Home Equity Line





  • 1.49% Introductory Annual Percentage Rate (APR) is available on Home Equity Lines of Credit with an 85% or less loan-to-value (LTV).1
  • As of March 24, 2015 the variable rate for home equity lines of credit range from 4.5% APR (for FICO Scores of 700 and higher and LTV up to 85%) to 5.25% APR (Based on FICO scores of 660 – 699 and LTV up to 85%).2
  • A minimum of $7,500 and a maximum of $100,000 credit lines are available with this offer.
  • With the exception of the introductory APR, the rate will not vary below 4.5% or above 17%.
  • Funds available all at once or in increments, right away or at a later date.
  • Loan amount can be used however you see fit.
  • A processing fee of $195.

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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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Collateral requirement

Primary residence, with first or second lien position.

Interest rate

Variable rate. Loan rate discount for Midland checking account customers.

Repayment period

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.

Borrowing frequency

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.

Tax benefits

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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When you have a question, we're just a phone call away. Our Customer Care Specialists are available to answer your account questions quickly by calling us at 1-855-MY-MIDLAND.

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1. INTRODUCTORY RATE: Offer is available for new applications submitted starting June 1, 2016. Offer may end without notice. For each of your first five (5) billing cycles, the monthly Periodic Rate for new transactions, except those made to cover overdrafts in your designated checking account, will be an ANNUAL PERCENTAGE RATE (APY) of 1.49%. Beginning with your sixth (6th) billing cycle the Periodic Rate and the corresponding ANNUAL PERCENTAGE RATE for all transactions and balances will be based upon your contracted rate which will be a variable rate based upon The Wall Street Journal prime rate which was 4.5% APR as of 3/24/2015, but will never be more than 17% or less than 4.5%. Your APR will be based on several factors, including your credit history, loan to value ratio, property type, and lien status. Interest only payments may cause your monthly payment to increase, possibly substantially, once your credit line transitions to the repayment period. In addition, a one-time large payment may be required to pay off your line of credit balance. Introductory Rate Discontinued for Payment Default.

2. OTHER REQUIREMENTS: To obtain a Line, a) you must provide an enforceable security interest in your primary or secondary residence, b) your equity interest in that residence must be at least $7,500, and c) at the time of the account opening, the ratio of all debt secured by the residence (including any Line you obtain from us) to the fair market value of that residence must not exceed 85%. The Processing Fee is a finance charge that will be added to the outstanding principal balance on the borrowers’ HELOC upon opening, unless it is paid in cash. Property insurance required, including flood insurance if applicable. Balloon payment will be required if interest plus principal is not paid throughout the loan. Consult your tax adviser about the deductibility of interest and other costs. All loans and lines are subject to credit approval. All terms are subject to change. Other legal requirements must be met.

Equal Housing Lender. Member FDIC.