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Home Equity Line of Credit

用你家里的钱买任何你想要的东西,任何时候你需要——即使是在紧急情况下.

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Or call 1-800-621-2105

Home Equity Line of Credit 6-Month Intro Interest Rate 6-Month Intro APR Interest Rate  APR  Points 
Home Equity Line of Credit 5.99% 5.99% 8.50% 8.50% 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, 包括10年只付息的提款期和15年本金加利息的还款期, which may increase your monthly payments. The Introductory Annual Percentage Rate (APR) of 5.99% is for new Home Equity Lines of Credit only and is for the first six months. HELOC modifications, 使用同一物业的续订和增加不被视为新的,也不符合介绍性费率. 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, 余额将根据《利记》公布的优惠利率加上保证金,按可变年利率收取. The APR will never be lower than 3.75% or higher than 18%. The stated rate, correct as of June 1, 2024, applies to borrowers with credit scores of 730 or greater, CLTV 80% or less, and owner-occupied single-family residences. Elements Financial将有条件地免除与您的房屋净值信贷额度相关的以下交割费用:洪水认证, title search or title abstract, credit report, recording fees, and a simple valuation. 您可能需要支付其他费用,如税收,以及必要时的评估费. However, if you close your home equity line of credit within 36 months after it is opened, 贵方将被要求按最初豁免的交割费用金额支付提前交割费. 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.

Home Equity Line of Credit

Put your home to work for upcoming purchases.

KEY FEATURES

  • Introductory rate of 5.99% APR on new Home Equity Lines of Credit for 6 months then as low as 8.50% 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
  • 无论何时,只要您需要,都可以根据您的需要访问或多或少-直到关闭时建立的信用额度
  • 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

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

A woman woodworking to improve her home

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. 就像信用卡一样,你可以根据自己的消费限额随时借款, a HELOC gives you the flexibility to borrow against your home equity, repay and repeat.

您可以在利记轻松地从您的HELOC转账到您的Elements支票账户. Elements还将提供Equity Access Visa®卡和支票,您可以使用这些卡轻松地直接使用HELOC资金进行购买.

There are two phases to a HELOC:

  • Draw Period: Initial 10 years when you can borrow from the credit line.
  • 还款期:15年后,当你偿还借款加上利息与固定利率贷款.

Interest-Only Feature

Interest-only payments are featured during the first 10 years of the line of credit. After this time, 借款金额转换为固定的贷款支付结构,以便在未来15年内支付全部余额和利息.

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?

A college graduate looking really happy

Yes, you really can! 您可以使用Elements房屋净值信贷额度(HELOC)来支付主要费用,例如:

  • 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…

Friends on a boat in a remote part of the world

An Elements Home Equity Line of Credit (HELOC) allows you to pay 只需支付长达10年的利息成本,而无需偿还贷款余额. 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.

只付利息的功能让你在最初的期限内每月支付的费用很低,可以释放现金流,这样你就可以选择如何以及何时花钱.

例如,您的HELOC余额为10,000美元,您每月只需支付约10美元的利息.

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, 房屋净值信贷额度通常是最灵活和负担得起的选择,用于家庭装修等重大购买, paying for college, or even a big vacation.

在下面的图表中比较不同类型的贷款产品,以确定哪种最适合您的需求. As always, 您在Elements的支持团队随时准备帮助您找到最适合您的产品,请致电我们 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: 5.99%

Variable APR after 6-month intro period: As low as 8.50%

10-year fixed: 8.777%

15-year fixed: 8.977%

4-year fixed: 9.84%

Intro APR for 6 months: 0%

Variable APR after 6-month intro period: 14.24%

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?

A man with crutches talking to his doctor in a hospital

Sure! 你的家可以作为一个安全网,当生活抛给你一个曲线球:你的炉子熄灭了, 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, 你会为这些紧急情况做好准备,因为你可以立即从你的信用额度中提取资金. Of course, you won’t have anything to pay back until, or if, you draw on the HELOC. So, yes, 通过主动申请Elements HELOC来利用你最大的优势是个好主意.

Get Started

What are the fees?

An older couple hugging outside their RV

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?

A couple doing some home planning for improvements

您可以通过在线银行将资金从您的HELOC账户转移到您的Elements支票账户,轻松轻松地访问您的股权. Elements还将提供Home Equity Access Visa®卡和支票,您可以使用这些卡和支票轻松地直接使用HELOC资金进行购买.

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. 就像信用卡一样,你可以根据自己的消费限额随时借款, a HELOC gives you the flexibility to borrow against your home equity, repay, and repeat.

Does Elements Financial offer debt consolidation loans?

Couple laughing while enjoying time on their boat on a sunny day.

We do offer consolidation loans to consolidate bills and pay off other debts. 房屋净值信贷额度(见本页信息)可用于此目的. 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?

A woman withdrawing money from an ATM

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.

自1930年以来,我们的总部设在印第安纳波利斯,在全国信用合作社中排名前3%3. We serve members in all 50 states and 50+ countries. 您可以使用全国5000多家共享分行和全球78000多台免费atm机.

High Tech. Human Touch.

Our technology makes banking with Elements easy. 从快速的数字应用程序到在线和移动银行,无论您走到哪里,我们都会在您身边. 我们在这里为您提供全天候会员服务,并在工作日进行实时聊天.

Get Started

How do I apply?

Screenshot of Elements online application

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 - 我们将在您提交申请后的一个工作日内与您联系,查看我们需要哪些文件并回答您的问题.
  3. Schedule your closing - 我们将在10个工作日内与您联系,并在您方便的地点安排关闭,如果批准. That's it — your line of credit is open!

Apply Now

我最近发现,我可以用我的房屋净值来做更多的事情,而不仅仅是改善房屋, 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

Results

in a home equity loan or line of credit
  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, 包括10年只付息的提款期和15年本金加利息的还款期, which may increase your monthly payments. The Introductory Annual Percentage Rate (APR) of 5.99% is for new Home Equity Lines of Credit only and is for the first six months. HELOC modifications, 使用同一物业的续订和增加不被视为新的,也不符合介绍性费率. 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, 余额将根据《利记》公布的优惠利率加上保证金,按可变年利率收取. The APR will never be lower than 3.75% or higher than 18%. The stated rate, correct as of June 1, 2024, applies to borrowers with credit scores of 730 or greater, CLTV 80% or less, and owner-occupied single-family residences. Elements Financial将有条件地免除与您的房屋净值信贷额度相关的以下交割费用:洪水认证, title search or title abstract, credit report, recording fees, and a simple valuation. 您可能需要支付其他费用,如税收,以及必要时的评估费. However, if you close your home equity line of credit within 36 months after it is opened, 贵方将被要求按最初豁免的交割费用金额支付提前交割费. 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,在信用卡批准后的90天内,将一次性获得200美元的对账单信用. Statement credit will not reduce your monthly payment. If the account is closed within six months, 届时,我们保留将对账单贷方的金额重新计入您的账户余额的权利. 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 Based on asset size as of 12/31/2022.