Home Equity Loans & Lines
With home equity financing solutions from Mercantil Bank, our team of professional bankers will show you how to make the most of your real estate asset.
- Get cash for home improvements
- Debt consolidation and more.
MERCANTIL FIXED RATE CHOICE
With a Mercantil Fixed-Rate Choice account, now you can pay down your Home Equity Line of Credit (HELOC) with convenient fixed-rate loan payments. Predictable monthly payments are a great way to protect your cash flow from variations due to market volatility. Plus, you can choose how much of your current balance to convert to fixed-rate payments while keeping the rest of your variable-rate credit line available for your use. For more information, click here.
HOME EQUITY LINE OF CREDIT
A Home Equity Line of credit (HELOC) is a line of credit that uses your home as collateral. Here’s how it works: When you need access to cash, you take an advance on your line of credit up to the pre-set limit. For the first 10 years, you must only make interest payments on the amount advanced; however, you can also repay, without penalty, the principal amount advanced. As you repay the principal, the amount of credit available to you is replenished and you can borrow again, as little or as much as you need, up to your pre-set limit, for the first 10 years. It’s a convenient way to enjoy flexible access to just the right amount of cash, right when you need it. The repayment period of the line begins year 11 through 20, 25 or 30 and consists of equal monthly payments of principal and interest that must be fully repaid by the end of this period. No further advances are allowed during this time.
HOME EQUITY LOAN
With a Home Equity Loan, you receive funds in one lump sum, giving you an infusion of cash for a variety of uses. You repay the loan in fixed monthly amounts which can help you plan ahead and stay within your budget. Choose the loan term that best meets your needs.
Apply today to get a great APR on a Home Equity Line of Credit or Home Equity Loan by contacting a Mercantil Bank Bank Officer or visiting a Banking Center near you.