Home Equity Loans
Using the equity in your home, choose between a home equity line of credit or a home equity loan based upon the loan structure that best fits your needs.
Both options give you the flexibility to borrow for anything - a new car, college tuition, a vacation, home improvement project, debt consolidation or any other need. Whichever you choose, Merchants Bank is here to make the process easy at rates that work for you.
Home Equity Line of Credit (HELOC) Benefits
Home Equity Loan (Second Mortgage) Options
Loans subject to credit approval.
* As of September 19, 2024, the Annual Percentage Rate on a home equity line of credit with an 80% or less loan-to-value and a credit score greater than or equal to 700 was 7.75%. This special offer has fixed-rate pricing as low as 5.99% APR for the first six months. Following that six-month period, the rate will become variable, subject to change, based on U.S. Bank, N.A., prime rate plus a margin that is determined based on the loan-to-value in your home and your credit score at the time of application. Current rates vary from 7.75% to 10.50% APR. Maximum possible APR is 17.65%. Minimum possible APR is 4.00%. An origination of 1% will apply and a $150 evaluation fee may apply, in addition, you are responsible for certain fees to third parties, such as appraisers, credit reporting firms and government agencies, which are generally from $30-$2,500. Following the first year, there will be an annual fee of $25. Offer available on new home equity lines of $10,000 or more only or on existing lines of credit with an increase of at least $10,000. Consult your tax advisor regarding the deductibility of interest expense. Property insurance will be required. Limited time offer.
Recommended Resources
