Home Equity
Your home is more than bricks and mortar. It’s a foundation for dreams. Midwest BankCentre, a Top Ten Mortgage Banker, goes beyond competitive rates to empower you with the home equity tools to unlock your home’s full potential.
Always working for your best interest.
At Midwest BankCentre, we always have your best interest in mind. Our goal is to help you make the most of your home’s value with solutions that are tailored to your financial needs and goals. We offer competitive rates, flexible terms, and personalized guidance every step of the way.
Whether you’re consolidating high-interest debt, funding home improvements, or covering educational expenses, we’re here to help you make informed decisions that benefit your financial future.
Our home equity loan products.
If you own a home and need funds, the answer may be in your home’s equity.
Home Equity Line of Credit
With a HELOC, you can access funds on an ongoing basis by writing checks as needed, enjoying a low, variable interest rate.
Home Equity Loan
Home equity loans allow you to borrow a specific amount with a fixed rate, term, and monthly payment schedule, providing a one-time lump sum payout.
What you gain from partnering with us:
Personalized Solutions
We listen and help homebuyers and homeowners find the loan that works best for their situation.
Home Loans for Every Need
Conventional loans, ITIN loans, VA loans, home equity loans and lines of credit, and more.
VIP Customer Service
We walk you through each step of the loan process and offer prompt responses to questions.
Competitive Rates
We offer competitive rates for all your mortgage needs.
Unparalleled Accessibility
Online banking and 16 branch locations throughout the St. Louis metropolitan area.
Lender Term & Rates
Flexible loan terms & rates to fit your needs.
The term length of a Midwest BankCentre home equity loan can range from five to 15 years, allowing flexibility. Whether you need a shorter term for quicker repayment or a longer term for lower monthly payments, we have a loan that aligns with your needs.
Something important to consider is your debt-to-income ratio (DTI), which is the proportion of your income that goes toward monthly debts. A lower DTI not only increases your chances of qualifying for a loan with a longer repayment term but also helps secure a lower interest rate. To get the best possible rate, ensure you have sufficient equity in your home before applying for a home equity loan.
FAQs
Whether you’re planning a major remodel or small upgrades, our FAQs cover essential topics such as loan application processes, interest rates, repayment terms, and eligibility criteria. Our goal is to provide you with the information you need to make informed decisions and secure the best loan for your home improvement needs.
How much can I borrow with a home equity loan or HELOC?
With a home equity loan or HELOC, you can typically borrow up to 80-85% of your home’s appraised value, minus the outstanding mortgage balance. The exact amount depends on your home’s value, your creditworthiness, and the lender’s criteria.
How do payments work for HELOCs?
HELOC payments typically have two phases: during the draw period, you can borrow as needed and make interest-only payments. Afterward, in the repayment period, you pay both principal and interest, with monthly payments increasing once the draw period ends.
Are the interest payments on home equity loans or HELOCs tax deductible?
Interest payments on home equity loans or HELOCs may be tax-deductible if the funds are used for home improvements. However, the tax benefit depends on specific IRS rules, so it’s important to consult a tax advisor for your situation.
What are the interest rates for home equity loans vs. HELOCs?
Home equity loans typically have fixed interest rates, meaning your monthly payments remain consistent over the loan term. HELOCs, on the other hand, usually come with variable interest rates, which can fluctuate based on market conditions, affecting your monthly payment amounts.
Get the funds you need for home improvements.
Join the thousands of home owners who trust Midwest BankCentre for their home purchases, refinances and HELOCs annually. If you have questions or need further assistance, our financial advisors are here to help.