Benefits of a Midland Home Equity Line:
The smart way to finance whatever you need with a revolving line of credit that is available when you need it.
Accessing your line of credit is convenient and easy by check, card, online or in-branch whenever you need.
Lower your rate because home equity rates are usually lower than credit cards or unsecured loans.
This is one of the few financing options where the interest you pay may be tax deductible.
Save money by consolidating your high rate credit cards or loans into your home equity line.
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Primary residence, with first or second lien position.
Variable rate. Loan rate discount for Midland checking account customers.
You decide how much and when to borrow by writing a check, using your Home Equity Discover® Card, transferring funds online or in person by visiting a Midland States Bank branch. Your minimum payment will vary based on the amount you have borrowed. As you pay down your line of credit balance, you can use your line again, up to your credit limit.
Ongoing. Great for funding ongoing or multiple purchases, such as major projects, college expenses like tuition, rent and books, or other financial needs, including debt consolidation. With a home equity line, you will not have to apply for another loan each time you need money – just access your revolving line of credit.
Access to funds
Convenient access to funds by writing a check, using your Home Equity Discover® Card, transferring funds online or in person by visiting a Midland States Bank branch.
Thanks to changes in the tax laws dating back to 1986, many people can benefit by moving debt with non-deductible interest -- such as auto loans and credit cards -- over to a tax-deductible loan or line of credit secured by a home. The tax advantage has the effect of lowering the already low equity line rate even further, making your home equity line a smart way to manage your expenses. Consult your tax advisor.
Home Equity Loan or Line?
Not sure which type of loan you need. Let’s compare.
|Home Equity Loan||Home Equity Line|
|Type||For one-time use, this is an installment loan with a fixed term.||Line of credit that you can draw on as often as you need.|
|APR||Fixed Rate||Variable Rate|
|Monthly Payment||Fixed amount based on the initial amount disbursed.||Amount is based on the outstanding balance, so the payment amount changes month-to-month.|
|Access to Funds||One time lump sum disbursement.||Access your line by various ways – by check, with your Home Equity Discover® Card, through online transfers, or in person at the bank.|
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