Equal Housing Lender. Member FDIC. *4.50% APR Introductory Annual Percentage Rate (APR) is available on Home Equity Lines of Credit with an 85% or less loan-to-value (LTV). The introductory interest rate will be fixed at 4.50% APR during the four-month introductory period. Offer is available for new applications submitted starting August 1, 2023. Offer may end without notice. After the four-month introductory period: the APR is variable and is based upon an index plus a margin. The APR will vary with Prime Rate (the index) as published in the Wall Street Journal. As of August 1, 2023, the variable rate for home equity lines of credit is 8.50% APR (For FICO Scores of 740 or higher and LTV less than 71%), 8.75% APR (For FICO Scores of 740 or higher and LTV between 71% and 80.9%), 9.25% APR (For FICO Scores of 740 or higher and LTV between 81% and 85%), 8.75% APR (For FICO Scores of 700-739 and LTV less than 71%), 9.00% APR (For FICO Scores of 700-739 and LTV between 71% and 80.9%), 9.50% APR (For FICO Scores of 700-739 and LTV between 81% and 85%), 9.00% APR (For FICO Scores of 660 – 699 and LTV less than 71%), 9.50% APR (For FICO Scores of 660 – 699 and LTV between 71% and 80.9%), 10.50% APR (For FICO Scores of 660 – 699 and LTV between 81% and 85%). A minimum of $7,500 and a maximum of $100,000 credit lines are available with this offer. The rate will not vary below 4.00% APR (the floor), with the exception of the introductory APR, or above 17% (the ceiling). Interest-only payments will cause your monthly payment to increase, possibly substantially, once your credit line transitions to the repayment period. In addition, a balloon payment will result, which means a one-time large payment will be required to pay off your line of credit balance. The processing fee is $275. Additional fees may apply. This offer is subject to normal credit qualifications and program guidelines. Rates are subject to change without notice. Property insurance is required. Consult your tax advisor regarding the deductibility of interest. Other restrictions may apply. Credit score will be affected if Midland States Bank needs to run credit for loan approval.
Applications accepted with a primary address located in Illinois and Missouri.