Home Equity Fixed Term Loan

MB’s Home Equity Fixed Rate Term Loan puts your home's equity to work for debt consolidation, a major purchase, and more. 

MB’s fast, personalized service will help you use your home’s equity to get cash at a fixed interest rate.1

Loan Details

  • 5- to 10-year terms available
  • Maximum 80% loan to value on owner-occupied properties
  • Minimum loan amount is $5,000
  • First or second lien position only
  • No processing fee
  • Third party fees, such as appraisal and title insurance, will generally total between $0.00 and $1500.00 and will be paid by lender.

Interest Rates

Term/loan-to-value Amount Interest Rate APR2 Estimated Payments
60 months or less / 80% LTV $5,000-$24,999 4.625% 4.626% 60 months/$280.50*
$25,000 and up 4.50% 4.501% 60 months/$652.51**
66 to 120 months / 80% LTV $5,000-$24,999 6.25% 6.251% 120 months/$168.42*
$25,000 and up 6.25% 6.251% 120 months/$392.98**

*A loan amount of $15,000 will result in this monthly payment.

**A loan amount of $35,000 will result in this monthly payment.

 

How to Apply

Stop by one of our convenient banking centers located throughout Chicagoland to open a new MB home equity loan.


Information for existing borrowers in bankruptcy

If you have recently filed bankruptcy and do not wish to receive a periodic mortgage statement, please write to us at:

MB Financial Bank, N.A.
Attn: Bankruptcy Department
6111 N. River Road
Rosemont, IL 60018

You may also write to us at the address above if you would like to recieve a paper statement. 

1 For current interest rates and terms see a banker or call 1.888.i bank mb (1.888.422.6562). You can verify a mortgage company or individual through the Nationwide Mortgage Licensing System (NMLS) MB NMLS ID: 401467, or request a list of MB Financial Bank Mortgage Loan Originators.

2 MB Financial Bank offers equity loan products with an Annual Percentage Rate (APR %) that varies between 4.559% and 6.300% for 80% loan to value owner-occupied products depending upon your commitment amount and credit qualifications. Payments shown do not include amounts for taxes and insurance. Actual payment obligation will be greater. No down payment is required. For properties in trust, additional trustee fees are the responsibility of the borrower. Funds will be disbursed after the federally mandated cancellation period. Offer applies to an owner-occupied 1-4 family residence in Illinois, Northwest Indiana or Southern Wisconsin and is subject to no less than a second lien position on your property and is subject to underwriting standards. Property insurance required; flood insurance may be required. Rates are dependent on your loan amount, product and credit qualifications. Effective 04/01/2018, third party fees, such as appraisal and title insurance will generally total between $0.00 - $1500.00 and will be paid by lender. Costs to satisfy certain prior liens may be assessed. Consult your tax advisor regarding the tax-deductibility of interest. This offer cannot be combined with any other offer and can be withdrawn at any time without notice. Subject to credit approval, which includes verification of application information and receipt of collateral documents. This offer does not apply to purchase money home transactions. Annual Percentage Rates (APR) current as of 03/01/2018. Rates are subject to change without notice and may vary depending on credit qualifications.