Home Equity Line

What unexpected expense is next in your life?

Life has a funny way of throwing those unexpected expenses at you – some small and some big – and they never come at a good time. When those expenses do come around, you’ll be ready with your Midland Home Equity Line. This is a revolving line of credit secured by the equity in your home. It is a great way to pay for those small expenses – like a new washer or dryer – or fund those large expenses like college tuition. In addition, in today’s tough economic times, people are trying to find ways to save, which is why a home equity line may be just what you need to lower the interest you are paying on, higher interest credit cards or loans. If you’re looking for a predictable payment amount and term, you may want to consider a home equity loan.

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.

Want to learn more?

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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Consult your tax advisor regarding interest deductibility.