Pros

• Flexible use
• Easily access funds
• Low, interest-only payments
• Fixed-rate option
• Low to no closing costs

Cons

• Variable interest rate 
• Home becomes loan collateral
• Not recommended for large one-time expenses
• Additional monthly debt payment

Speak with a First Merchants lending advisor to see if a HELOC is right for you. Apply for a HELOC online, call us at 1.800.205.3464 or visit a banking center to get started.