Home Equity Loans

When you have big projects ahead, your home's equity can provide the financing at a competitive rate from Indiana Members Credit Union. Whether you get a line of credit or loan, you can start a home project, consolidate debt, or pay for anything you want or need.

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Make the most of your home's equity for what matters most.

You've been paying off your home over the years and it may have increased in value. That means there's equity you can access for anything you want to do. You have plenty of flexibility and the opportunity to pay off your HELOC or Home Equity Loan on a timeline that fits your budget.

Special Offer: 3.9% APR²introductory rate for 6 months on a new HELOC!

Your home's equity holds the key.

Competitive interest rates deliver more value for your money.

No closing costs¹, application fee, or annual fee.

Choose terms of 5 to 15 years for a fixed loan, and 30 or 40 years for a line of credit.

Easily transfer funds through our mobile app, checks, or visiting a branch.

Interest-Only Home Equity Line of Credit

By making the minimum payment each month, just on the interest, you'll have a lower monthly payment during your draw period with more flexibility. You're welcome to pay the principal, too, but it's not required.

Draw funds for up to 5 years.
Available with 30‑ or 40‑year total term options.
Monthly payment is based on the interest accrued on the outstanding balance at month‑end.

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Home Equity Line of Credit

In a HELOC each month's payment includes principal and interest, which is a variable rate. And as you repay the principal, that money becomes available to borrow again. You'll pay interest only on the money you use, making the HELOC a good just-in-case option.

Access your line of credit for up to 5 years.
Repayment period of 30 or 40 years after the draw period ends.
Payments each month are calculated at 1% of the loan balance at the time of the last draw.

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Home Equity Loan

When you know how much money you need to borrow and you want it as a lump sum, go for our Home Equity Loan. The interest rate is fixed for your full term, and your monthly payments include principal and interest.

Available for first or second liens.
Terms available from 5-15 years.
Fixed monthly payments for the life of the loan.³

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Find a lender in your area and apply online quickly.

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Interest-Only Home Equity Line of Credit

Details	30-Year Interest-Only Line of Credit	40-Year Interest-Only Line of Credit
Intro Rate	3.9%²	4.5%³
Overall Limitation	90% of appraised value, less balance of 1st mortgage	90% of appraised value, less balance of 1st mortgage
Draw Period	5 Years	5 Years
Rate	Variable, based on Prime + Margin	Variable, based on Prime + Margin
Monthly Payment	The monthly payment will be calculated by the interest of the loan balance at the end of the month.	The monthly payment will be calculated by the interest of the loan balance at the end of the month.
Current Rate (80% LTV and less) as low as	6.75% APR⁴	7.25% APR⁴

²Intro Rate Annual Percentage Rate. This rate (effective January 1, 2026) is a special limited time offer and subject to change without notice. Introductory rate of 3.90% APR applies to new 30 Year home equity lines-of-credit opened on or after January 1, 2026 and does not apply to refinances of existing IMCU home equity lines. This rate is only available for owner occupied single family residences. Certain restrictions and conditions apply. $5,000 minimum loan amount. After the first 6 months, all balances convert to the variable rate APR based on an index plus a margin. The variable rate is based on the highest Prime Rate (the index) as published in the Wall Street Journal in effect on the last Tuesday of the calendar month. The APR for the Home Equity Line of Credit may increase or decrease, but will never fall below 2.75% and will never exceed a maximum rate of 21.00% or highest rate allowable by law. The margin is 0.00% to 2.50%, depending upon credit worthiness, term, credit score and combined loan-to-value (CLTV). As of 12/11/2025, the Prime Rate was 6.750%, so APRs are 6.750% (Prime Rate + 0.00% margin) to 9.25% (Prime Rate + 2.5% margin). Credit advances may be taken for 5 years (draw period) and renewed up to a total of 15 years. A repayment period for a minimum of the remaining 15 year term will require, at minimum a monthly payment of the finance charges (accrued interest) for the prior month. Depending on the terms of your loan, if you made the minimum payments due each month, your loan may have a balloon payment due at maturity of the full amount drawn. CLTV is based on the Indiana Members Credit Union approved valuation method. IMCU home equity lines may be eligible for interest only payment option. Consult your tax advisor regarding deductibility. Certain restrictions and conditions apply. Property owner must supply proof of insurance. NMLS # 402492.

³Intro Rate Annual Percentage Rate. This rate (effective January 1, 2026 ) is a special limited time offer and subject to change without notice. Introductory rate of 4.50% APR applies to new 40 Year home equity lines-of-credit opened on or after January 1, 2026 and does not apply to refinances of existing IMCU home equity lines. This rate is only available for owner occupied single family residences. Certain restrictions and conditions apply. $5,000 minimum loan amount. After the first 6 months, all balances convert to the variable rate APR based on an index plus a margin. The variable rate is based on the highest Prime Rate (the index) as published in the Wall Street Journal in effect on the last Tuesday of the calendar month. The APR for the Home Equity Line of Credit may increase or decrease, but will never fall below 2.75% and will never exceed a maximum rate of 21.00% or highest rate allowable by law. The margin is 0.50% to 3.00%, depending upon credit worthiness, term, credit score and combined loan-to-value (CLTV). As of 12/11/2025, the Prime Rate was 6.750%, so APRs are 7.250% (Prime Rate + 0.50% margin) to 9.750% (Prime Rate + 3.0% margin). Credit advances may be taken for 5 years (draw period) and renewed up to a total of 20 years. A repayment period for a minimum of the remaining 20 year term will require, at minimum a monthly payment of the finance charges (accrued interest) for the prior month. Depending on the terms of your loan, if you made the minimum payments due each month, your loan may have a balloon payment due at maturity of the full amount drawn. CLTV is based on the Indiana Members Credit Union approved valuation method. IMCU home equity lines may be eligible for interest only payment option. Consult your tax advisor regarding deductibility. Certain restrictions and conditions apply. Property owner must supply proof of insurance. NMLS # 402492.

