Loans Content



Home Equity Loans

Put your home to work for you. You can borrow against the equity you have in your home for financing things like a vacation, a new car, even consolidate some debts. Because your home secures the loan, you'll pay a more favorable rate than most other types of loans. Choose the loan type that is right for you.

  • Closed-end: With a closed-end home equity loan you receive the loan amount all at once so you can use it immediately. Our closed-end home equity loans utilize a fixed interest rate.
  • Line-of-Credit: A home equity line-of-credit allows you to borrow the money you want - as you need it. This type of loan has a variable rate that is based on the Wall Street Journal Prime Rate. See Loan Rates below.

Be sure to contact your tax specialist to determine whether or not the interest you pay is tax deductible.

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Mortgage Loans

Home Loans Made Simple . . .

Our experienced lending staff is eager to see you in the home of your dreams. Whether you are purchasing a new home, refinancing or making some improvements on your existing home, we’re here to help. We offer first mortgages, home equity loans, and home equity lines-of- credit. Let us simplify your life with a home loan you can live with. Bruce and Craig have years of experience working in the mortgage industry and have extensive knowledge with FHA, VA, Rural Development, Conventional and Renovation financing.


“I like helping people. I like the fact that when someone comes to me with questions on mortgages, they get good advice. I think that falls into the Credit Union philosophy. I take a lot of pride in what I do, so it is important to me that we do a good job.”

Bruce Moore, HomeTown Credit Union Home Loans

Bruce Moore, Mortgage Originator

MLO# 400727
2400 W Bridge Street
Owatonna, MN 55060
(507) 455-6735

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Craig Petterson, Mortgage Originator

MLO# 402065
1205 Hwy 60 W
Faribault, MN 55021
(507) 455-6749

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Auto Loans

Car/Truck Loans

A Great Time To Get A Great Rate

Whether you are looking for a new or used car or truck we can put you in the driver's seat with a loan to fit your budget. Our experienced staff will save you both time and money. There is no better time than now - Apply today!

National Automobile Dealers Association

  • Pre-approvals
  • Great rates
  • Affordable terms
  • Personalized financing
  • Flexible payment options
  • Extended warranty protection
  • Discounted CarFax reports available; see a loan officer for details

See Loan Rates below.

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Boat, RV, Motorcycle Loans

RV Loans

There isn’t a better state to live in than Minnesota when it comes to summer and winter recreation. Whether you are financing a boat, an RV or a motorcycle – we have a loan to fit your needs. We offer flexible terms and low rates on recreation loans to help you enjoy your free time in style.

National Automobile Dealers Association

We offer loans for:

  • Boats
  • Campers
  • Motorcycles
  • ATVs
  • Golf carts
  • Snowmobiles
  • Trailers

See Loan Rates below.

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Land Loans

If you are looking to purchase undeveloped land for personal use in the state of Minnesota, our lenders would love to assist you!

We offer:

  • Competitive rates
  • Convenient terms
  • Low closing costs
  • Loans that stay at the Credit Union
  • No penalties for pre-payments or early payoffs

To get started or inquire about rates, please call 507-451-3798 or Toll Free at 888-451-3798 to speak with one of our lenders.

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Personal Loans and Lines of Credit

Secured Loans

We provide affordable financing for snowmobiles, ATVs, lawn mowers and golf carts. Whatever your needs, we will make it simple and help you get the right loan for your budget!

Line-of-Credit Loans

This is a revolving credit loan that requires you to apply only once, yet you can take advances on your credit line as often as you need to. It is there when you need it.

Overdraft Protection

Our Balance Plus line-of credit is designed to protect your checking account from becoming overdrawn. If you exceed the balance in your checking account, it advances funds to prevent any overdraft fees. With no annual fee, our overdraft protection is an easy and inexpensive way to protect against the unexpected.

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Visa Credit Cards


VISA Classic Credit Card

  • 10.90% APR*
  • No annual fee
  • 25-day grace period
  • Accepted at millions of locations worldwide
  • Make your VISA payments online within Home Banking or right at the Credit Union office


Apply for a Visa Classic Card

Click here for an important VISA Classic Disclosure.

*Annual Percentage Rate


VISA Rewards Credit Card

  • 14.90% APR*
  • No annual fee
  • Earn rewards on every purchase (1 point for each dollar spent)
  • Accepted at millions of locations worldwide
  • Boost points faster with featured merchants
  • Redeem rewards for travel, gas, groceries, gift cards, and more!


Apply for a Visa Rewards Card

Click here for an important VISA Rewards Disclosure.

*Annual Percentage Rate

To report Fraud or a Lost/Stolen Credit Card call 1-855-510-4589.


