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
Easily access your home equity line of credit through a VISA credit card or with checks. Features a variable interest rate tied to the Wall Street Journal prime rate, plus certain percentage points.
Traditional Second Mortgage / Home Equity Loan
For specific, large expenses — such as consolidating debt or making home improvements — this fixed-term, fixed-rate, closed-end loan is your best option. You’ll get a lump-sum payment and then make fixed monthly payments at a fixed interest rate.
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.
$150,000 – Appraised value of home
$135,000 – This is 90% of your appraised value
-50,000 – Amount owed on mortgage
$85,000 – Available equity