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Home Equity Line of Credit

Use funds from your home for anything you want, anytime you need — even in case of emergency.

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  2. Loans
  3. Home Equity
  4. Home Equity Line of Credit
Home Equity Line of Credit 6-Month Intro Interest Rate 6-Month Intro APR Interest Rate  APR  Points 
Home Equity Line of Credit 4.99% 4.99% 7.75% 7.75% 0.000

Rates are based on an evaluation of credit history, combined loan-to-value ratio, loan term, and occupancy, so your rate may differ. Not all applicants will qualify for the displayed lowest rates. The term is 25 years, consisting of a 10-year draw period with interest-only payments followed by a 15-year repayment period with principal plus interest, which may increase your monthly payments. The Introductory Annual Percentage Rate (APR) of 4.99% is for new Home Equity Lines of Credit only and is for the first six months. HELOC modifications, renewals and increases that utilize the same property are not considered new and are not eligible for the introductory rate. To receive the Introductory rate, a draw of at least $10,000 must be made within 30 days of account opening. After the introductory rate expires, balances will be charged at the variable APR based upon the Prime rate as published in The Wall Street Journal plus a margin. The APR will never be lower than 3.75% or higher than 18%. The stated rate, correct as of November 8, 2024, applies to borrowers with credit scores of 730 or greater, CLTV 80% or less, and owner-occupied single-family residences. Elements Financial will conditionally waive the following Closing Costs associated with your home equity line of credit: flood certification, title search or title abstract, credit report, recording fees, and a simple valuation. You may be required to pay other costs such as taxes, and when required, appraisal fees. However, if you close your home equity line of credit within 36 months after it is opened, you will be required to pay an Early Closure Fee in the amount of the Closing Costs originally waived. These costs vary by state and property type. Elements Financial reserves the right to modify or end this offer at any time. Additional terms and conditions may apply. Subject to credit approval. Elements Financial Membership Required.

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Home Equity Line of Credit

Put your home to work for upcoming purchases.

KEY FEATURES

  • Introductory rate of 4.99% APR on new Home Equity Lines of Credit for 6 months then as low as 7.75% variable APR1
  • The amount you can borrow is based on the equity you have in your home, up to 90% of the value of the home
  • Access as much or as little as you need whenever you need it — up to the credit limit established at closing
  • Revolving credit line for the 10-year draw period — use, repay, repeat
  • Interest-only payment feature for 10 years
  • No prepayment penalties
  • No annual fee
  • No closing costs

Calculate How Much You Can Borrow

MAY BE A GOOD CHOICE IF

  • You want the flexibility of using the funds only when and if you need them
  • You want to have funds available for unexpected emergencies, such as a new furnace, medical bills, or other major surprise expenses
  • You anticipate major expenses, such as home improvements, new car, tuition, big vacation, second home, or other large-ticket items
  • You want to consolidate debt from other loans or credit cards

Compare Home Equity Options

Quick Advice for using a Home Equity Line of Credit

  • Open New Possibilities with a HELOC

    (1 of 3)

    A Home Equity Line of Credit opens new possibilities. From home improvements, to paying for a vacation, to college tuition… this line of credit gives you options to use it however and whenever you need it. Watch Julie Bowering, VP of Mortgage Lending, in our recent Quick Advice video for more tips.

    Watch the Quick Advice Video

  • No Better Time Than Now for a HELOC

    (2 of 3)

    There is no better time than now! Our secret to taking full advantage of your Home Equity Line of Credit is to set it up when you don’t need it. It’s immediately ready to use when you come across a need for the funds. Plus, you won’t pay unless you use it. Watch Julie Bowering, VP of Mortgage Lending, in our recent Quick Advice video for more tips.

    Watch the Quick Advice Video

  • Start Today for Free with a HELOC

    (3 of 3)

    Why not start now? A Home Equity Line of Credit with Elements costs nothing to set up. We make the process quick and easy, and best of all… free of charge! In most cases, you’ll enjoy no closing costs and an introductory rate for the first six months. Watch Julie Bowering, VP of Mortgage Lending, in our recent Quick Advice video for more tips.

    Watch the Quick Advice Video

So, what exactly is a Home Equity Line of Credit (HELOC)?

A Home Equity Line of Credit, also known as a HELOC, allows you to borrow funds using your home as collateral.

What is “Equity”?

Equity is the current value of your home minus the amount you owe on other mortgages. The amount you can borrow is based on the equity you have in your home. 

How a Line of Credit Works

You can access as much or a little as you need from your HELOC, whenever you need it, up to the credit limit established at closing. Much like a credit card that allows you to borrow against your spending limit as often as needed, a HELOC gives you the flexibility to borrow against your home equity, repay and repeat.

You can easily make transfers from your HELOC to your Elements checking accounts within online banking. Elements will also provide an Equity Access Visa® Card and checks that you can use to easily make purchases directly with your HELOC funds.

