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Home Equity Loans


Home Equity Loan Information in Milwaukee, Wisconsin

Great Midwest Bank is your home equity loan lender, serving local communities in Brookfield, Chilton, Madison, Wauwatosa, Greenfield, Bayside, and more!

Great Midwest Bank is not just located in your community, but we also service your home equity loans locally as well. We use our own funds to finance your home equity loans, whether that loan is a fixed rate loan or an adjustable rate mortgage. As a result, we’re able to offer you more hassle free home loans and flexibility with your HELOC mortgage loan rates and terms.

Home equity loans differ from traditional first mortgage loans in that they are in a second position as an installment loan with a rate locked in for some period of time, or as a line of credit (HELOC), where the rate can vary monthly. You could use your home equity loan for things like debt consolidation, repairs and renovations, or paying for some other large expense, such as college expenses.

Home equity loans that are a revolving line of credit provide more flexibility, but with less certainty in the exact payment amount per month and exact repayment period. If you are unsure if a home equity loan or line of credit is right for you, our Mortgage Loan Officers are available to answer any questions you may have.

Below are some of the rate options for our home equity loans, as well as their current loan interest rates.

Today's Home Equity Rates & Terms

Home Equity Line of Credit 1

Interest Rate (APR*)TermRequired Monthly PaymentRate Guarantee
Prime + 0% (5.50%)10 YearsInterest OnlyVariable Monthly

Home Equity Installment Loans

Product
Interest Rate (APR*)Term
3 Year Adjustable Rate 24.500% (6.421%)Maximum 20 Years
5 Year Fixed 3
4.750% (4.750%)60 Months
5 Year Adjustable Rate45.500% (6.493%)Maximum 20 Years
7 Year Fixed 55.125% (5.125%)84 Months
10 Year Fixed 65.500% (5.500%)10 Years
* APR is Annual Percentage Rate and those reflected here are based on a $25,000 loan amount.  Get a Custom Quote. Maximum Loan-to-Value for all Home Equity products listed below is 80%.  Minimum loan amount is $5,000.  An appraisal may be required at a cost of up to $500, however APRs stated above assume no cost or prepaid interest. Property insurance is required.  All rates are based on an excellent credit history and are subject to change.  Certain first lien Home Equity Loans may be subject to escrow of taxes and insurance. Consult a tax advisor about deductibility.
  1. Home Equity Line of Credit Rates subject to increase after consummation with a maximum of 18% APR. Initial rate will be the Prime Rate as published in the Wall Street Journal + 0%.  Rate can vary monthly.  A maintenance fee of $40 will be assessed annually beginning on the first anniversary date. Minimum monthly payment will be based on the amount of accrued finance charges on the last day of the billing cycle;  Ten year draw period which may be followed by a balloon payment for any principal balance owing at maturity.
  2. 3 Year ARM - At a 4.500% initial interest rate, the APR for this loan type is 6.421%, subject to increase. Monthly payment schedule is 36 payments of $158.17 at a rate of 4.500%, followed by 12 payments of $182.69 at a rate of 6.50%, 191 payments of $195.04 at a rate of 7.50% and 1 final payment of $193.26. Index is Wall Street Journal Prime Rate, Margin of 2.0% at time of adjustment.
  3. 5 Year Fixed – 60 monthly payments of $18.76 per $1,000 borrowed.
  4. 5 Year ARM – At a 5.50% initial interest rate the APR for this loan type is 6.493%, subject to increase. Monthly payment schedule is 60 payments of $171.98 at a rate of 5.50%, followed by 179 payments of $195.11 at a rate of 7.50% and 1 final payment of $193.00. Index is Wall Street Journal Prime Rate, Margin of 2.0% at time of adjustment.
  5. 7 Year Fixed – 84 monthly payments of $14.49 per $1,000 borrowed.
  6. 10 Year Fixed – 120 monthly payments of $10.85 per $1,000 borrowed.



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“Quick to respond, great communication, got the job done in a timely manner, personalized service, great to work with. Good follow-up and when I work with Great Midwest Bank I know we will make it to a smooth closing every time!”


Amy Standal, Firefly Real Estate

Great Midwest Bank