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

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.

Apply for Equity Access VISA

 

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.

Apply for Second Mortgage


 

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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