Home Equity Lending Program (H.E.L.P.) and what it means.
Use your home to gain a new level of financial freedom! Borrow against the equity value in your home to take a vacation, fund a college education, make home improvements... for any purpose at all. With a “home equity line,” you use your home to set up a line of credit that you can use over time. With a “home equity loan,” you borrow against your home and get a lump sum of money. Either way, you’re using your home as a way to get the cash you want… quickly, simply, and affordably.


Getting H.E.L.P. at a Glance

Product type LTV Rate Term Closing CutRate Equity Line Interest Only * borrow as you need (line) up to 80% Introductory variable rate of 1.5% under prime for the first 2 years, variable rate thereafter @ prime 10 years with balloon payment no closing costs on lines up to $500,000 Prime-All-The-Time borrow as you need (line) up to 80% variable @ prime 10 years with balloon payment possible no closing costs on lines up to $250,000** 81% - 90% variable @ prime+1% Interest-Only Payment Line borrow as you need (line) up to 80% variable @ prime+.25% 5 years interest only + 5 years principal and interest no closing costs on lines up to $250,000** 81% - 90% variable @ prime+ 1.5%

Go Fixed Equity Loan lump sum (loan) up to 80% fixed rate 25 years fully amortization with 10 year balloon no closing costs on loans up to $500,000** Investment Property Equity Loan lump sum (loan) up to 70% fixed rate @ prime + margin 5,7 or 10 years fully amortized closing cost required Fixed Rate Equity Loan lump sum (loan) up to 90% fixed rate @ prime + margin 5 or 7 years fully amortized no closing costs on loans up to $250,000**

*Offer tied to a new free personal checking account for new customers and existing customers.
** For primary residents only.


Loan-to-Value (LTV)
The relationship between the unpaid principal balance of a mortgage and the property's appraised value.


Balloon Payment
The remaining balance of a mortgage that must be paid in a lump sum at the end of the mortgage terms.


Amortization
Gradual reduction of the mortgage debt through periodic payments scheduled over the mortgage term.

Auto Loans
A Mercantil Commercebank auto loan puts you in the driver's seat with quick approvals, competitive rates, and favorable terms. We can even help you figure out how much car you can afford before you set foot in a showroom, giving you a negotiating advantage. And usually, we can let you know in just a few hours when you've been approved for the loan. With low rates, predetermined buying power and fast-turnaround, you can be on the road in no time.

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Marine Loans
No two boats are exactly the same — options and equipment may vary, you may be buying a pre-owned boat, you may want a custom boat. No matter what you're in the market for, we have the boat loan for you. We offer competitive rate boat loans customized to each situation on a case-by-case basis. And not only do we offer competitive rates, but we offer prompt turnaround times.


CD Secured Loans
If you want to establish good credit, here's a great idea: establish a Mercantil Commercebank Certificates of Deposit (CD) and open a CD Secured Loan. You can borrow up to 100% of the value of your CD. This means that a Mercantil Commercebank CD Secured Loan is an extremely attractive and affordable way to establish good credit for those major purchases such as buying a car or a home. Also, the interest you earn on your CD will help offset the interest you pay on your loan.


Unsecured Loans
If you have good credit and need cash in an emergency, an unsecured loan may be the right solution. It's quick, easy, hassle-free and no collateral is required. That means the loan is based purely on your creditworthiness and is not secured by real estate, an auto or another item of value.


Loans Secured by Investment Securities
We offer loans secured by stock with amounts and loan-to-values determined on a case by case basis.

Rev.: May, 2008 | Back to top