⁴Annual Percentage Rate. Rate effective 12/11/2025 and subject to change. Rates are based on an index of Prime Rate published in the Wall Street Journal on the last Tuesday of the month plus a margin. IMCU rates change the first of the month. Rates may vary based on credit scores and CLTV. Stated Rate requires maximum 80% CLTV and minimum FICO score of 680. Maximum rate is 21%. Subject to credit approval. Owner occupied properties only. Regardless of minimum payment, you may always choose to pay more.

Home Equity Line of Credit

Details	30-Year Interest-Only Line of Credit	40-Year Interest-Only Line of Credit
Intro Rate	3.9%²	4.5%³
Overall Limitation	95% of appraised value, less balance of 1st mortgage	95% of appraised value, less balance of 1st mortgage
Draw Period	5 Years	5 Years
Rate	Variable, based on Prime + Margin	Variable, based on Prime + Margin
Monthly Payment	The monthly payment will be calculated at 1% of the loan balance at the time of the last draw.	The monthly payment will be calculated at 1% of the loan balance at the time of the last draw.
Current Rate (80% LTV and less) as low as	6.75% APR⁴	7.25% APR⁴

Home Equity Loan

Term	1st Lien Rate As Low As	2nd Lien Rate As Low As	LTV
5 Years	6.375% APR⁵	8.000% APR⁵	80% or Less
7 Years	6.500% APR⁵	8.250% APR⁵	80% or Less
10 Years	6.625% APR⁵	8.500% APR⁵	80% or Less
15 Years	Currently not available	8.625% APR⁵	80% or Less

⁵Rates effective 12/11/2025 and subject to change. Stated Rate requires 80% maximum CLTV and minimum FICO 720. A $5,000 loan with a 5-Year term at 8.000% APR has payments of $101.39 per month. Longer terms and other rates available. Rates and maximum CLTV vary based on credit score and DTI. Subject to credit approval. Owner occupied properties only. Consult your tax advisor regarding deductibility. Regardless of minimum payment, you may always choose to pay more.

Home Equity Documents & Tools

Educational Resources

Indiana Members Credit Union provides home loan solutions to help you buy, refinance, or build, supported by local service across Central and Southern Indiana.

Come home to a better

mortgage experience at IMCU.

Whether you're buying a first home, building your dream home or investing in residential properties, our home lending team is on your side. We'll explain all your options so you can choose the mortgage that matches your goals. We've helped generations of families establish roots in Central and Southern Indiana, and we can assist with your next purchase or refinance.

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¹Closing Costs: Effective with applications dated October 28, 2024. Appraisal (both exterior only and interior/exterior) fees incurred during the origination of the loan must be paid at closing. Appraisals are required on all loan amounts more than $125,000.

²Intro Rate Annual Percentage Rate. This rate (effective January 1, 2026) is a special limited time offer and subject to change without notice. Introductory rate of 3.90% APR applies to new 30 Year home equity lines-of-credit opened on or after January 1, 2026 and does not apply to refinances of existing IMCU home equity lines. This rate is only available for owner occupied single family residences. Certain restrictions and conditions apply. $5,000 minimum loan amount. After the first 6 months, all balances convert to the variable rate APR based on an index plus a margin. The variable rate is based on the highest Prime Rate (the index) as published in the Wall Street Journal in effect on the last Tuesday of the calendar month. The APR for the Home Equity Line of Credit may increase or decrease, but will never fall below 2.75% and will never exceed a maximum rate of 21.00% or highest rate allowable by law. The margin is 0.00% to 2.50%, depending upon credit worthiness, term, credit score and combined loan-to-value (CLTV). As of 12/11/2025, the Prime Rate was 6.750%, so APRs are 6.750% (Prime Rate + 0.00% margin) to 9.25% (Prime Rate + 2.5% margin). Credit advances may be taken for 5 years (draw period) and renewed up to a total of 15 years. A repayment period for a minimum of the remaining 15 year term will require, at minimum a monthly payment of the finance charges (accrued interest) for the prior month. Depending on the terms of your loan, if you made the minimum payments due each month, your loan may have a balloon payment due at maturity of the full amount drawn. CLTV is based on the Indiana Members Credit Union approved valuation method. Payment example does not include taxes or insurance; actual payment may be greater. IMCU home equity lines may be eligible for interest only payment option. Consult your tax advisor regarding deductibility. Certain restrictions and conditions apply. Property owner must supply proof of insurance. NMLS # 402492.

³Subject to credit approval, CLTV, DTI, and FICO requirements; owner-occupied properties only.