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Home Equity Loans & Second Mortgages
Choose the EQUITY ACCESS VISA if your borrowing will occur over time, like paying for college expenses or do-it-yourself home improvements. This line of credit is secured by a second mortgage on your home. You can access your funds either through an EQUITY ACCESS VISA card, or through checks on your line of credit. You have the funds when you need them, where you need them. There are two interest rate options on the EQUITY ACCESS account. If you have your paycheck deposited directly into a Mid American checking account, the rate is the Wall Street Journal Prime. That's right, the Wall Street Journal Prime plus 0%. (Minimum rate is 7%. Rate cannot increase more than 2% in any one calendar year.) If you don't choose direct deposit, your interest rate is calculated by adding just 1% to the Wall Street Journal Prime with a minimum of 7% (it cannot increase more than 2% in any one calendar year). Traditional Second Mortgage Choose a traditional second mortgage if you are planning a specific, large expense, like adding a room to your home, or consolidating debt. This is a fixed-term, fixed-rate, closed-end loan, which means that you have the same payment, at the same interest rate, every month until your loan is paid in full.
Multiply the appraised value of your home by 90% then subtract the amount you owe on your mortgage. The remaining balance is your available equity.
We Make it Easy Just click here to go to the EQUITY ACCESS / Second Mortgage application, fill it out and email it to us. To contact us with questions, go to the Reach Us page. Once your application has been approved, you have your funds to use for whatever you want. Interest rates on either the line of credit or traditional second mortgage are exceptionally low, making this an excellent way to pay off items financed at higher rates. And the interest paid may be tax deductible (be sure to consult your tax advisor). |
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 Equal Housing Lender |
 Federally Insured by NCUA |
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| Mid American Credit Union - 8404 West Kellogg Drive, Wichita, Kansas 67209 - (316) 722-3921 * Fax (316) 722-0920 - macu@midamerican.coop | |||||||||||||
The
equity you've built up in your home can provide financial freedom
for a variety of needs. Home equity represents a ready source of
cash that can be used for more than just home improvements. Use
your home equity loan or line of credit to purchase a car, finance
school expenses, or pay off credit cards. Whatever your cash needs,
Mid American has two exciting ways to access your home's equity
- an EQUITY ACCESS VISA Gold card or a traditional second mortgage.
And the interest paid on either one may be tax deductible! (We encourage
you to consult your tax advisor for the specific tax benefits of
an EQUITY ACCESS line of credit or a second mortgage.)
