Main Content
woman and dog highfiving
Home Equity

Dream bigger with fixed rate home equity loans tailored to your needs.

Get Started

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.

Let's Get Started

Light Grey

paper handshake iconWith 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

Common Uses for a Home Equity Loan

heloc icon

Home Improvement

Make it the house of your dreams with a loan that helps you pay for contractors and materials quickly.

medical expense icon

Medical Expenses

Bills from major surgery or long rehab can add up fast but a home equity loan can help with fixed monthly payments.


Taking equity out of a home means tapping into the value of the home that goes above and beyond what you owe. Here’s an example. Your home is appraised at $250,000. Your current mortgage balance is $200,000. That’s up to $50,000 in equity that you may be able to borrow for just about any need.

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.

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 first 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.

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.

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. We provide additional affordable home loan options for eligible applicants.

As you consider the home equity loans near me, 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.

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.


How To Get Started

Apply for a Midland States Bank Home Equity loan and receive a credit decision within 3 business days! Items needed to apply for a Home Equity Loan include:

  • Available equity in your home
  • Current verification of income

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


Interested in Learning More?
Let’s get connected! Complete the form below, and a banker will reach out to you.