HOME EQUITY LOANS

MFB FINANCIAL gives you options! You may choose a fixed rate, full payoff equity loan with terms of 5 or 10 years, or the flexibility of a line of credit. With the line of credit, you have the option of a fixed rate with a 5 year "draw" period or a variable for 10 years and the safety of a predetermined repayment schedule. We have convenient locations in these Michiana cities: South Bend, Mishawaka, Elkhart and Goshen. Now is the perfect time to apply for an MFB equity loan or line of credit because we are currently offering competitive rates and we also pay all of the fees! That's right, it won't cost you a penny for the appraisal, credit report or title work. It doesn't get any less expensive than that and applying is as simple as possible. Benefits: Uses: Fixed or variable rates A family vacation. Access up to 100% of your equity! Buy a new car. You may save money at tax time! Pay college expenses.      (Consult your tax advisor.) Pay unexpected expenses. Loan amounts of $5,000 to $100,000! Make home improvements. Interest only payments on lines of credit! Pay off higher rate debt. Ultimate financial flexibility with a line of credit! Make investments. YOUR CURRENT MORTGAGE DOESN'T HAVE TO BE WITH MFB TO QUALIFY! Let MFB's home equity LINE OF CREDIT provide you with financial comfort and flexibility! ASK ABOUT OUR SPECIALS! An equity line of credit gives you a "draw period" during which you may borrow money today or in the future and have the option to pay only the interest due on the amount you owe (minimum of $100.00). You also have the option to pay the loan down or off and have it available to re-borrow at a later date without needing to re-apply. Depending on the program you choose, this draw period will last for 5 to 10 years and you may qualify for a rate below the current national prime rate. A line of credit provides you with financial flexibility to take the worry out of those times in your life when certain financial needs and wants occur. You will have the peace of mind that you have immediate access to funds for unexpected emergencies, a new car (or repairs on the old one), bill consolidation, home improvements and repairs, investments and more. The list is unlimited! You Can't Beat the Convenience! Once your line is available, simply write out a check. It's that easy! Choose An Equity LOAN, Rather Than A Line Of Credit? Maybe you simply want to borrow the money, have the potential tax advantage of a mortgage but want a fixed rate and payment which will pay the loan back within a given period of time. MFB also offers the option of a traditional equity loan. Borrow funds for a specific purpose at a fixed rate, pay it back in equal monthly payments and have the same potential for tax savings as the line of credit. Or, you can opt to keep payments low with terms up to 10 years. Your interest rate will be based on the length of time you choose to pay back your loan. How Much Can You Borrow? A simple way to calculate your potential loan amount on either a line of credit or traditional loan is to estimate your home's current value and subtract any current first mortgage balance. This gives you the amount of equity in your home and you may qualify to borrow up to 100% of the equity. The amount ultimately approved will be dependent upon equity and your overall financial circumstances. Our staff of professionals will help you determine how much borrowing power you currently have and which program best fits your needs. With MFB you have a wider range of options than with most any other lender. What About The Tax Benefits? Whether you choose a line of credit or fixed loan, it is secured by a mortgage on your home. Therefore, the interest you pay may qualify as a deduction at tax time. Compare the borrowing alternatives below which are based on a 28% marginal tax rate. Our equity products are the best deal … hands down! An example would be: Credit Option Rate Before Tax Effective Rate After Tax Typical Credit Card 18.00% 18.00% Auto Loan 9.00% 9.00% MFB Equity Loan 8.25% - 12.00% 5.94% - 8.64% (Consult your tax advisor regarding the deductible status of your interest payments.) We Have A Program To Fit Your Specific Needs! Call one of our loan professionals for more details and to schedule an appointment at (219) 255-3146, (800) 400-0433 -OR-