HOME EQUITY LOANS
Let MFB's home equity LINE OF CREDIT provide you with financial comfort and flexibility!
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!
Once your line is available, simply write out a check. It's that
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.
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.
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:
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