Home Equity Program to Fit Your Needs
Your home is probably the most valuable asset you own.
Whether you need to finance college tuition, a new car or boat, home
improvements, vacations, or meet unexpected expenses, MWBank gives you a
better way to borrow with a Home Equity Line of $5,000 or more.
MWBank Home Equity Line is based on the equity you have in
your home. You can borrow up to 95 percent of your home's appraisal value,
minus its mortgage balance. And, the interest paid on your Home Equity
Line may be tax deductible. Consult your tax advisor to determine your
full home equity deduction.
Click here for detailed
Rules & Regulations
Home Equity is a Convenient and Confidential Access
to Cash
Once you've established your MWBank Home Equity Line, you
can access your available credit at anytime, for any reason. Just write a
personalized Home Equity Check of $500 or more up to your available credit
limit. This is the most convenient and confidential way ever to borrow
money.
Attractive Interest Rates
MWBank Home Equity Line features a variable interest rate
of 1% over prime. Your interest rate changes monthly and is tied to the
prime interest rate as quoted in the Wall Street Journal. Click
here for Rates.
Convenient Repayment Terms
Your MWBank line can be repaid in one lump sum or at the
minimum monthly amount of $50 or 1.5% of the outstanding principal balance
as of the date of your monthly statement, whichever is greater.
Your Borrowing Power
The equity in your home available for you to borrow is
based on your home's appraised value, less any existing mortgage balance.
For example, if your home's appraised value is $100,000 with a mortgage
balance of $50,000 your $45,000 MWBank Equity Line is computed as follows:
Example
Appraised Value of Single Family Home $100,000
Multiplied by 95% X .95 $95,000
Minus Mortgage Balance - 50,000
Potential MWBank Line $45,000
Easy to Apply
Call your MWBank banker at 414-442-5800 for details. Approval only
takes a day or two. Home Equity is the smart way to borrow, so let
MWBank put the equity in your home to work for you TODAY!
