Home Equity Loan Questions and Answers

Home Equity Line4MeTM  FAQs

Easily Learn About Borrowing Against Equity in Your Home

You may have the option to borrow against the equity in your home if your current mortgage balance is less than the value of your home. A  popular solution is a home equity line of credit. The MidCountry Bank Home EquityLine4Me now offers a flexible option to lock in rates on some or all of your loan.  

What is a Home Equity Line of Credit (HELOC)*?

A HELOC is a line of credit secured by your home that gives you a revolving credit line, similar to a credit card. Key differences are that instead of borrowing from a credit card company, you're borrowing from the available equity in your home, and the house is used as collateral for the line of credit. Like a credit card, as you repay your outstanding balance, the amount of available credit is replenished.   This gives you the ability to borrow against it again if you need to, and to borrow as little or as much as you need, up to your approved limit.

Home equity lines of credit are often used to pay for home improvement projects, including those intended to increase the value of your home.  They are also used for major purchases or to consolidate higher-interest rate debt on other loans (such as credit cards).

 

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*All loans subject to credit approval and compliance with underwriting standards.

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