Home Equity Loans and Credit Lines

Do It All — Increase Your Home’s Value, Save Thousands, Improve Your Life

We offer homeowners great lending options with our home equity lines of credit and home equity loans. Perhaps the equity in your home can be used to pay off other debt, make a large purchase or go on vacation. It’s your choice, and we offer a variety of terms and conditions for home equity loans and lines of credit. Just contact us and we can help you get the process started!

Your home’s equity has long been among the smartest, most affordable ways to borrow; with no closing costs and rate lock options, there's no better time to apply!

Using your home's equity wisely could actually help increase your property value, save you thousands in interest payments, even set you on a path toward opportunities for future success. Learn how unlocking your home’s affordable and flexible equity can help with your goals:

  • Consolidate debt
  • Remodel your home
  • Make home repairs
  • Pay for college
  • Buy a car
  • Purchase a recreational vehicle (boat, motorcycle, ATV)
  • Go on vacation

 

Boost Your Home’s Property Value Through Home Improvements

With a loan or line of credit, you can draw on your home’s existing value at low rates to reinvest directly back into your home and potentially increase your property’s curb appeal and overall home value at the time of sale. Plus, the interest you pay may be tax deductible, too.*
Home improvement projects like these may potentially increase your home’s value:

  • Kitchen improvements
  • Convert an attic into a bedroom
  • Add an additional bathroom
  • Curb appeal projects -- new siding, new garage door, new front door, replacement windows, landscaping
  • Convert basement to family recreational area
  • Increase/add storage space
  • Add square footage
  • Miscellaneous improvements - security system, luxury appliances, home theater or spa features

Please note: Not all home improvement projects increase your home’s value. Some simply add to your enjoyment and comfort but not necessarily property value. You’ll want to research projects that best balance personal satisfaction with potential value.

 

Save Thousands in Interest Charges with Debt Consolidation

If you have credit card or other loan debt, consolidating debt with a loan or line of credit may be the solution for you. With a loan or line of credit, you can consolidate all your higher-interest debt into one simple, lower monthly payment, potentially saving you thousands in interest charges over the term of the loan. Plus, the interest you pay may be tax deductible.*

Here’s a typical example of how a loan or line of credit can lower your monthly payments and save thousands of dollars:

Sample current balances elsewhere

  Balance APR Payment Term
Credit Card #1 $5,500 21% $148.79 5 years
Credit Card #2 $2,500 19% $91.64 3 years
Store Card $2,000 17% $71.31 3 years
Total Monthly Payments     $311.74  
Total Payments Over Life of Loans     $14,793.60  

 

 

 

Refinanced with a First Merchants HELOC or HELOAN using a Fixed Rate Option

  Balance APR** Payment Term
HELOC Usage or Loan Amount $10,000 4.46% $186.24 5 years
Monthly Savings     $125.50  
Annual Savings (first 3 years)     $1,506.00  
Total Payments Over Life of Loan     $11,174.40  

 

**4.46% APR (Annual Percentage Rate) is based on 80% Loan to Value, 700 credit score and includes a $50 processing fee.  The $186.24 monthly payment is based on $10,000 financed for 5 years with a fixed rate of 4.46%. 

Lower your monthly payment by hundreds! This example shows over a 21% savings.

 

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.

 

Improve Your Financial Picture Through College Tuition

Whether you’re planning ahead for your child’s college education or furthering your own education, a home equity loan or line of credit may be the most affordable option to pay tuition expenses. The addition of a bachelor’s or master’s degree could significantly improve your financial outlook through increased opportunities for a promotion, an exciting new career, or a higher salary and better benefits. Plus, the interest you pay may be tax deductible, too.*

Is a HELOC or HELOAN Right For You?

Call 1.800.205.3464 or visit a banking center to speak with a home equity expert and discover if an affordable and flexible HELOC or HELOAN is right for you.
 

 

FAQs  |  Request Infomation

* Consult your tax adviser regarding the deductibility of interest.

 

For more information visit any banking center, email us or call us at 1.800.205.3464.  We look forward to serving you!