MidSouth Bank offering Home Equity Line of Credit with 2.71% Introductory APR for 6 Months

MidSouth Bank logoBeing able to borrow affordably is a benefit homeowners have when home equity has accumulated over time. Through a home equity line of credit, homeowners can borrow against the value of their home, up to certain limits, to help spread out repayment of large purchases or unexpected expenses. Many homeowners use home equity lines of credit (HELOC) to finance college tuition, consolidation of high-interest debt, or home renovations, all at a relatively low interest rate. Before taking out a new home equity line of credit, homeowners should understand the terms and the responsibilities they take on as a borrower, and shop around for the right equity loan.

The Offer

Currently, Midsouth Bank is offering a home equity line of credit to new borrowers with an introductory interest rate as low as 2.71%. The lowest advertised rate is fixed for the first six months after opening an account, after which time it reverts to a rate equivalent to the Wall Street Journal Prime Rate plus 0.75%. Individuals who own single-family homes that are owner-occupied in the state of Texas or Louisiana are eligible to apply.

Midsouth Bank is offering the introductory interest rate as low as 2.71% to borrowers who have a credit score of 720 or above. Other credit qualifications may apply, as well as an evaluation of the home’s appraised value. A minimum credit line of $10,000 is required, and the maximum loan-to-value ratio is 80% for Texas properties and 90% for homes in Louisiana. Midsouth Bank does not charge annual fees or closing costs for lines of credit up to $250,000. However, if a home equity line of credit is closed within the first 12 months, a penalty equal to the amount of closing costs paid by the bank will be assessed.

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About Midsouth Bank

Operating in Texas and Louisiana since 1985, Midsouth Bank offers a variety of banking products and services to its customers. In addition to home equity lines of credit, the bank provides deposit accounts, personal unsecured lending products, auto loans, and mortgage loans. Throughout its service region, Midsouth Bank operates 57 full-service branch locations and several fee-free ATMs.

Individuals interested in the home equity line of credit offer with Midsouth Bank may gather additional information by visiting a branch location, contacting a lending specialist at 1-800-213-2265, or by visiting the bank online.

Posted on September 13, 2017 by in Home Equity Line of Credit, Mortgages,

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