Home Equity Line of Credit

Access your home's equity when you need it most

Our Home Equity Line of Credit (HELOC) gives you access to the equity from your primary or secondary home to help pay for life's major expenses. The HELOC is a twenty year loan, broken into two periods known as your Draw Period (first 10 years) and your Repayment Period (following 10 years).  

Draw Period (First 10 years)

  • You can access funds from your available line of credit 
  • Make monthly interest1 payments only on what you use
  • Or, pay down what you've borrowed (principal) and interest 
  • No Processing Fee
  • $75.00 annual fee in years 2-10

Repayment Period (Following 10 years)

  • Make monthly payments of principal and interest based on your outstanding balance
  • Payments are calculated to payoff the outstanding balance over 10 years
  • No annual fee in years 11-20

Loan Interest Rates2

Rates current as of March 1, 2018

Interest Rate will be reduced by 0.50% if an auto debit from qualifying MB Deposit account is established prior to closing. 

Residence Type Line Amount Current APR
Primary Residence

(80% LTV)
$10,000 to $99,999 5.50%
$100,000 and up  5.00%
Secondary Residence

(70% LTV)
$10,000 to $99,999 5.50%
$100,000 and up 5.00%

Early Termination Fee of $500.000 applies if the Line of Credit is closed within 5 years


 Ready to apply? 

Visit one of our local banking centers to apply for a HELOC. Before you do, we'll need the following:

  • Valid US/State Identification
  • Proof of homeowners insurance
  • Last two years income tax statements
  • Proof of income, generally last two paystubs          

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 5.00% and 8.00% 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. Third party fees, such as appraisal and title insurance will generally total between $0 - $1500.000 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. Rates are subject to change without notice and may vary depending on credit qualifications.