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General Qualifiers
To apply for a Home Equity Loan or Line of Credit, please note that you must:
- Be 18 years of age or older
- Reside in Ohio or western Pennsylvania
- Have legal ownership rights to a 1-4 family owner-occupied home or condominium
Before you begin filling out your application, please have the following information available to make the application process quick and easy:
- Your current mortgage balance and monthly payment amount
- The estimated value of your property
- The purpose of the loan
- The amount of the loan or line of credit you need
- The type of loan (fixed loan amount with a fixed payment, or a line of credit available for when you need it)
- Current address (and previous address if not at current address for at least two years)
- Social Security number
- Current employer's name and address (and previous employer's name and address is not at current employer for at least two years)
- Gross monthly income (income before taxes)
- Co-applicant information, if applicable
What is a Home Equity Line of Credit?
A home equity line is a form of revolving credit in which your home serves as collateral. Many homeowners use their credit lines for major items such as education, home improvements, or medical bills.
Prior to completing the Home Equity Line of Credit application, you should print and read the Home Equity Information Brochure and the lender's Home Equity Disclosure Statement. Upon the completion of your application, you will be asked to acknowledge that we have provided you access to this information.
Click here to view the Home Equity Information Brochure and Home Equity Disclosure Statement.
Apply for a Home Equity Line of Credit
What is a Home Equity Loan?
A home equity loan is an agreement to lend money based on a specified amount of money,
specified period of time and a specified interest rate.
Apply for a Home Equity Loan
Loan or Line of Credit?
Both types of borrowing offer certain advantages. Consider how you will use your loan,
and how you would like to pay it off. Then ask your FirstMerit banker to provide the best solution.
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