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Consolidate your debt and save!
Consolidate your higher interest rate loans and
credit card debt into a FirstMerit Home Equity Line
of Credit,
and you could save on interest each
month. And, with our interest-only repayment
option, you can drastically
reduce your minimum
monthly payment. Here is an example of how much
you can save:*
Monthly payments with higher interest rate loans
and credit card debt
| Type |
Amount Owed |
Interest Rate |
Current Monthly Payments* |
Auto Loan |
$3,000 |
7.50% |
$375 |
Credit Card 1 |
$3,600 |
15.00% |
$54 |
Credit Card 2 |
$1,200 |
19.00% |
$18 |
Installment Loan |
$4,500 |
13.00% |
$135 |
Total Outstanding Debt |
$12,300 |
- |
$582 |
Savings when you consolidate with a FirstMerit Home Equity Line of Credit
| Type |
Amount Owed |
Variable Interest Rate |
New Lower Monthly Payment* |
Home Equity
Interest-Only
Line of Credit |
$12,300 |
*7.5% APR |
$77 |
| Potential First Year Interest Savings $655* |
Fixed Rate Lock Option.
Our Fixed Rate Lock Option, available on our Home Equity
Line of Credit, gives you full control of your finances. You
can lock all, or a portion, of your outstanding balance at
a fixed rate. Even better, you select the term. With
up to five fixed rate locks available at a time,
you can structure repayment of each
partition to fit your lifestyle.
Click here to apply.
*The example above is for illustrative purposes only and does not
necessarily reflect the most current rate information. Example "monthly payments" and example "savings" figures are estimated. See your bank
representative for current rate information; potential savings could
vary. Example does not take into consideration varying loan terms or
terms less than life term of loan. Your interest rate and payment may
be higher or lower depending on your credit history and FirstMerit's
policies. Subject to credit approval. Paying only the minimum
monthly payment will result in a balloon payment at maturity. Some
restrictions may apply. Example above is based on 85% loan-to-value
Home Equity Line of Credit with interest-only repayment option
and $50,000 minimum line of credit and qualifying credit quality.
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