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

Is it right for you?
Have a brief conversation with a knowledgeable loan officer to talk about your options.
Hear back soon.
Complete our simple online application, and we will reach out to you quickly.
Already applied? We're here to help.
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
HELOc blog articles
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.
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.
• Second Mortgages are created based on the set dollar amount you wish to borrow, which you receive the full funding at the time the loan is closed.
• A HELOC payment changes based on amount withdrawn, but a Second Mortgage payment is the same until the loan is paid in full.
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.
- Paying off or consolidating credit card debt
- Funding a vacation
- Paying for weddings or important celebrations
- Starting a business
- Making home improvements and upgrades
- Paying medical bills
- Making key purchases, such as a car or a truck
- Funding investments
- Set aside for an emergency fund
- Funding a student loan for yourself or your child

Home Loans
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.

Construction Loans
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.

Home Improvement Loans
A loan taken out in order to update, remodel, or improve your home.
Design Your Next Move
Contact Us
Have more questions regarding our HELOC Loans? Let us know!