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Use Your Home's Equity

House keys on a wooden table. Unlock the value of your home with a home equity loan from BankWest.

Equal Housing Lender

NMLS #685987

 

What is home equity?

Home equity is the value of your home minus the amount you owe on the home. Home equity is typically one of a homeowner’s largest assets, if not the largest. A home equity loan allows you to tap that equity as a source of funds to use elsewhere.

 

Uses for a Home Equity Loan

Some of the most common uses are:

  • Making home improvements
  • Consolidating debt
  • Paying for education

 

Home Equity Loan Options

BankWest Mortgage offers two home equity loan options. Our team of mortgage professionals can help evaluate your needs and options, making sure we provide the best solution for you.

Home Equity Loan

  • Loan amount is based on your home’s equity (value of your home minus the amount you owe on the home)
  • Funds are provided to you as one lump sum
  • Fixed rate with a fixed monthly payment
  • A variety of terms and payment options are available.
  • Loan is taken out in addition to your home mortgage, and is considered a second mortgage
  • Interest may be tax deductible (consult your tax advisor)

CHIP Loan

The Community Home Improvement Program (CHIP) provides funds for low- to moderate-income South Dakotans to remodel, repair and improve their homes.

  • Reduced rates
  • No equity required
  • Income limits apply
  • Funds are disbursed as monitored advances

Learn More About CHIP Home Improvement Loans

Ready to put your home's equity to work for you?

Use our online application to get started.
Apply Now

If you have any questions, please contact a BankWest Mortgage professional. We are here for you every step of the way.

Our Mortgage Team
Our mortgage professionals are experienced lenders who deliver expert advice, prompt decisions and great service throughout the refinancing process.
Contact Our Team
What can I afford?
Our Personal Financial Management (PFM) tool allows you to pull everything, including accounts outside BankWest, into one place so you can manage the big picture from your own financial headquarters.
Go to PFM Tool
Home Loan Checklist
Help us process your loan quickly and efficiently by having these items available.
Go to Checklist

Disclosures

All loans subject to credit approval.

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