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.
Special Financing Offer
Offer ends December 31, 2018
Introductory Promotional Rate valid for the first 6 months and with automatic payment from Merchants Bank checking account.
Introductory Promotional Rate of 2.49% Annual Percentage Rate (APR) applies to new lines of credit only, is valid for the first 6 months after loan closing, and requires automatic payment from a Merchants Bank checking account. Applications must be received by December 31, 2018.
After the expiration of the 6 month introductory rate period, the variable APR is based on the Wall Street Journal Prime (WSJP) as published daily plus or minus a margin, and will vary with WSJP. Rate may vary monthly. Rate will not fall below 4.00% APR or exceed the maximum of 18.00% APR. The non-introductory promotional rate of 5.50% APR is with automatic deduction from a Merchants Bank checking account. APR will increase by .25 percentage points if automatic deduction is discontinued.
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 Rates and terms are subject to change and may be withdrawn without notice.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. 6 month Introductory Promotional Rate does not qualify to refinance of any existing Merchants Bank debt or properties currently listed for sale.
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.
Monthly Payment Per $1,000
12 to 60 months
$18.64 - 60 Months
61 to 120 months
$10.60 - 120 Months
121 to 180 months 1st Lien
$7.90 - 180 Months
121 to 180 months 2nd Lien
$8.43 - 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.