Home Equity Loans

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What Is a Home Equity Loan?

A home equity loan uses the equity in your home–that’s the value of your home minus the amount you owe through your current mortgage. Home equity loan rates are competitively low because they use your home’s value to secure the loan. That means it’s an affordable way to renovate your home, do some investing, or tackle other needs in no time. A home equity loan can be used for various purposes, leveraging the equity you've built in your home. Common uses include:

Home Improvements
Debt Consolidation
Education Expenses
Medical Expenses
Major Purchases
Investment Opportunities
Vacation or Travel
Emergency Expenses

With a Midland States Bank home equity loan, you'll get:

Large lump sum loans starting at $7,500
Low, fixed interest rates with flexible terms to meet your needs
Speedy approvals
Low closing fees & automatic online payments

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Key Features & Benefits

Fast Cash

Our speedy home improvement loan process means you can have funds in no time.

Fixed Payments

Never be surprised, consistent payments make budgeting easy.

No Home Equity Required

Our unsecured loan means you do not need to provide collateral with personal property.

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Home Equity Loan vs. HELOC Comparison

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

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
	Apply Now

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
	Learn More

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 Contact our team to apply. We will review your application and provide a decision.

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

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Frequently Asked Questions

What is home equity?

Equity is the difference between how much you owe on your home and the amount your home is worth. The more you pay on your mortgage, the more equity you have in your home. For example, if you owe $125,000 on your mortgage loan and your home is worth $200,000, you have $75,000 of equity in your home. Your equity can also increase if your home appraises for more than it previously did.

What is a home equity loan?

How can I use a home equity loan?

A home equity loan can be used for various purposes, leveraging the equity you've built in your home. Common uses include:

Home Improvements
Debt Consolidation
Education Expenses
Medical Expenses
Major Purchases
Investment Opportunities
Vacation or Travel
Emergency Expenses

What’s the difference between a home equity loan and a mortgage?

A mortgage helps you purchase your home. A Home Equity Loan uses what you have paid down on your mortgage, or the value your home is now worth, as collateral and borrowing power. Like a mortgage, you can apply for fixed rates on your home equity loan.

What’s the difference between a home equity loan and a cash-out refinance?

When you use a cash-out refinance, you’ll get some cash in hand from the available equity, much like a home equity loan. A cash-out refinance is a new mortgage with a loan amount that is higher than what you owe on your house, so you will only have one loan to repay. The term for a cash-out refinance is typically longer than the term on a home equity loan.

Are home equity loans and a home equity line of credit the same thing?

A home equity loan provides a one-time advance. You can use this lump sum for nearly anything you need. With a home equity line of credit, you’ll have continued borrowing power. It works more like a credit card–borrow from it more than once as you need to.

Are there closing costs on a home equity loan?

Home equity closing costs do exist. They are typically more affordable than what you may expect when you obtain a mortgage and can be financed into the loan.

How much can you borrow on a home equity loan?

As you consider the home equity loans near you, be sure to consider lending power. The amount you can borrow on a home equity loan depends on the amount of equity present in your home. The best way to find out? Start your home loan quote online or schedule an appointment at your local branch.

What credit score do I need for a home equity loan?

Even the best bank for home equity loans needs to ensure borrowers meet specific qualifications. What are ours? We value those who have a proven track record, but we’re happy to work with many borrowers.

What does a Home Equity Line of Credit (HELOC) do?

A Home Equity Line of Credit, often referred to as a HELOC, uses the equity in your home as collateral to guarantee the loan. You will receive your funds as a revolving credit line–like a credit card. You can use the money from your HELOC for remodeling your home, vacations, making large purchases, financing education, investing, emergency funds, or more.

All lending products are subject to application and credit approval. Home equity loans and lines also subject to acceptable appraisal and title search.

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