There are two phases to a HELOC:

  • Draw Period: Initial 10 years when you can borrow from the credit line.
  • Repayment Period: Following 15 years when you pay back the amount borrowed plus interest as with a fixed rate loan.

Interest-Only Feature

Interest-only payments are featured during the first 10 years of the line of credit. After this time, the borrowed amount converts to a fixed loan payment structure in order to pay the complete balance with the interest over the next 15 years.

Get Started

Prefer predictable monthly payments that stay the same and a lump sum payout? Consider a Home Equity Loan.

Can I really use it on anything I want?

Yes, you really can! You can use your Elements Home Equity Line of Credit (HELOC) to finance major expenses, such as:

  • Home improvements
  • College (paying off student loans or paying tuition directly)
  • That big vacation
  • A new car
  • A second home
  • Medical bills
  • Debt consolidation
  • Unexpected emergencies
  • It's up to you! 

Apply for a HELOC

Tell me more about interest-only payments for 10 years…

An Elements Home Equity Line of Credit (HELOC) allows you to pay only the interest costs for up to 10 years without having to pay down your loan balance. Then the balance converts to a 15-year loan, and you must begin making payments, including interest and principal to pay off the debt, or apply for a new HELOC if you still have equity in your home.

The interest-only payment feature gives you low monthly payments during the initial term and can free up cash flow so you can choose how and when you spend your money.

For example, your interest-only payment would be about $10 per month for a $10,000 HELOC balance.

Apply for a HELOC

How does a HELOC compare to other choices for major purchases?

There are benefits and trade-offs to all loans, especially when it comes to paying off major expenses. If you own your home, a Home Equity Line of Credit is often the most flexible and affordable option for major purchases like home improvements, paying for college, or even a big vacation.

Compare different types of loan products in the chart below to determine which is best for your needs. As always, your support team at Elements is ready to help you find the product that is best for you—just give us a call at 1-317-542-5055.

  Home Equity Line of Credit Home Equity Loan Personal Unsecured Signature Loan Platinum Visa Credit Card
What It Is

Borrow funds using the equity in your home

Revolving credit line for the 10-year draw—use, repay, repeat

Borrow funds using the equity in your home

Loan for a set amount

Borrow money without using collateral

Loan for a set amount

Borrow money without using collateral
Key Benefits

Lowest interest rate

Fixed monthly payments

Fixed monthly payments

$200 Cash Bonus2
APR

Intro APR for 6 months: 4.99%1

Variable APR after 6-month intro period: As low as 7.75%

10-year fixed: 8.514%

15-year fixed: 8.717%

4-year fixed: 9.84%

Intro APR for 6 months: 0%3

Variable APR after 6-month intro period: 13.49%
A Good Option for a Major or Unexpected Purchase If You

Own your home

Want the flexibility of using funds whenever you need them

Want a lower payment

Own your home

Want money upfront in a lump sum single payout

Want a locked-in fixed interest rate

Want predictable monthly payments that stay the same

Don't own your home

Want predictable monthly payments that stay the same

Don't own your home

Have the means to pay off your balance right away
Can Use It For

Anything! Purchases such as:

- Unexpected emergencies
- Home improvements
- College
- That big vacation
- A new car
- A second home
- Debt Consolidation

Best for purchases such as:

- Planned home improvement projects
- College
- A second home
- Debt consolidation

Consolidating loans

Paying off credit cards

Anything!

Best for smaller, everyday purchases
No Prepayment Penalties
No Annual Fee
Available Amounts

Whatever your available equity is in your home

Whatever your available equity is in your home

Borrow up to $25,000, based on credit rating

Borrow up to $25,000 based on credit rating

Should I apply even before I need the money?

Sure! Your home can act as a safety net for those times when life throws you a curveball: your furnace goes out, you have unplanned medical bills, someone loses a job, your car repairs cost more than you’re ready for—you get the idea. If you’ve already secured a HELOC, you will be ready for those emergencies because you can immediately draw money from your line of credit. Of course, you won’t have anything to pay back until, or if, you draw on the HELOC. So, yes, it is a good idea to take advantage of your biggest asset by proactively applying for an Elements HELOC.

Get Started

What are the fees?

There are no closing costs, prepayment penalties, or an annual fee associated with a home equity line of credit.

An appraisal fee may be necessary, depending on the value and equity of the loan.

How do I access the HELOC funds?

You can access your equity simply and easily by transferring funds from your HELOC account to your Elements checking account within online banking. Elements will also provide a Home Equity Access Visa® card and checks that you can use to easily make purchases directly with your HELOC funds.

You can access as much or as little as you need from your HELOC, whenever you need it, up to the credit limit established at closing. Much like a credit card that allows you to borrow against your spending limit as often as needed, a HELOC gives you the flexibility to borrow against your home equity, repay, and repeat.

