IMPORTANT COVID 19 UPDATES BRANCH INFORMATION:  All Merchants Bank offices are now OPEN with mask and social distancing guidelines in place.  Click here for details. 
The Paycheck Protection Program Application is now open. Apply Here

The Paycheck Protection Program Forgiveness Portal is now open. Click Here
Online Banking conversion of Merchants Bank with Fidelity Bank  begins on July 10th. Learn more



 
IMPORTANT COVID 19 UPDATES BRANCH INFORMATION:  All Merchants Bank offices are now OPEN with mask and social distancing guidelines in place.  Click here for details. 
The Paycheck Protection Program Application is now open. Apply Here

The Paycheck Protection Program Forgiveness Portal is now open. Click Here
Online Banking conversion of Merchants Bank with Fidelity Bank  begins on July 10th. Learn more



 

Home Equity Financing

Use the equity in your home to work for you when and how you need it. You can choose between a fixed loan or a line of credit. The product you choose depends on how you intend to use the funds. You may elect to use the equity in your home for such uses as…
 
  • Home remodeling project
  • Debt Consolidation
  • Purchase a vehicle
  • Medical Bills
  • Retirement Savings
  • Overdraft protection
 
There is no application fee and the interest you pay may be tax deductible. Talk with your tax advisor for details.

Apply Online Today  Have Questions? Ask Us
Home Equity Line of Credit (HELOC)
A Home Equity Line of Credit (HELOC) allows you the flexibility to borrow funds against the equity in your home and use it when you need it. Plus, you have flexible payment options to help you save while you borrow. You can fix your rate on any portion of the outstanding balance with terms up to 15 years. You have the option of locking in the rate up to 3 times, at any one time, during the first ten years1.

Check out our current HELOC Special
Term
APR
Revolving Line
3.50% Current Standard Rate

The HELOC is a variable APR based on the published Wall Street Journal Prime (WSJP) rate plus .25%.  Rate will vary with WSJP and may vary monthly. Rate will not fall below 3.50% APR or exceed the maximum of 18.00% APR. Minimum loan amount of $10,000. 

Line of credit is subject to credit approval and secured by the primary residence with the loan to value not to exceed 80%. Fees and costs imposed to open an account are limited to the cost of appraisal up to $500, if required. Property insurance is required. Flood insurance may be required. A mortgage satisfaction fee is required at loan termination. This fee is established by the county where the mortgage is recorded.

1Locking in allows you to convert all or a portion of your HELOC (available and outstanding amounts) to a fixed rate term loan. Fixed-rate conversion is optional. If you choose to fix the rate, the rate will be determined at our sole discretion based on our current corresponding and published rates at the time you choose this option; exclusive of any promotional rate. The minimum lock in amount is $10,000. You may have up to three fixed-rate conversions open at any one time. A $50 rate lock fee applies. The fee is waived if the rate is locked at closing.

Home Equity Loan Rates***
You can use the equity in your home to advance your education, make home improvements, or consolidate your monthly bills. The benefit of a loan is that you have a fixed monthly payment and interest rate. This type of product is good for the funds you need now.
Term
APR
Monthly Payment Per $1,000
12 to 36 months
3.99%
$29.52 - 36 Months
37 to 60 Months
4.25%
$18.53 - 60 Months
61 to 84 Months
4.50%
$13.90 - 84 Months
85 to 120 Months
4.50%
$10.36 - 120 Months
121 to 180 months 1st Lien
4.74%
$7.77 - 180 Months
121 to 180 months 2nd Lien
5.50%
$8.17 - 180 Months
APR = Annual Percentage Rate. Minimum term is 12 months. Rate subject to change. Loan is subject to credit approval and property insurance is required. The minimum loan amount is $10,000 secured by primary residence and not exceeding 80% loan-to-value ratio. Appraisal fees may apply, if required.
*** Home Equity Term Loan rates listed above are for 1-2 unit, owner-occupied residential properties. 
 

Loan Rates Effective 3-17-2020. Rates and terms are subject to change without notice.

Apply Online Today  Have Questions? Ask Us