow money as you need it using your home as collateral. Other benefits:

  • Ability to borrow up to available line of credit, as needed
  • Variable interest rate
  • Interest-only monthly payments3
  • Principal reduction payments may be made as often as you choose, with no prepayment penalty

Home Equity Loan2

A Home Equity Loan offers reassurance as you can borrow a fixed amount with fixed terms, secured by the equity in your home. Other benefits:

  • Money is received in one lump sum
  • Fixed interest rate with a fixed term
  • Fixed monthly payment (principal and interest)
  • Principal reduction payments may be made as often as you choose, with no prepayment penalty

To learn more about your options and our competitive rates and terms, call to speak with an Account Executive at 319.862.2728.

APPLY NOW

Home Equity Line of Credit vs. Home Equity Loan
Questions HOME EQUITY LINE OF CREDIT HOME EQUITY LOAN
What's the difference between a HELOC and Home Equity Loan? A home equity revolving option is a flexible line of credit which utilizes the equity in your home. A home equity loan is a loan with an equal structure repayment schedule and a fixed maturity date that utilizes the equity in your home.
What are the advantages? With the HELOC, you can borrow money at anytime, anywhere, for any reason, up to your available credit limit. You have equal monthly payments of a pre-determined amount based on your original loan and term.
Is my interest tax deductible? Tax deductibility is subject to IRS regulations. Please consult your tax advisor for more information. Tax deductibility is subject to IRS regulations. Please consult your tax advisor for more information.
What are the typical uses of each of these loans? Since the HELOC allows you to borrow as your expenses occur, it can be used to finance everything from debt consolidation and home improvements to a family computer or an exotic vacation. There are no restrictions on what you purchase. The Home Equity Loan is primarily used for purchases requiring one lump sum. Often times it is used for debt consolidation or large purchases like a boat or car. Still, there are no restrictions on what you purchase.
If I need more money, do I need to reapply? No Since funds are disbursed as a lump sum, you would need to reapply for additional money.
Is there an annual fee associated with this loan? No No
Is the rate fixed or variable? The HELOC rate is variable. It is tied to the Prime Rate published in the Wall Street Journal. The Home Equity Loan features a fixed rate.

Please Note: Marital status information is not required if applicant is applying for individual, unsecured credit.

Cedar Rapids Bank and Trust Company originates loans in Eastern Iowa.  If you reside outside of Eastern Iowa, please contact Cedar Rapids Bank and Trust Company at 319-862-2728 and ask to speak with a loan officer. You may also email crbtconsumerunderwriting@crbt.com with your inquiry.

1 You should consult your tax advisor concerning interest deductibility.
2 Subject to final credit approval. The line of credit or loan amount you can qualify for is based on your home’s Loan to Value ratio, payment term, income, and credit history. Closing fees apply.
3 The minimum monthly loan payment required is an interest-only payment based on the outstanding principal balance of the line of credit. If this payment schedule is followed, the loan will not be paid in full at maturity, which is typically 66 months and a final balloon payment will be necessary to repay the debt. Principal reduction payments may be made as often as you choose, with no prepayment penalty.