Protect Your Loans


Our optional GAP protection is there to protect you when you need it most! In the event of a total loss, or your vehicle being stolen and not recovered, GAP will pay the difference between your insurance settlement and the amount you owe on your loan (less delinquent payments, late charges, refundable service contracts, and other insurance related charges). And, as part of our GAP coverage, if you finance your next vehicle with us, you get $1000! Our GAP protection also includes auto deductible reimbursement. If you need to file a claim against your auto insurance over the first three years of the loan, for any reason, you will be reimbursed up to $500 up to twice a year!

Mechanical Breakdown Protection

Protect your investment with our Mechanical Breakdown Protection, and you could save yourself thousands of dollars in out of pocket expenses should your vehicle need repair. Our Mechanical Breakdown Protection offers you nationwide coverage, emergency roadside assistance, paintless dent repair, windshield repair and even rental car allowance! Call us for a quote today!

Payment Protection

When unexpected life events happen, optional Payment Protection is there to help cover your loan or credit card payments. You can choose the option that is the best fit for you: Life, Life and Disability, or Life, Disability, Unemployment and Family Leave. Contact us for more information!

Student Loans

Costs for a college education continue to rise. Even with the current financial aid options that are available, the majority of college students are in need of additional financing options. Private student loans serve as a way for students to fill the funding gap between the cost of attending school and the amount of federal loans, grants and available scholarships. Before considering a private student loan, we do encourage you to exhaust all of your other financial aid options, including federal loans. Click here to learn more about Private Student Loans.


Each loan qualifies for one SkipPay per year. Excludes VISA credit cards and real estate loans. Take advantage of skipping your loan payments. Click here to get started.

Loan Rates

For your convenience, we are providing several on-line loan calculators to assist you in your financial planning. Following the links below or using the navigational buttons on the left will take you to your choice.

Rates are subject to change. Call 1-888-451-3798 for current rates. Loan rates quoted are LOWEST rates available and MAY VARY based on age of collateral, term of loan and applicant's credit history. Fixed rates quoted include a .50% discount for automatic payment. Other conditions may apply.

Loan Rates - Rates Effective January 19, 2019
Loan TypeRateAPR*Term
New & Used Cars & Trucks – 2018 & Newer 3.493.4948
Used Cars & Trucks – 2016 – 2017 3.743.7448
Used Cars & Trucks – 2014-2015 3.993.9948
Used Cars & Trucks – 2012-2013 4.744.7448
Used Cars & Trucks – 2009-2011 5.495.4948
Used Cars & Trucks – 2004-2008 7.497.4948
Used Cars & Trucks – 2003 & Older 8.248.2436
New Recreational Vehicles 3.743.7448
Used Recreational Vehicles 3.743.7448
New Boat and Motorcycle 3.743.7448
Used Boat and Motorcycle 3.743.7448
Unsecured Line of Credit 10.0010.00NA
Personal Loan 8.998.9936
New Miscellaneous Secured Personal Loans 5.255.2536
Used Miscellaneous Secured Personal Loans 6.256.2536
Classic Visa Credit Card 10.9010.90NA
Rewards Visa Credit Card 14.9014.90NA

Click here for important VISA Disclosures.
Payment examples are available by clicking on the Calculators here.

Real Estate & Mortgage Rates - Rates effective January 1, 2019
Loan TypeRateAPR*Term
Home Equity Line of Credit – 80% LTV-variable rate*** 5.505.50120
Home Equity Line of Credit – 90% LTV-variable rate*** 6.506.50120
Home Equity Line of Credit – 100% LTV – variable rate *** 7.507.50120
Home Equity – 80% Loan to Value- fixed rate** 5.255.2560
Home Equity – 90% Loan to Value – fixed rate** 6.256.2560
Home Equity – 100% Loan to Value – fixed rate ** 7.257.2560

*APR = Annual Percentage Rate

**Home Equity loans are also available in 10 and 15 year terms. Contact your Credit Union for more information.

***Home Equity Line of Credit:  The 5.25% APR is available with qualifying credit and a loan to value (LTV) of 80% or less. Higher rates apply to higher loan to values.  The APR will vary based on an index.  The index is the Prime Rate as published the last business day of the quarter prior to the date of the interest adjustment in the Money Rates column of the Wall Street Journal.  As of July 1, 2010, the variable APR for lines of credit is 4.25% - 6.50%.  The rate is subject to change, but will not go below 4.25%APR and it will not  exceed 11.75% APR.  Payment examples are available by clicking the payment calculator.  Closing costs typically range from $0 to $750.  Consult your tax advisor regarding deductibility of interest.  Property insurance is required.


When you find a vehicle you are interested in, consider running a CarFax report. A CarFax report will show you if previous damage had been reports on the vehicle, how many past owners the car has had, and if the vehicle had ever been listed as a lemon, flood, salvage title or total loss. HomeTown Credit Union offers discounted CarFax reports to its members. All we need to run a report for you is the vehicle’s VIN number.

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