Introducing Merchants Bank's Home Equity Line of Credit

  • 2.19% APR(6 month introductory rate)
  • 4.00% current rate
  • $0 application fee1
  • $0 closing costs1

Hurry, offer ends June 30, 2017
Offer includes .25% rate discount with an automatic payment from a Merchants Bank deposit account. An additional .25% will be added to the promotional rate without automatic payment.  A minimum line amount of $10,000 is required to receive the promotional rate.


Interest rates are expected to increase again this year so why not live in the now with our Home Equity Line of Credit while the rates are low. You can even choose to fix a portion or all of your balance up to three times at any one time, within the 10-year draw period2. Whether you choose to fix a portion of your payment, you can still draw against the available balance in your line of credit.
1 Annual percentage rate (APR) is valid for a 6 month introductory period. After the 6 month introductory period the rate is variable and based on the published Wall Street Journal (WSJ) prime rate plus 0.00%. The APR cannot be less than 4.00% (current WSJ prime rate as of 4/1/17) and no greater than 18%. A minimum line amount of $10,000 is required to take advantage of the rate offer. Promotion not valid for Merchants Bank borrowers who have received a special introductory rate within the past 12 months as part of a previous promotion. All qualified Merchants Bank borrowers must increase their credit line by $10,000 or more to qualify for the promotional rate. The rate offer assumes an automatic payment from a Merchants Bank deposit account. If the automatic payment is terminated, the interest rate will increase by .25%. Without automatic payment, an additional .25% will be added to the promotional rate and will convert after the introductory period to the published WSJ prime rate plus 0.25%. There is no origination fee charged to open the Home Equity line of credit. If required, an appraisal fee up to $500 may apply.

2 Locking allows you to convert all or a portion of your balance to a fixed rate. Fixed-rate conversion is optional. If you choose to fix the rate, the rate will be determined at our sole discretion based on our current corresponding and published rates at the time you choose this option; exclusive of any promotional rates. The minimum amount is $10,000. You may have up to three fixed-rate conversions open at one time. A $50 rate lock fee applies each time you establish a Fixed Rate Advance. The fee is waived if rate is locked at closing.

Line of credit is subject to credit approval and secured by the primary residence with the loan to value not to exceed 80%. A mortgage satisfaction fee is required at loan termination. This fee is established by the county where the mortgage is recorded. Property insurance is required. APR is effective as of April 1, 2017. Rates and terms are subject to change without notice.