Does Elements Financial offer debt consolidation loans?

We do offer consolidation loans to consolidate bills and pay off other debts. A Home Equity Line of Credit (see information on this page) can be used for that purpose. Other options available to most members include Personal Loans, Home Equity Loans, or even a first mortgage refinance with a debt consolidation option.

Why should I go to Elements for my HELOC?

Like a Bank, Only Better!

Better Rates. Fewer Fees.

Because we’re a credit union, we return profits to members in the form of reduced fees, higher savings rates and lower loan rates.

Trusted Advice. Fresh Approach.

We pride ourselves in being a trusted source for financial education. We come to your workplace to answer questions and can provide you with personalized guidance about your HELOC.

Respected Locally. Accessed Globally.

Headquartered in Indianapolis since 1930, we rank among the top 3% of credit unions nationally4. We serve members in all 50 states and 50+ countries. You’ll have access to 5,000+ shared branches nationwide and 78,000+ surcharge-free ATMs globally.

High Tech. Human Touch.

Our technology makes banking with Elements easy. From quick digital applications to online and mobile banking, we’ll be by your side wherever you go. We’re here for you with member service available 24/7 and live chat during the workday.

Get Started

How do I apply?

3 Easy Steps to Apply

  1. Apply online - You can apply online in as little as 10 minutes! Submit your application anytime Or call 1-800-561-9433 to get started. Have ready your government-issued ID (driver’s license, state ID, or passport) and estimates of your household income, assets, home value and price you paid for your home.
  2. Take our call - We'll contact you within one business day after you submit your application to go over what documentation we'll need and to answer your questions.
  3. Schedule your closing - We'll contact you with a decision within 10 business days and schedule a closing at a location convenient to you if approved. That's it — your line of credit is open!

Apply Now

I recently discovered that I could use my home's equity for more than just home improvements, so my husband and I took out a HELOC to pay for a portion of our son's college. The great rate is saving us a ton of money!

- Patty S. | Member since 2001

How Much Can I Borrow From My Home Equity?

Home Equity Calculator

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  1. 1 Rates are based on an evaluation of credit history, combined loan-to-value ratio, loan term, and occupancy, so your rate may differ. Not all applicants will qualify for the displayed lowest rates. The term is 25 years, consisting of a 10-year draw period with interest-only payments followed by a 15-year repayment period with principal plus interest, which may increase your monthly payments. The Introductory Annual Percentage Rate (APR) of 4.99% is for new Home Equity Lines of Credit only and is for the first six months. HELOC modifications, renewals and increases that utilize the same property are not considered new and are not eligible for the introductory rate. To receive the Introductory rate, a draw of at least $10,000 must be made within 30 days of account opening. After the introductory rate expires, balances will be charged at the variable APR based upon the Prime rate as published in The Wall Street Journal plus a margin. The APR will never be lower than 3.75% or higher than 18%. The stated rate, correct as of November 8, 2024, applies to borrowers with credit scores of 730 or greater, CLTV 80% or less, and owner-occupied single-family residences. Elements Financial will conditionally waive the following Closing Costs associated with your home equity line of credit: flood certification, title search or title abstract, credit report, recording fees, and a simple valuation. You may be required to pay other costs such as taxes, and when required, appraisal fees. However, if you close your home equity line of credit within 36 months after it is opened, you will be required to pay an Early Closure Fee in the amount of the Closing Costs originally waived. These costs vary by state and property type. Elements Financial reserves the right to modify or end this offer at any time. Additional terms and conditions may apply. Subject to credit approval. Elements Financial Membership Required.
  2. 2 Credit Card Related $200 Cash Bonus Value Offer — requiring at least 10 card purchase transactions totaling at least net $1,000 within 90 days of card approval — will be fulfilled as a one-time $200 statement credit. Statement credit will not reduce your monthly payment. If the account is closed within six months, we reserve the right to add the amount of the statement credit back to your account balance at that time. Secured Credit Card excluded. Existing or previous Elements credit cardholders not eligible.  /  Offer subject to credit approval and may be taxable. Elements reserves the right to amend or discontinue offers at any time. Additional terms and conditions may apply. Please allow 4-6 weeks after qualifications are met for receipt of a statement credit. Product offers cannot be combined with other promotional offers for the same product. One offer per household.
  3. 3 Platinum Visa Introductory APR (Annual Percentage Rate) good for six months. Elements Financial loans are not eligible for payoff with introductory balance transfer offers. Subject to credit approval. Additional limitations, terms, and conditions apply. After introductory period your Standard variable APR for Purchases and Balance Transfers will be 13.49% for Platinum Visa. Rate effective November 8, 2024, and will vary with the market based on the Prime Rate as published in The Wall Street Journal. Elements reserves the right to amend or discontinue offers at any time. Terms & Conditions.
  4. 4 Based on asset size as of 12/31/2022.