When flexibility counts...
Home Renovations
Home furnishings or appliances
Travel
Unexpected expenses
Apply today for a Home Equity Line of Credit from Magna Bank. Enjoy the comfort of knowing your line is available for 5 years with the flexibility of accessing the funds at your convenience during that time. Simply pay interest monthly on the amount you borrow. Re-use the funds as often as you like as you pay principal back before the 5-year maturity.
- Low variable interest rates
- 5 or 10 year revolving line of credit
- Borrow up to 89.9% of the appraised value of your home, less any existing mortgage balance
- Interest may be tax-deductible - ask your tax advisor about the deductibility of interest
- Flexible payments - interest due monthly on outstanding balance, principal due at maturity
- Up to $500 in closing costs waived on qualified loans
- Minimum line - $10,000
- Available on primary residences in Tennessee and Northern Mississippi
The annual percentage rate (APR) may vary and is based upon Prime as published in the Money Rates section of The Wall Street Journal. As of 04.12.12 interest rates range from Prime plus .50% to Prime plus 1.75%, with floor rate of 5.00% (prime rate 3.25% on 04.12.12). Rates and terms subject to credit and underwriting. 10 year terms available based on loan- to- value / underwriting guidelines. Up to $500 in closing costs waived on junior lien lines of credit of $25,000 or more with deposit relationship and on non purchase-money first lien lines of credit. Prepayment penalty of $500 may apply if line of credit is paid off and deed released in first 24 months. Deed of Trust release fee due when deed is released. Monthly payments of interest only will result in a balloon payment at maturity. Property insurance required. Ask for details.
The equity in your home can help...
Around the house
- Remodel for energy efficiency (windows, doors, HVAC)
At school
- Tuition, books, living expenses
Anytime
- Consolidate high interest rate debt
- Buy a car
Apply for a Home Equity Loan at Magna Bank. Borrow the full amount now and repay in fixed monthly payments of principal and interest.
- Low, fixed interest rate
- Fixed monthly payments of principal and interest
- Available terms up to 10 years
- Borrow up to 89.99% of the appraised value of your home, less any existing mortgage balance
- Minimum loan - $10,000
- Up to $500 in closing costs waived on qualified loans
- Interest may be tax-deductible - ask your tax advisor about deductibility of interest
- Available on primary residences in Tennessee and Northern Mississippi
Rates and terms subject to credit and underwriting. The monthly payment on a $25,000 loan with a 7.575% rate and term of 7 years is approximately $385 (assumes 89.9% loan to value). Up to $500 in closing costs waived on junior liens of $25,000 or more with deposit relationship and on non purchase-money first liens. Prepayment penalty of $500 may apply if loan is paid off and deed released in first 24 months. Deed of Trust release fee due when deed is released. Property insurance required. Ask for details.
You may be able to borrow against the equity in your existing home for the down payment on a new home purchase. Pay off the Bridge Loan from the sale of your existing home.
- Maximum term - 1 year
- Borrow up to 80% of the appraised value of your home, less any existing mortgage balance
- Secured by a mortgage on your existing primary residence
- Low, variable interest rate
- Interest rate may be tax-deductible - ask your tax advisor about tax deductibility of interest
- Interest payable monthly. Principal due in 1 year.
- Loan fee of 1% (minimum $250) plus closing costs (title, appraisal, recording, flood certification, etc) and release fees
- Fees may be financed
- Available on primary residences in Tennessee and Northern Mississippi
The annual percentage rate (APR) may vary and is based upon Prime as published in the Money Rates section of The Wall Street Journal. As of 04.12.12 the interest rate is Prime plus 1.50% with 6.00% floor rate (prime rate 3.25% on 04.12.12). The monthly interest payment on a $50,000 loan with a 6.00% rate is approximately $254.79 for 12 months. Maximum rate is 21%. Minimum rate is 6.00%. Monthly payments of interest only will result in a balloon payment at maturity. Deed of Trust release fee due when deed is released. Property insurance required. Subject to credit underwriting. Ask for details.
If you're looking to buy a new or used vehicle, Magna Bank can make your car buying experience easier.
Apply for conditional approval before you buy, so you can take your time in making that right car buying decision.
Once you've decided on your vehicle, we'll work with you to arrange your financing.
Features & Benefits:
- You may be eligible to receive up to a .50% interest rate discount based on your Magna relationship***
- Low, competitive fixed rates
- Repayment terms to fit your budget
- Automatic payments can be made from your Magna Bank deposit account
***0.25% interest rate reduction if you have an eligible deposit account and an additional 0.25% interest rate reduction if payment is automatically deducted from a Magna checking, savings, or money market account. Maximum discount is 0.50%.
We make it easy to choose the credit card that is right for you, with two cards to choose from. Both cards are available in two options, Low Rate Card or Preferred Points Card.
| Visa® Classic |
| Visa® Platinum |
Personal Card — Low Rate
Benefits:
- Competitive annual percentage rate (APR)*
- 24-hour toll-free live customer assistance available at 800-367-7576
- Online account information available 24/7 at www.cardaccount.net
- Rental car collision damage waiver protection
- Unlike some card offers, the APR* for purchases and cash advances is the same — we do not charge a higher rate for cash advances
Features
- No annual fee
- Low introductory rate for the first six months*
- Competitive ongoing APR*
- 25-day interest-free grace period on all purchases. No grace period on cash advances
Fees
Other fees may be charged, these fees are listed on the downloadable application.
Benefits
- Use your Preferred Points Card to earn points that you can redeem for rewards. Earn one point for each dollar spent, up to 10,000 points per month.
- Redeem your rewards points for cash-back awards, retail gift cards, travel and a wide variety of merchandise including cameras, mp3 players, home theater systems, portable DVD players, sporting equipment, jewelry, luggage, electronics, video game equipment, gift cards and more.
- 24-hour toll-free live customer assistance available at 800-367-7576.
- Online account information available 24/7 at www.cardaccount.net.
- Rental car collision damage waiver protection.
- Unlike some card offers, the APR* for purchases and cash advances is the same. We do not charge a higher rate for cash advances.
Features
- No annual fee
- Low introductory rate for the first six months*
- Competitive ongoing APR*
- 25-day interest-free grace period on all purchases. No grace period on cash advances
- Cash advances can be made for up to 50% of the credit line
- To view or redeem rewards points, visit www.mypreferredpoints.com or call 866-678-5191
Fees
Other fees may be charged, these fees are listed on the downloadable application
To Apply Now
- Download the PDF application
- Type the information and then print the application (you cannot save the document, so print an extra copy for yourself), or print it and then complete it using a blue or black pen. Paper applications are also available at our local branch office.
- Fax your completed application to the Card Service Center at 972-650-7054
Or mail your completed application to:
Card Service Center
PO Box 569120
Dallas, TX 75356-9120
*Please see application for information about current APRs and fees.