Make a college tuition payment. Start your home remodeling. Consolidate credit card debt. Get a bridge loan to help finance the purchase of a home.

Consumers now and then need extra capital. Magna Bank has a variety of consumer loans — from equity lines of credit to personal loans — all to help get the job done.

Home Equity Lines of Credit (HELOCs)

Available on primary residences in Tennessee and Northern Mississippi.

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 year revolving line of credit
• Borrow up to 89.9% of the appraised value of your home, less any existing mortgage balance
• Secured by a mortgage on your primary residence
• Interest may be tax-deductible - ask your tax advisor about the deductibility of interest
• Access funds with a special Equity Line Check
• Flexible payments. Interest due monthly on outstanding balance
• Principal may be paid any time before the 5-year maturity
• Minimum line - $10,000

Minimum line $10,000. 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 07.01.11 interest rates range from Prime plus .50% to Prime plus 1.75%, with floor rate of 5.00% (prime rate 3.25% on 07.01.11). Rates and terms subject to credit and underwriting. Borrower pays all closing costs, however first $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. Underwriting guidelines apply. Ask for details.

Home Equity Loans

1st and 2nd Mortgage Loans - Available on primary residences in Tennessee and Northern Mississippi.

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
• Secured by a mortgage on your primary residence
• Interest may be tax-deductible - ask your tax advisor about deductibility of interest

Minimum loan $10,000. 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). Borrower pays all closing costs, however first $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. Underwriting guidelines apply. Ask for details.

Bridge/Swing Loans

Available on primary residences in Tennessee and Northern Mississippi.

A Bridge Loan might be the answer! You may be able to borrow against the equity in your existing home for the down payment on the home purchased. Pay off the Bridge Loan from the sale of your existing home.

• Maximum term - 1 year.
• Borrow up to 80.0% 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 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

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 07.01.11 the interest rate is Prime plus 1.50% with 6.00% floor rate (prime rate 3.25% on 07.01.11). 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. Title insurance may be required. No prepayment penalty. Deed of Trust release fee due when deed is released. Property insurance required. Underwriting guidelines apply. Ask for details.

Magna Bank also offers loans secured by automobiles, Magna CDs, and stocks listed on NYSE, AMEX, or NASD as well as U.S. Government and U.S. Government Agency securities. Please call us for information on these loan products.

To make an application or for questions, please call: 901.259.5600 or 888.653.1888