Home Equity Credit Lines and Loans
At Midwest BankCentre, we understand that your time is valuable. You don’t have hours to waste by filling out a complicated loan application, and you shouldn’t have to beg for a response from the underwriting department. You expect (and deserve) a clear, concise application and an answer to your inquiry in a timely manner. That’s what we believe, and that’s what we deliver.
Home equity is among the most popular and least expensive ways to borrow money, due to the great tax advantages.
Home Equity
Credit Line1 |
Loan1 |
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Write checks to pay expenses as needed; you only borrow as much as you actually need |
Funds given to you in one lump sum at the beginning of the loan |
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Funds available on an ongoing basis |
100% of funds distributed at beginning |
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Variable interest rate 2 |
Fixed interest rate |
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Interest may be tax-deductible 3 |
Interest may be tax-deductible 3 |
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5-year term |
5-year balloon note with up to a 30-year amortization4 |
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No closing costs |
No closing costs |
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No appraisal fees |
No appraisal fees |
1. Property insurance is required. Rates and terms are subject to change.
2. This is a variable loan product. The Annual Percentage Rate will never exceed 20.00%.
3. Consult a tax advisor regarding the deductibility of interest.
4. 30-year amortization requires an 80% loan-to-value ratio.
NMLS #685869
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