Home Equity Loan

If you need cash for a major expense, a home equity loan from Toro Credit Union could be the solution. Home equity loans are the perfect way to finance home improvements, debt consolidation, a dream vacation, a new car, education, or just about anything you like! Plus, your interest may be tax-deductible.*

  • Also known as Second Mortgage (but does not impact your First Mortgage in any way)
  • Borrow a fixed amount at a fixed-rate for up to 15 years
  • Receive a lump-sum amount
  • Low closing fees and appraisal fee if needed
  • NO early payoff penalties
  • Competitive rates and flexible payment options
  • Borrow up to $250,000 depending upon the equity in your home (may be able to use your most recent tax assessed value or a recent appraisal)
  • NO pre-payment penalties and NO early termination fees
  • Convenient repayment through direct deposit or an automatic transfer from any of your deposit accounts
  • Loans are offered in Minnesota and Wisconsin

Home Equity Line of Credit

You also have the option of using the equity in your home for a line of credit. The term is open-ended, so when you pay down your balance, the funds are available to use again without additional paperwork. We understand there’s no one-size-fits-all solution when it comes to our members’ financial needs, which is why we’re committed to providing customized solutions for each individual.

  • Also known as a Second Mortgage or HELOC (but does not impact your First Mortgage in any way)
  • Use the money for whatever you need
  • Revolving credit with a limit based on your home’s equity
  • Payment based on a percentage of the outstanding balance owed
  • Draw funds as needed for a specific period of time
  • Variable interest rate based on the prime rate
  • Low closing fees and appraisal fee if needed
  • NO early payoff penalties

Contact a loan officer to discuss which option is best for you. When you’re ready to apply, please complete the online loan application.



How to apply for a Home Equity Loan or Line:  

  • Login to It’sME247 Online Banking
  • Click “New Accounts”
  • Click “More Loan Info”
  • Click “Apply Online” on the same line as the loan type you wish to apply for.






 *Annual Percentage Rate. Equal Housing Lending. Federally Insured for the NCUA. HELOC is only available in MN & WI. Rates are based upon credit score. Please consult your tax adviser regarding the tax-deductibility of interest.

We will be closed on Monday, May 27th for Memorial Day.
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