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Home Equity Loans

Home Equity Loan (HELOAN)

A home equity loan is a lump sum loan, based on your home's equity, with a set monthly payment. A home equity loan may be right for you if you prefer the stability of a fixed rate loan with a set monthly payment over a fixed term. With a home equity loan, you get the entire amount up front, which is good for large single investments or expenses. Enjoy:

  • 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 adviser)

Get started with your application online or call 1.800.205.3464.

Save Thousands in Interest Charges with Debt Consolidation

If you have credit card or other loan debt, consolidating debt with a loan may be the solution for you. With a home equity loan, 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 can lower your monthly payments and save thousands of dollars:

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$10,0005.74%$192.155 Years
Monthly Savings  $119.59 
Annual Savings (first 3 years)  $1,435.08 
Total Payments Over Life of Loan  $11,529.00 

**5.74% APR (Annual Percentage Rate) is based on 80% Loan to Value, 700 credit score and includes a $50 processing fee.  The $192.15 monthly payment is based on $10,000 financed for 5 years with a fixed rate of 5.74%. 

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.

Is This the Right Alternative for You?

Get started with your application online or consult one of our trusted lending experts today to discuss our Home Equity Loans 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. 

* Consult your tax adviser regarding the deductibility of interest. 

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