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Home Equity
With every mortgage payment you make, you build equity… and earn privileges. Put this purchasing power to work for you with a cost-effective home equity loan, and afford the things you want out of life. You’ve earned it!
Features and Benefits
- Use the equity in your home for a variety of purchases: cars, boats, recreational vehicles, home furnishings, loans, lawn and garden, bill consolidation and more! Maybe start your own business!
- Borrow up to 85% of the equity in your home! An extremely affordable financing option with low minimum monthly payments.
- Short- and long-term fixed rates provide predictable monthly payments.
- Fast turnaround times mean you don’t have to wait to make your purchases.
- Safety and security of the MBTeam, with all loans serviced in house.
- For smaller home projects (under $5000) consider an Monroe Bank and Trust Home Improvement Loan.
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Current Rates
| Fixed Rate Home Equity (owner occupied) |
| Type |
Loan to Value |
Term |
Rate |
APR |
| 5 year fixed |
80% LTV |
60/ 240 Month Note |
7.50% |
7.55% |
| 5 year fixed |
85% LTV |
60/ 240 Month Note |
8.00% |
8.05% |
| 7 year fixed |
80% LTV |
84/ 240 Month Note |
8.00% |
8.04% |
| 7 year fixed |
85% LTV |
84/ 240 Month Note |
8.25% |
8.29% |
| 10 year fixed |
80% LTV |
120/ 240 Month Note |
8.50% |
8.53% |
| 10 year fixed |
85% LTV |
120/ 240 Month Note |
8.75% |
8.78% |
See important disclosure information below. |
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You’ve Earned It, Now Use It
Home ownership has a lot of benefits. But did you know it also buys you a lot of purchasing power? That’s because as a homeowner, you’ve been building equity in your house.
Use that equity to afford almost everything from cars, boats, motorcycles, and ATVs, to home furnishings, lawn and garden purchases, and home improvement projects. You can even save money by paying off loans or consolidating debt. With an MBT Home Equity Loan you’ll get the best financing value available today.
Enjoy cost-effective rates and terms all backed by the superior service of MBT. Call an MBTeam loan professional today at 734-242-7700 to learn more, or apply online.
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APR is the Annual Percentage Rate. Rates are subject to change. Penalty may be imposed for early payoffs. Best rate shown based on credit score. Rates displayed above may change at any time and without advance notice. It is the reader’s responsibility to verify rates with an MBT loan officer. All products and services are subject to Bank and credit approval.
These rates are currently available for home equity installment loans with a term of 60 months and an amortization of 240 months. Rates assume a loan-to-value ratio of 80% or less and depend on credit qualifications. A balloon payment will result at the end of the 5 year period. The minimum loan amount is $5,000. Rates assume a pre-authorized transfer from a Monroe Bank & Trust deposit account. Add .25% to stated rates when a pre-authorized plan is not established. For example, if you borrow $50,000 for 60/240 months at 7.550% APR, the monthly payment will be $402.80 with a balloon payment of $43,853.64 due at maturity. Property, title, and/or flood insurance, if applicable, is required. Contact an MBT Mortgage Officer. Consult your tax advisor about the deductibility of interest. |
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