Home Equity Line of Credit (HELOC)

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Comparison
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FAQs

Apply Now for a HELOC

Key Features & Benefits

Automatic Online Payment & Transfer Options

Making payments shouldn't be a hassle, that's why we make it easy to schedule automatic payments or make a transfer with the click of a button.

Access to a Line of Credit for Ongoing Use

You won't have to apply for another loan each time you need money—just access your HELOC. As you repay your outstanding balance, you will receive back that amount of available credit. It works similar to a credit card, but with lower rates.

Qualify for $7,500 - $500,000

Depending on your equity and lien position.

Access to Funds up to 10 years

Your revolving credit can be used over and over again during this time.

Apply Now for a HELOC

Home Equity Loan vs. HELOC Comparison

	Home Equity Line of Credit (HELOC)	Home Equity Loan
Type of Loan	Revolving credit line	Lump Sum Loan
Interest Rate	Variable interest rate	Fixed interest rate
Repayment	Variable payments based on usage	Fixed monthly payments
Access to Funds	Withdraw as needed	One time lump sum
Best For	Ongoing or unpredictable expenses	Large, one-time expenses
	Apply Now	Learn More

Home Equity Loan vs. HELOC Comparison

Home Equity Line of Credit (HELOC)

Type of Loan	Revolving credit line
Interest Rate	Variable interest rate
Repayment	Variable payments based on usage
Access to Funds	Withdraw as needed
Best For	Ongoing or unpredictable expenses
	Apply Now

Home Equity Loan

Type of Loan	Lump Sum Loan
Interest Rate	Fixed interest rate
Repayment	Fixed monthly payments
Access to Funds	One time lump sum
Best For	Large, one-time expenses
	Learn More

HELOC Calculator

HELOC Payment Calculator

Where to apply:

Loans up to $250,000:
Apply online or at a Midland branch

Loans $250,000 – $500,000:
Apply at a Midland branch

Ready To Leverage Your Home’s Equity?

1. Gather Your Documents Identification, current verification of income, and details of available equity in your home.

2. Apply For Review

Easily apply online for amounts up to $250,000. For amounts $250,000 – $500,000, apply at a Midland branch. We will review your application and provide a decision.

3. Finalize Your Loan Sign the paperwork and receive the funds you need.

Apply Now for a HELOC

Frequently Asked Questions

Do you need an appraisal for a home equity line of credit?

Your situation is unique. Most often, a HELOC requires a good understanding of your home’s value in the current market. When you get started with us, we’ll provide you with specific insight into appraisal requirements. Start with your application online or schedule an appointment with your local branch for more information.

Can you get denied for a home equity line of credit?

You could. Even the most flexible of HELOC lenders have some requirements. Having proof of income if your HELOC amount is over $50,000 and credit scores are a few factors. Your home’s value is another big one. You’ll need to have enough equity. Let’s talk about opportunities today.

How do I know if a home equity loan or home equity line of credit is right for me?

With a home equity loan, you’ll receive a single lump sum advance when you take out the loan. You’ll make payments each month until you pay down your debt. With a HELOC, you’ll have borrowing power that’s more like a credit card. Do you want to borrow over time or more than once? If you will use the funds more than once, go with the HELOC.

Do you pay closing costs on a home equity line of credit?

Yes, there are closing costs associated with HELOCs. For specifics, give our team a call. It may be more affordable than you think. The best home equity line of credit is still quite affordable.

What credit score do I need for a home equity line of credit?

This ranges. Most often, we’re able to lend to those with a good history of making payments with fair or better credit.

How does my lien position affect the amount I can borrow?

If you already have a mortgage:

Borrow up to 85% of your home’s equity for loans under $250,000.
Borrow up to 80% of your home’s equity for loans $250,000–$500,000.

If this is your only home loan:

Borrow up to 70% of your home’s equity for loan amounts of $7,500 - $500,000.

Additional fees may apply. This offer is subject to normal credit qualifications and program guidelines. Rates are subject to change without notice. Property insurance is required. Consult your tax advisor regarding the deductibility of interest. Other restrictions may apply. Credit score will be affected if Midland States Bank needs to run credit for loan approval.

Applications accepted with a primary address located in Illinois and Missouri.

Prefer Personal Assistance?

Our team of dedicated professionals are here to support you.

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Key Features & Benefits

Automatic Online Payment & Transfer Options

Making payments shouldn't be a hassle, that's why we make it easy to schedule automatic payments or make a transfer with the click of a button.

Access to a Line of Credit for Ongoing Use

Qualify for $7,500 - $500,000

Access to Funds up to 10 years

Home Equity Loan vs. HELOC Comparison

Home Equity Loan vs. HELOC Comparison

Where to apply:

Ready To Leverage Your Home’s Equity?

Frequently Asked Questions

Do you need an appraisal for a home equity line of credit?

Can you get denied for a home equity line of credit?

How do I know if a home equity loan or home equity line of credit is right for me?

Do you pay closing costs on a home equity line of credit?

What credit score do I need for a home equity line of credit?

How does my lien position affect the amount I can borrow?

Prefer Personal Assistance?