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Put your home equity to work with a home equity loan from First Merchants.


For many adults, their home is their most valuable asset. Home equity loans allow homeowners to unlock their home’s value and secure a lump sum loan with a set monthly payment. 

Home equity loans might be good options for homeowners who prefer the stability of a fixed-rate loan with a set monthly payment over a fixed term. By tapping into your home equity, you can receive a sizable home loan that allows you to cover major expenses or make large investments. 

With competitive interest rates, flexible loan amounts and a variety of terms, First Merchants Bank offers some of the best home equity loans available. Simply begin the process by applying for your home equity loan online

Secure an online home equity loan today through our online application or call 1.800.205.3464 to get started. 



Home equity loans offer a variety of benefits that other loans can’t match, with advantages that include: 

  • Competitive fixed rates
  • Secured by the equity in your home
  • Loan amount is based upon a percentage of your LTV (loan-to-value) for qualified borrowers
  • Distributed in one lump sum
  • Payment options with a variety of terms
  • Interest may be tax deductible (consult your tax advisor)

Tap into your home equity to consolidate debt and save on interest

One of the primary benefits of home equity loans is their flexibility to pay off revolving debts, like credit cards, student loans or other loan debt. Borrowers can consolidate all high-interest debt into a simple lower monthly payment. This allows borrowers to map out a payment system and identify an end date to pay off their loan. 

The best home equity loans offer competitive interest rates, which are generally lower than credit card interest. Over time, borrowers save thousands of dollars in interest charges over the term of their loan. And in many cases, the interest you pay may be tax deductible.*

See how reduced interest rates can significantly lower your monthly payments. 

Sample current balances elsewhere

Credit Card ExampleBalanceAPRPaymentTerm
Credit Card #1$5,50021%$148.795 Years
Credit Card #2$2,50019%$91.643 Years
Store Card$2,00017%$71.313 Years
Total Monthly Payments  $311.74 
Total Payments Over Life of Loans  $14,793.60 

Refinanced with a First Merchants HELOAN

Loan ExampleBalanceAPR**PaymentTerm
Loan Amount$10,0009.00%$207.585 Years
Monthly Savings  $104.16 
Annual Savings (first 3 years)  $1,249.92 
Total Payments Over Life of Loan  $12,455.01 

**9.00% APR (Annual Percentage Rate) is based on 80% Loan to Value, a 740 credit score and no processing fee.  The $207.58 monthly payment is based on $10,000 financed for 60 months with a fixed rate of 9.00%. Example only and rates are subject to change at any time. 

Is a home equity loan right for you?

Consolidating debt is often one of the smartest financial solutions, but it is also important to honestly examine your budgetary or spending habits to identify and, as needed, correct habits that may contribute to debt accumulation.

To qualify to borrow from home equity, generally you’ll want to have a good credit score, sufficient income, relatively low debt and reliable payment history. 

If you have still have questions about whether a home equity loan is right for you, visit a banking center or call 1.800.205.3464 to speak to a home equity expert. You can also apply for an online home equity loan through our online application.


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* Consult your tax advisor regarding the deductibility of interest.

**By playing videos on this page, you will be shown content embedded from, whose privacy and security policies differ from our site. First Merchants is not responsible for and does not endorse, guarantee, or monitor content, availability, viewpoints, products or services that are offered on other websites. First Merchants is not liable for any failure of products or services advertised on the linked web sites; may provide less security than