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 are no closing costs or application fees and the interest you pay may be tax deductible. Talk with your tax advisor for details.

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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 fixing the rate up to 3 times, at any one time, during the first ten years.

Check out our current HELOC Special - Offer expires on December 31.
Term
APR
Revolving Line
5.50% 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 5.00% APR or exceed the maximum of 18.00% APR. 

The APRs assume that total loans, including the Merchants Bank HELOC secured by your 1-2 unit primary residence, do no exceed 80% of the value of that property for a first or second lien. Minimum loan amount of $10,000. Ineligible property types include, but are not limited to: investment property (defined as non-owner occupied property), mobile home, or manufactured housing.

Property insurance is required. Flood insurance may be required. Appraisal fees may apply, if required. Rates and terms are subject to change and may be withdrawn without notice. Rates are available to qualified borrowers and loans are subject to credit approval. 

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
4.49%
$29.74 - 36 Months
37 to 60 Months
4.49%
$18.64 - 60 Months
61 to 84 Months
4.49%
$13.90 - 84 Months
85 to 120 Months
4.49%
$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 08-02-2019. Rates and terms are subject to change without notice.

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