Money for everything from renovations to vacations
Home equity funds are often associated with repair and remodeling work on homes. But that's just one of a million options. The value of your current home can help you qualify for loans or a line of credit that you can use to make any purchase, tackle any project or chase down any dream that you choose.
What's my equity?
Home Equity loans have some of the lowest rates of any personal loan. So how much can you borrow? At Mid American, you can get as much as 90% of your home's equity, which is the current market value minus any outstanding mortgage balance. Here's an example:
- Appraised value of home: $250,000
- 90% of that equals: $225,000
- Minus current mortgage balance: $75,000
- Available equity: $150,000
Traditional Second Mortgage / Home Equity Loan
- Receive a lump sum of money when your loan application is approved
- Competitive, fixed interest rates
- Make equal monthly payments until the loan is paid off
- Can be used for any purpose, including consolidating higher interest debt
- Home equity interest charges may be tax deductible. Consult your financial advisor for more information.
Equity Access Visa
- Get a line of credit you can tap into as often as you like for pretty much any reason
- Access funds with a special Visa card, through checks or via Online or Mobile Banking
- Pay interest only on the amount of money actually in use
- As you repay funds to the credit line, they can be used again for other purposes
- Variable interest rate, tied to the Wall Street Journal
- Prime Rate, plus certain percentage points
- A good choice if you have scheduled periodic payments, such as college tuition