Home Equity

Home Equity Loans & Second Mortgages

At Mid American, we offer two home equity borrowing options: a lump-sum loan or access to a line of credit whenever you need it. The interest paid on either option may be tax-deductible.

Equity Access VISA

Access your line of credit through a VISA card or with checks. You’ll have easy access to the funds when you need them. The Equity Access VISA variable rate is tied to the Wall Street Journal Prime rate, plus certain percentage points.

Traditional Second Mortgage

For specific, large expenses — such as consolidating debt — this fixed-term, fixed-rate, closed-end loan would be your best option. You’ll get a lump-sum payment and then make the same monthly payment at a fixed interest rate. If your home is paid off, you can still use this loan to access your equity — it’s simply called a Home Equity Loan in that case.

What’s my Home’s Equity?

To estimate your equity, use the appraised value determined by your county. Your loan application process will include a separate appraisal to confirm your home's value.

Estimation example:

$150,000 – Appraised value of home
x 90%
$135,000 – This is 90% of your appraised value
-50,000 – Amount owed on mortgage
$85,000 – Available equity


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