Mid-Illini Mortgage Services
Get the best of both worlds: the perfect house AND the perfect mortgage loan.
Buying a home is a very exciting time in your life, one of life’s most rewarding events. Mid-Illini Credit Union is eager to assist you with your mortgage needs.
Mid-Illini works closely with Servion, INC. a nationwide mortgage company which offers mortgages from conventional loans up to 30 years, FHA loans, VA loans, fixed-rate and adjustable-rate mortgages. Each option is competitively priced and is designed to accommodate your personal needs.
Mid-Illini Credit Union will personally help you find your way through the application process. For more information, complete the form below and a member of Mid-Illini’s team will contact you to arrange an appointment, phone us at 309.661.1166
Whether your dream house is a century old or was built last week, the memories you’ll make inside turn it into your home. Let our experts find the perfect mortgage solution for you and we’ll make sure your financing experience is something you’ll want to remember, too. Reach out to us any time!
Home Equity Lines of Credit
A home equity loan can be used for home remodeling projects, vacations, medical expenses, college expenses or more! A home equity loan from Mid-Illini is a tax-deductible way to afford the things you want. Consult your tax advisor regarding deductibility of interest. There are two options to utilize the available equity in your home a Second Mortgage or a Home Equity Line Of Credit (HELOC). Both types of loans are offered at competitive interest rates.
- No application fees
- No points
- Quick approval
- Minimal closing costs
- Third-party fee for appraisal and title
- Nominal origination fees
A home equity loan may be written as a Second Mortgage allowing you to borrow against the equity in your house. You borrow a sum of money for a specific length of time and pay it back in equal monthly installments. Second Mortgages offer a fixed interest rate for the life of the loan.
Home Equity Lines of Credit (HELOC)
Another option is a Home Equity Line Of Credit (HELOC). Again the equity in your home is utilized to access a line of credit of a maximum value for a specific draw period. The interest rate of a HELOC is variable based on the Federal Prime interest rate, however, the interest is calculated monthly on your existing balance drawn on the line of credit rather than the maximum available to you.
It is possible to set up the line of credit and not carry a balance each month and not have a monthly payment due. The funds would be available for those just in case times of life when the house needs repairs or the water heater quits. And even when you just wish you had the extra cash available.