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Smart Home Refi

Refinance Today and Put Cash in Your Pocket

If you currently owe less than $150,000 on your current home, our Smart Home Refi may be the affordable and sensible alternative to refinance your home to a new, lower interest rate while providing access to your home’s valuable equity to put cash directly in your pocket.

Smart Home Refi Is the Affordable Alternative

For a limited time, our Smart Home Refi is being offered with a flat, one-time $199 closing fee, making it the affordable alternative to traditional home mortgage refinancing. You could potentially save hundreds, even thousands, of dollars in loan closing fees alone.

Smart Home Refi Is the Sensible Alternative

Our Smart Home Refi is also the sensible alternative by providing qualified homeowners unparalleled affordability, flexibility, and cash access to their home’s equity — all from a single, convenient borrowing solution. Just see for yourself.

  • Flat $199 Closing Costs No smoke and mirrors and no hidden costs. Just $199. That’s it! Potentially saving you a bundle in closing costs over a traditional home mortgage refinance.
  • Cash-out Option Convert your home’s equity directly into cash at the same low annual percentage rate. Use it toward home improvements, debt consolidation, unexpected expenses, getaway vacation, new boat/RV, college tuition, or anything else.
  • Lower Interest Payments Potentially save hundreds or even thousands of dollars in interest payments over the life your loan depending on your home’s current annual percentage rate and term.
  • Fixed Rate/Flexible Terms Lock into a low, fixed annual percentage rate with loan terms from 60 to 240 months.
  • Save Money/Pay Off Faster Refinancing an existing higher rate home mortgage is a smart way to potentially pay off your mortgage even faster -OR- possibly lower your monthly payments.
  • No PMI No Private Mortgage Insurance is required for this loan to keep monthly payments even lower.
  • Auto pay discount Save an additional .25% off your annual percentage rate with auto pay from your First Merchants Bank checking account.

How It Works

To help better understand the Smart Home Refi program, consider this simple scenario: 

Let’s say a homeowner owes $80,000 on a primary residence with an appraised value of $150,000. Let’s also assume this same homeowner would like a cash-out option of $20,000 of the home’s equity. Using the Smart Home Refi, the home could be refinanced for $100,000 ($80,000 remaining principal from previous mortgage + $20,000 cash out option) at a potentially lower annual percentage rate than that of the previous mortgage.

Is This the Right Alternative for You?

Consult one of our trusted lending experts today to discuss our Smart Home Refi or other smart borrowing solutions. Call 1.800.205.3464, visit one of our banking centers, or email us for a free loan evaluation and consultation.


Limited time offer. Rates, terms and conditions effective as of 8/1/16 are for sample purposes only and subject to change. 180 monthly payments of $7.56 per $1,000 borrowed. Payment sample APR (Annual Percentage Rate) is 4.23%. Subject to credit approval. Other restrictions may apply, see bank for details.

Check rates and apply online

Find out more: Visit our online mortgage center, where you can check rates, find online calculators, and more, all at your fingertips.