A revolving line of credit that allows you to easily tap into the equity in your home. The money from a HELOC can be used for just about anything, including home improvements, dream vacations, or education expenses. MNB will issue you checks and/or a debit card to use with your Home Equity account. Simply swipe the debit card, enter your personal identification number (PIN), and you’re making the most of a very valuable asset...your home!
A second mortgage is a closed-end loan, which is a great option if you want to use the equity in your home to fund home improvements, college tuition, a wedding, or other items but still have a set term and installment payments. As with many of our loan options, you can even have your payment automatically deducted from your bank account monthly so there's no need to worry about paying on time.