Home Equity Line of Credit
Wadena State Bank offers both a variable and fixed rate Home Equity Line of Credit program. A home equity line of credit is a form of revolving credit in which your home serves as collateral. Because a home often is a consumer’s most valuable asset, many homeowners use home equity credit lines for major items such as: home improvements, college tuition, debt consolidation or vehicle purchases.
To be considered for a home equity line of credit, please complete the HELOC application form and bring the following information in to the bank:
- 2 years Federal Tax returns
- 1 month of current pay stubs for each applicant
- Current year property tax statement
- Current year homeowners insurance statement
- Current home mortgage statement