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Second Mortgage Loans

A Second Mortgage is a fixed rate home loan with up to 20 years to repay. There are no prepayment penalties. It's a great way to finance the improvement of a residence, bill consolidation, tuition, vacation, etc. The home must be owner-occupied and the loan qualification is based on property appraisal and credit approval.
>> View our Current Loan Rates

Home Equity Loans

Thinking about those home improvement ideas? Here's something to get you going—a Home Equity Loan from MidWest America Federal Credit Union. You will receive a guaranteed decision on the loan within 2 hours of all documentation received.

  • Low Rate
  • Must be owner-occupied
  • Members living within 50 miles of any MWA Branch are eligible
  • Debt Protection Available
  • No prepayment penalty
  • Prime Rate: up to 70% LTV: 3.25% APR*
  • Prime plus 1%: over 70% LTV: 4.25% APR*

Apply now by visiting any branch location or calling 260-482-3334 or toll free 1-800-348-4738.

* The annual percentage rate [A.P.R.] is variable and can change on a monthly basis on the second Monday of each month. The APR is current as of 1/9/12, and based on the highest prime rate published in the money rate column of the Wall Street Journal. The minimum APR is 3.00% and maximum is 18.00% in accordance with Federal law.

The APR is Prime Rate plus 0% when borrowing up to 70% of the current market value of your home, minus existing liens. When borrowing more than 70% of the current market value of your home, minus existing liens, APR is Prime Rate plus 1%. Maximum lines to $100,000 and the minimum allowable first advance is $500. The Home Equity Visa Gold Card carries a $25 annual fee charged on the anniversary date of the plan. This is available exclusively to owner occupied single family residence properties. If your property is currently not insured or is underinsured, you may be required to buy insurance. The actual amount of your loan will be determined by the amount of equity in your home.
 
This credit union is federally insured by the National Credit Union Administration and up to an additional $250,000 by Excess Share Insurance, for a total of $500,000.- learn more.

This credit union is federally insured to at least $250,000 and backed by the full faith and credit of the United States Government, the National Credit Union Administration, a U.S. Government Agency, and up to an additional $250,000 by Excess Share Insurance, for a total of $500,000. IRAs are separately insured to $250,000 by the National Credit Union Administration, a US Government Agency, and an additional $250,000 by Excess Share Insurance, for a total of $500,000.

Equal Housing Lender. We do business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act.