Home Equity Loans

MARINETTE, WISCONSIN

HOME EQUITY LINE OF CREDIT

The Farmers & Merchants Bank & Trust is pleased to present the Home Equity Line of Credit. The money you need for investments, college tuition, a new car, vacation, or home improvements is waiting for you - and it's in your house. If you're a homeowner, you've probably built up substantial equity in your house. This is a way to unlock those dollars and write checks as you need them. Stop in, or call one of our friendly loan officers to set up a Home Equity Line for all your credit needs.

Our Home Equity Line of Credit offers you the following:

A variable interest rate equal to prime plus 1.25% with a maximum rate of 15%.
A monthly payment equal to 1.25% of the outstanding balance or $50.00,whichever is greater.
The maximum you may borrow is up to 90% of the value of your home. This value can be determined by having a new appraisal done or an existing appraisal if it was done by a Farmers & Merchants approved appraiser. The assessed valuation on the most recent property tax bill can also be used to determine the value.
The annual fee is $25.00 and will be assessed after the first year.
The minimum draw amount will be $100.00. All draws will be in increments of $100.00. The Home Equity Line of Credit will be linked to your F&M Bank & Trust checking account. Your checking account will have no minimum and will not be assessed a service charge. You will continue to pay for your printed checks.
In many cases interest paid on a home equity loan is tax deductible. However, please consult your tax advisor regarding deductibility of interest.

Home Equity Line of Credit Tax Advantage - Shows the after tax cost of borrowing using a home equity line of credit given amount financed, interest rate, marginal tax rate, and term for the home equity line of credit and the rate and term of an alternative loan.

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