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Revolving Line of Credit

A Home Equity Line of Credit is a loan similar to a credit card in that it works like a revolving line of credit which uses the equity in your home as collateral. HELOC literally gives you access to cash which can be used for any purpose without disrupting your current mortgage or interest rate.

Home Equity Line of Credit

Refinancing your house has always been a viable option to accessing the equity in your home, but with the rise in rates, few are interested in giving up their low mortgage rate to a higher refinance rate. The good news is you can still cash out the equity in your house with a Home Equity Line of Credit (HELOC) without disrupting your current mortgage.

Home Equity Line of Credit is a loan similar to a credit card in that is works like a revolving line of credit which uses the equity in your home as collateral.  A HELOC literally gives you access to cash which can be used for any purpose.

  • Debt Consolidation
  • Home Improvements
  • College & Tuition Expenses
  • Family Vacations
  • Credit Card Payoff
  • Medical Expenses
  • And Much More

An experience Dakotaland Mortgage Loan Officer can help you determine if a HELOC is right for you.  Plus, our easy to use mobile app will make the process simple and surprisingly fast. Call today or click here to get started!

unlock more with a home equity line of credit

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Have a brief conversation with a knowledgeable loan officer to talk about your options.

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Check on your application status, upload documents or connect with your lender via our mortgage app. If you have questions or trouble getting back to your application, please contact us.

meet our mortgage lending team

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Melinda Riley

Mortgage Loan Officer

605-412-2889
Aberdeen Branch
NMLS# 485330

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Danielle Engels

Mortgage Loan Officer

605-412-2417
Brookings Branch
NMLS# 1619449

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Mackenzie Burgin

Mortgage Loan Officer

605-412–2246
Brookings Main Branch
NMLS# 2678293

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Crystal Hofer

Mortgage Loan Officer

605-412-2890
Huron Main Branch
NMLS# 1864180

Jennifer Isaackson's Headshot

Jennifer Isaacson

Mortgage Loan Officer

605-412-2416
Huron Main Branch
NMLS# 2590133

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Tom Myers

Mortgage Loan Officer

605-412-8382
Huron Main Branch
NMLS# 1613007

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Lane Kessler

Mortgage Loan Officer

605-453-2590
Mitchell Branch
NMLS# 2369409

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Serena Boerger

Mortgage Loan Officer

605-412-2258
Watertown Branch
NMLS# 2276689

HELOc blog articles

What’s the Difference Between a Home Equity Line of Credit and a Second Mortgage

What’s the Difference Between a Home Equity Line of Credit and a Second Mortgage

Read
How Do I Increase the Equity in My Home

How Do I Increase the Equity in My Home

Read
WHAT IS A HELOC?

WHAT IS A HELOC?

Read

Frequently Asked Questions

At the simplest equation, start with the value of your home and subtract the outstanding balance which is owed against your home. This number represents the amount already paid or the ‘equity’ you have built in your home. Equity in a home is seen as an asset and can be utilized to gain access to cash without paying off your mortgage or selling your property.


Anytime you increase the value of your home by doing home improvements, you increase your equity position. Also, simply by making your regular monthly loan payments and paying down your loan, you are increasing the equity available to you. Better yet, pay some extra towards principal whenever possible to accelerate the pay down of the principal balance and gain equity even faster.

The equity in your home is considered an asset. For many people, their home is their biggest asset. If you sell your home, the more equity you have, the more money in your pocket! Additionally, you can borrow against that equity to consolidate bills, complete home eimprovements, cash-out to buy other assets or secure a HELOC for any future needs that may arise.

A HELOC is a loan that functions similar to a credit card, but uses your home as collateral. You have a max credit limit based on the equity available in your home, and you can advance the money and pay down as often as you want during the term of the loan (known as the draw-period.) You only pay interest on the amount advanced at any given time. 


The primary difference between a HELOC and a Second Mortgage is the HELOC is a line of credit, and a Second Mortgage is a home loan.

 • A HELOC and a Second Mortgage also have a different set of rates and terms due to the fact the HELOC is a revolving line of credit, and the 2nd Mortgage is a permanent loan.


Equity in your home is accessed in the form of cash and cash can be used for whatever you chose, but here are some more common ways to utilize your home’s equity.

  1. Paying off or consolidating credit card debt 
  2. Funding a vacation 
  3. Paying for weddings or important celebrations 
  4. Starting a business 
  5. Making home improvements and upgrades 
  6. Paying medical bills 
  7. Making key purchases, such as a car or a truck 
  8. Funding investments 
  9. Set aside for an emergency fund
  10. Funding a student loan for yourself or your child 

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A mortgage that comes with a fixed rate interest rate that will not change for the life of the loan. May feature lower interest rates than other loans.

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Construction loans are a short-term loan used for new home construction and renovations, including land, contractor labor, building materials and more. Types of construction loans include construction-to-permanent loans and lot loans, among others.

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Home Improvement Loans

A loan taken out in order to update, remodel, or improve your home.

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Have more questions regarding our HELOC Loans? Let us know!