Home Equity

Home Equity

Home equity is the portion of your home’s value that you truly own, calculated by subtracting any outstanding mortgage balance from the current market value of your home. As you make mortgage payments and as your home potentially appreciates in value, your equity grows. Home equity can serve as a valuable financial resource, offering opportunities for loans or lines of credit that can help fund major life expenses, like home renovations, education, or even debt consolidation. It’s a key factor to consider when planning for long-term financial stability.

Types of Home Equity

- Home Equity Line of Credit

What is a HELOC?
 A HELOC works like a revolving line of credit, giving you access to funds as you need them. You only pay interest on the amount you use, helping you save money. Keep this line of credit open for unexpected expenses or emergencies, with no penalties for unused funds. Plus, ask your tax advisor about potential deductions on the interest you pay.

- Junior Home Equity Loan

What is a Junior Home Equity Loan?
A Junior Home Equity Loan is a second mortgage with a predictable payment schedule and a set interest rate, based on your home’s equity and the loan term. This option provides stability with fixed monthly payments.

Personal Loans

Iowa Falls State Bank offers many types of accounts including saving accounts, checking accounts, money market accounts, IRS, HSA and more!

Money Market

What Can You Use Home Equity For?

Vacations
Use a home equity loan to fund your dream vacation with lower interest rates and flexible repayment options. It’s an easy way to travel now and pay over time!
Home Improvements
A home equity loan is an excellent way to fund home improvements. Whether it’s remodeling a kitchen or adding a new room, using your home’s equity lets you upgrade your space while spreading out the cost over time.
Unexpected Expenses
A home equity loan can help you cover unexpected expenses, from medical bills to emergency repairs. With lower interest rates, it offers a flexible way to manage financial surprises without the stress.
Education Expenses
A home equity loan can be a great way to cover education expenses, whether it’s tuition, courses, or other learning opportunities. With lower interest rates, you can invest in education while managing your budget.
Business Expenses
A home equity loan is a valuable tool for covering business expenses, whether expanding, purchasing equipment, or managing cash flow. With lower interest rates, it’s a cost-effective way to invest in growth.
Vehicles / Recreational
A home equity loan is a smart way to finance a new vehicle or recreational vehicle, giving you flexibility and manageable payments. With lower interest rates, it’s a great option for big purchases.

and so much more!

Contact Us

Tap into the value of your home with a Home Equity Line of Credit (HELOC) or Junior Home Equity Loan. These flexible borrowing options allow you to use your home’s equity as collateral, making them ideal for home improvements, repairs, or even purchasing a vehicle. Contact Iowa Falls State Bank or visit us today—our Home Loan Experts are ready to help you find the best solution for your needs!

Brooke Lauritson is a Vice President and a loan officer (NMLS # 1235926) at Iowa Falls State Bank specializing in mortgages, real estate loans, home equity lines of credit (HELOC), and business loans. She is dedicated to helping clients navigate the lending process with personalized solutions tailored to their financial goals. With her extensive knowledge, she guides borrowers through every step, ensuring a smooth experience. Her commitment to customer service helps clients make informed decisions, whether they’re purchasing a home, refinancing, or seeking business financing.

Brooke Lauritson

Vice President
NMLS # 1235926
blauritson@ifsb.com

Alek Harvey is an assistant vice president and a loan officer (NMLS # 1699968) at Iowa Falls State Bank with a strong focus on mortgages, real estate loans, and home equity lines of credit (HELOC). He is dedicated to helping clients navigate the lending process, providing personalized solutions tailored to their financial goals. With extensive knowledge of various loan products, he guides borrowers through application, approval, and closing, ensuring a smooth experience. His commitment to customer service and attention to detail help clients make informed decisions about their financing options, whether they’re purchasing a new home or refinancing an existing loan.

Alex Harvey

Assistant Vice President
NMLS # 1699968
aharvey@ifsb.com

Sara Walker is a Loan Administrator (NMLS # 2301212) at Iowa Falls State Bank, specializing in small auto loans and personal loans. In this role, she is dedicated to providing tailored loan solutions to meet her clients' unique financial needs. With a strong understanding of lending practices and regulatory compliance, she guides borrowers through the process, ensuring they receive the support they need. Committed to exceptional service, she helps clients navigate their financial decisions, whether they are purchasing a vehicle or seeking personal financing.

Sara Walker

Loan Administrator
NMLS # 2301312
swalker@ifsb.com