Home Equity Lines of Credit

Home Equity Line of Credit Details

A Home Equity Line of Credit is a revolving line of credit in which your home serves as collateral.

Home Equity Lines of Credit offer the flexibility to access available funds now and in the future at a lower interest rates than many other types of credit.

Features & Benefits

  • Competitive variable interest rates on all line amounts1
  • Access available funds from your line of credit for the term of the line
  • Potential tax advantages2
  • Choose between an interest-only payment or a percent of outstanding balance payment option
  • Borrow up to 89.9% of the equity in your home (this can be determined by taking the market value of your home minus the outstanding mortgage balance)
  • Available line amounts from $10,000 to $500,000
  • Access your line of credit at any time using checks or FirstMerit Online Banking
  • Our Fixed Rate Lock option allows you to convert all or a portion of your outstanding line balance to a fixed rate; with up to five fixed rate locks available
  • Make additional payments to pay down your outstanding line of credit balance at any time without penalty


Rates, Fees and Costs - Learn More

Let's Talk

Let's Talk

  • Call: 800-416-3748
  • Find a branch


Subject to credit approval.  Property insurance is required.  Flood insurance may be required.

To apply for a Home Equity Line of Credit, you must:

  • Be 18 years of age or older
  • Reside in OH, MI, WI, western PA, or the Chicago, IL area
  • Have legal ownership rights to a 1-4 family owner-occupied home or condominium

Please print and read:

1. Variable Annual Percentage Rate (APR) is current as of 12/17/15. Your rate and corresponding APR may be higher than the advertised rate, depending on your credit history and FirstMerit's credit policies. Borrower must draw a minimum amount of $20,000 at time of closing and set up an automatic payment from a FirstMerit checking account to obtain advertised rate. The APR is based on Wall Street Journal Prime - .51% (currently 2.99%) to Prime +6.74% (currently 10.24%). Your APR may vary from a minimum of 2.99% to 25% in Ohio, Illinois, Michigan and Wisconsin or 22.2% in Pennsylvania, or the maximum allowed by law, whichever is less. Lines of credit are available only on owner occupied homes with an 89.90% or less loan-to-value ratio. Property insurance is required. Flood insurance may be required. Loan fees and closing costs, which could vary up to $760, are waived. There is a $60 annual fee, waived the first year. There is a $350 termination fee if the home equity line of credit is closed within three years.
2. Check with your tax advisor regarding the deductibility of interest.