Home Equity

Current HELOC Special Offer:

1.9% 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

Minimum Loan Amount $5,000
Maximum Loan Amount $100,000
Overall Limitation 90% of appraised value, less balance of 1st mortgage
Draw Period 5 years
Rate 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.
Current Rate (80% LTV and less) as low as  3.25%APR

Home Equity Line-of-Credit

Minimum Loan Amount $5,000
Maximum Loan Amount $100,000
Overall Limitation 95% of appraised value, less balance of 1st mortgage
Draw Period 5 years
Rate Variable, based on Prime + margin
Monthly Payment The monthly payment will be calculated at 1% of loan balance at the time of the last draw
Current Rate (80% LTV and less) as low as 3.25% APR2

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 3.75% APR3 3.99% APR3 80% or Less
7 Years 4.00% APR3 4.25% APR3 80% or Less
10 Years 4.25% APR3 4.50% APR3 80% or Less

1 Annual Percentage Rate. This rate (effective 09/01/20) 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. Introductory rate of 1.90% APR applies to new home equity lines-of-credit opened on or after 09/01/20 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 09/01/20, APRs are 3.25% (Prime Rate) to 5.75% (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 $100,000 and greater, additional fees may be required for appraisal, title search, flood determination and filing fees. Property owner must supply proof of insurance. Existing IMCU home equity lines may be eligible for interest only payment option. Consult your tax advisor regarding deductibility. Indiana Members Credit Union is federally insured by the National Credit Union Association. Equal Housing Lender. NMLS 402492.
2Annual Percentage Rate. Rate effective 09.01.2020 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.
3 Rate effective 04.01.2020 and subject to change. Stated Rate requires 80% maximum CLTV and minimum FICO 720. A $5,000 loan with a 5-year term at 3.75% APR has payments of $91.52 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.