Home Equity Loan

You have a need. We have a loan.

The smart way to finance.

Right now at this very moment, you probably have an item you want or need. It may be a new boat or a boat load of bills to pay. What you want or need could be anything, but using your home’s equity to finance it is the one thing that makes perfect sense. A Midland States Bank Home Equity Loan is the smart way to purchase and finance those large ticket items or major projects. If you need a revolving line of credit for ongoing expenses, you may consider a Home Equity Line of Credit.

Benefits of a Midland Home Equity Loan:

The perfect way to finance those large one-time expenses, like a remodeling project.

Lower your rate because Home Equity rates are usually lower than credit cards or unsecured loans.

With a fixed-term loan, your payments remain the same with a payoff schedule you can manage.

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 Loan.

Want to learn more?

Collateral requirement

Primary residence, with first or second lien position.

Interest rate

Fixed rate. Stays the same for the life of the loan. Loan rate discount for Midland checking account customers.

Borrowing frequency

One-time loan. Great for purchasing vehicles, paying for education, consolidating bills, or any large, one-time purchase.

Use it for anything, including consolidating debt

The uses of a Home Equity Loan are endless. One of the most common uses is debt consolidation. There are many reasons to consolidate your debt – to lower your interest rate, to only make one payment per month and more easily manage your money, or for tax deductibility reasons. These are all great reasons to bring all your higher interest, non-deductible debt together and gain the benefits you deserve. A Midland Home Equity Loan is the perfect solution to capitalizing on these benefits and making life just a little easier to manage.

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 loan rate even further, making your home equity loan 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 Discover® HELOC Card, through online transfers, or in person at the bank.

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Loans subject to credit approval. Consult your tax advisor regarding interest deductibility.