Home Equity

Current HELOC Special Offer:

3.9% APR1 for 180 days on your new IMCU HELOC!

 

Home Equity Line-of-Credit

A Home Equity Line of Credit (HELOC) allows you to establish a line of credit from the equity in your home. You can borrow up to your established limit, anytime, for any purpose and at your convenience. Best of all, there are no closing costs, no annual maintenance fees and no prepayment penalties.

Benefits
  • No application fee
  • Use your advance for home improvements, debt consolidation, education, boat/RV, etc.
  • No closing costs
  • No annual fee

Home Equity Documents & Tools


Interest Only Home Equity Line-of-Credit



 30 Year Interest Only Line-of-Credit 40 Year Interest Only Line-of-Credit
Intro Rate 3.9%1 4.5%2
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 8.25% APR3  8.75% APR3 

Home Equity Line-of-Credit


 30 Year Home Equity Line of Credit 40 Year Home Equity Line of Credit
Intro Rate 3.9%1 4.5%2
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 8.25% APR3   8.75% APR3

Home Equity Loan

A Home Equity Loan is another option available to allow you access to equity in your home.  See below for term details!
TERM

 1ST LIEN RATE AS LOW AS 2ND LIEN RATE AS LOW AS
LTV
5 Years 6.199% APR4 6.699% APR4 80% or Less
7 Years 6.500% APR4 7.125% APR4 80% or Less
10 Years 6.625% APR4 7.375% APR4 80% or Less
15 Years 6.500%APR4 7.625%APR4 80% or Less

1Annual Percentage Rate. This rate (effective January 1, 2023) is a special limited time offer and subject to change without notice. This rate is only available for owner occupied single family residences. Certain restrictions and conditions apply. $5,000 minimum loan amount. Introductory rate of 3.90% APR applies to new 30 Year home equity lines-of-credit opened on or after January 1, 2023 and does not apply to refinances of existing IMCU home equity lines. After the first 180 days, all balances convert to the variable rate APR based on an index of the Prime Rate published in the Wall Street Journal. (As of May 4, 2023, APRs are 8.25% (Prime Rate) to 10.75% (Prime Rate + 2.5%), with a maximum rate of 21% or highest rate allowable by law. LTV is based on the Indiana Members Credit Union approved valuation method. For HELOCs $400,000 and greater, additional fees may be required for appraisal, title search, flood determination and filing fees. Property owner must supply proof of insurance. IMCU home equity lines may be eligible for interest only payment option. Consult your tax advisor regarding deductibility. A special introductory rate of 4.50% APR applies to the 40 Year Home Equity Lines of Credit. Additional specials are available for existing IMCU Members with a Home Equity Lind of Credit that advance an aggregate of $10,000 or more between January 15, 2023 and July 31, 2023.  Indiana Members Credit Union is federally insured by the National Credit Union Association. Equal Housing Opportunity Lender. NMLS # 402492.

2Annual Percentage Rate. This rate (effective January 1, 2023) is a special limited time offer and subject to change without notice. This rate is only available for owner occupied single family residences. Certain restrictions and conditions apply. $5,000 minimum loan amount. Introductory rate of 4.50% APR applies to new 40 Year home equity lines-of-credit opened on or after January 1, 2023 and does not apply to refinances of existing IMCU home equity lines. After the first 180 days, all balances convert to the variable rate APR based on an index of the Prime Rate published in the Wall Street Journal. (As of May 4, 2023, APRs are 8.75% (Prime Rate + 0.5%) to 11.25% (Prime Rate + 3.0%), with a maximum rate of 21% or highest rate allowable by law. LTV is based on the Indiana Members Credit Union approved valuation method. For HELOCs $400,000 and greater, additional fees may be required for appraisal, title search, flood determination and filing fees. Property owner must supply proof of insurance. IMCU home equity lines may be eligible for interest only payment option. Consult your tax advisor regarding deductibility.

3 Annual Percentage Rate. Rate effective May 4, 2023  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.

4 Rate effective 1.23.2023 and subject to change. Stated Rate requires 80% maximum CLTV and minimum FICO 720. A $5,000 loan with a 5-year term at 6.199% APR has payments of $97.16 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.
































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