Home Equity Loans

Use Your Home for a Loan

Home Equity Loans

Use Your Home for a Loan

Do you own a home and need extra money? Whether it’s home improvements or home repair, consolidating debt, paying for your child’s education, buying a new car, or funding a family vacation, home equity loans and lines of credit offer an excellent way to borrow.

Advantages of choosing a home equity loan from Hills Bank:

  • Easy application process either in person, or over the phone toll free at 1-800-445-5725 (1-800-HILLSBK)
  • Fast, local decision making
  • Loan or line of credit options
  • No prepayment penalties
  • Automatic payments available
  • Interest may be tax deductible (please consult your tax advisor for more information)

When applying, you’ll need the following documents and information:

  • Your most recent pay stub
  • Social security number
  • Date of birth
  • Copy of your homeowners’ insurance policy
  • Residential and employment history for the last two years



What's the difference between a HELOC and Home Equity Loan?

A home equity line of credit is a flexible line of credit, similar to a credit card, which utilizes the equity in your home.

A home equity loan is a loan with fixed payments and a fixed maturity date that uses the equity in your home, and works similar to a vehicle loan.

What are the advantages?

With the HELOC, you can borrow money at any time, for any reason, up to your available credit limit. You are able to pay down the line and draw off of it again as needed with the option of paying interest only when there is an outstanding balance.

You have equal monthly payments based on your original loan amount and term.

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 nearly anything. Often, it is used for home repair or long-term home renovation projects.

The Home Equity Loan is primarily used for purchases requiring one lump sum, and can be used to finance nearly anything. Often, it is used for home improvement, debt consolidation or as a home repair loan.

If I need more money, do I need to re-apply?

No, unless you are requesting to increase your line of credit.

Since funds are dispersed as a lump sum, you would need to reapply for additional money.

For more information on personal loans, connect with a banker by visiting any Hills Bank location or call toll free at 1-800-445-5725 (1-800-HILLSBK).