PrivateBank Home Equity Line of Credit

Private Bank 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 amounts
  • Access available funds from your line of credit for the term of the line
  • Potential tax advantages*
  • 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 with your FirstMerit Home Equity MasterCard®, checks, or through FirstMerit's 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

Fees and Costs:

  • No application fee
  • No third-party closing costs

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All loans subject to credit approval.

* Consult with your tax advisor regarding the deductibility of interest.