A Home Equity Loan from Novation offers low rates, low closing costs* and a variety of financing options to put your home to work for you and your family. Best of all, the interest you pay may be tax deductible**.
Depending on your needs, we offer two types of products:
Home Equity Loan
This is a fixed rate product where all funds are distributed up front. Your household budgeting is made easier since your monthly payment never changes.
Home Equity Line of Credit
Flexibility is the key as you can access your funds anytime. Because this is a variable rate product, your monthly payment may change depending on the current rate and how much of your line you have accessed.
Whether you’re looking to do a home renovation, take a vacation, make a major purchase or fund your child’s education, look to Novation.
To apply for a loan 24x7, call (800) 369-6628.
Rates effective August 3, 2023. Please note that our Home Equity Loan solutions (Fixed Rate and Line of Credit) are only available for properties in the following states: Minnesota, Wisconsin and South Dakota.
* APR = Annual Percentage Rate. Rates listed are "as low as" and based upon credit history. Home Equity Line of Credit is a variable rate product but will not exceed 18% APR. A payment example on a 5 year term, $20,000 home equity fixed rate loan at 5.99% APR is $386.58 per month.
** Please consult with a tax accountant for applicability under the new tax laws.