Home Equity
A Home Equity Loan or Home Equity Line of Credit lets you borrow against the equity in your home. Choose the product to meet your needs.
Home Equity Loan
- Fixed interest rate
- Fixed monthly payments
- Loan is repaid over a fixed period of time
- Minimum monthly payment is $100 for all terms
- Minimum loan amount for 60 months or less is $10,000
- Maximum loan amount is $500,000
Home Equity Line of Credit
- Variable interest rate
- Available for a 7-year term*
- Available through use of checks
- Interest only payments with monthly billing statements*
- Annual Fee of $25 (waived the first year)*
- Minimum loan amount is $10,000
- Maximum loan amount is $500,000
All Loan Information
- Closing costs, if any, may vary by state
- No application fees
- State-imposed mortgage taxes are paid on behalf of the customer by State Farm Bank
- Property must be owner-occupied
- Property that is for sale, or has been sold, is not eligible
- Rental property is not eligible, unless a unit is owner-occupied
- Only one physical piece of property may secure the loan. Multiple pieces of property are not allowed
How to apply
If you are interested in applying for a home equity product, contact the nearest participating State Farm agent.
Useful Information
Product Availability
Home equity loans and home equity lines of credit are available through Bank-trained agents in all states except: Massachusetts, Ohio, and Rhode Island. They are also not available in the District of Columbia.
* Texas only:
No annual fee
7-year draw period followed by 10-20 year repayment period
Interest only payments during draw period followed by interest plus principal payments during repayment period
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