Mid-Illini Mortgage Services
Get the best of both worlds: the perfect house AND the perfect mortgage loan.
Buying a home is one of life’s most exciting and rewarding events.
At Mid-Illini, we are privileged to help borrowers navigate the complexities of the mortgage industry to identify the best mortgage products. We work directly with the members from start to finish and simplify your financial experience by maintaining direct communications from the application all the way through the closing.
For more information, call us today at 309.661.1166
Whether your dream house is a century old or was built last week, the memories you make there will transform it into your home. Let our experts find the perfect mortgage solution for you—reach out to us anytime!
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. 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). 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 in life when the house needs repairs, the water heater quits, or just when you need some extra cash.