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- State Farm BankÆ Full Service Financial
Home Equity Products Overview
Best for people who are looking to use the equity in their home to finance a major expense, like home improvement projects or other family needs.
Not sure which to choose? Compare Home Equity Loan and Line of Credit
Highlights:
Both of these products offer some compelling benefits:
- Reduce your tax burden, since the interest may be tax-deductible.¹
- Interest may be lower than for credit cards and other debt.
- No application fee.
- One simple application to complete.
State Farm Bank® delivers competitive interest rates on a host of checking and savings accounts, low APRs on credit cards, and affordable rates on home and vehicle loans. Enter your ZIP Code below to see the current rates for your area.
Need help planning? Visit our financial calculators.
Please enter a valid ZIP Code.
¹ Interest may be tax-deductible – consult a tax advisor for verification.
Home Equity Loan
Need a lump sum to consolidate debt, make home improvements, or pay for education costs or a major purchase? A home equity loan lets you borrow a predetermined amount of money and have a:
- Competitive fixed interest rate, with a 1/4% discount available for automated payments out of a State Farm Bank® checking or savings account.
- Fixed monthly payments (minimum monthly payment is $100).
- Loan that is repaid over a fixed period of time.
- Several options are available for loan terms.
- Minimum loan amount of $10,000 and maximum of $500,000.
- Potential tax deduction for the interest paid.¹
- Loan with no application fees.
Closing costs, if any, may vary by state.
¹ Interest may be tax-deductible – consult a tax advisor for verification.
Home Equity Line of Credit
Take comfort when facing major expenses – like home improvements or unexpected bills – in having the flexibility to pay them with a home equity line of credit. Just write a check for any amount up to your total line of credit. You can vary your monthly payments, by paying as much as you want or as little as interest only. A Home Equity Line of Credit lets you have a:
- Competitive variable interest rate, with a 1/4% discount available for automated payments out of a State Farm¹ Bank® checking, savings, or money market savings account.
- Minimum payment of interest-only payments with monthly billing statements.
- Initial term in which you can draw funds as you need them and an additional term to repay any balance at the end of the draw period.
- Minimum loan amount of $10,000 and maximum of $500,000.
- Potential tax deduction for the interest paid.¹
- Loan with no application fees.
- Electronic statement option available through the eStatement feature.
Closing costs, if any, may vary by state.
¹ Interest may be tax-deductible - consult a tax advisor for verification.
Tell Us What You Think
Write Your ReviewSee What People are Saying
We value our customers’ opinions, and we’re always looking for ways to better serve them. Below you can read customer ratings and reviews of State Farm®. If you’re a current State Farm customer, you can log in and share your opinion by writing your own review.
¹ Interest may be tax-deductible – consult a tax advisor for verification.
