Unlock Your Home’s Equity

Your home is more than just a place to live – it's an investment. And now you can put one of the biggest investments of your life to work for you. We give you two ways to access these funds – a Home Equity Line of Credit or Loan.

With our Home Equity products, you’ll enjoy:
• Competitive Rates: Oftentimes lower than credit cards or personal loans
• Endless Uses: Use your line of credit or loan for whatever you need
• Local Lending: Here to serve you in your community

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Home Equity Line of Credit

The best way to have flexible funds on deck anytime
• Borrow from the equity in your home at a competitive rate with ease
• Funds can be used, paid off, and used again
• Only pay interest on the money that you actually borrow

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EXPERT TIP: What’s a Home Equity Line of Credit (HELOC)? Similar to a credit card, a HELOC is a form of revolving credit that allows you to borrow funds up to a specific limit. You’ll only pay interest on funds that are actually accessed, and as you pay your balance down, those funds will be available for use again.

Home Equity Loan

The best way to receive upfront funds with a fixed rate and fixed term
• Apply for the lump sum amount you need at a competitive rate with ease
• Put the value of your home to work for you
• Enjoy predictable payments over the term of your loan, up to 20 years

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EXPERT TIP: What’s a Home Equity Loan? If a line of credit is similar to a credit card, a Home Equity Loan is more comparable to a traditional mortgage, in that you borrow a specific amount of money and then make regular payments over a fixed period.

Making the Most of Your Equity

The possibilities for how you can use a Home Equity Line of Credit or Loan are truly endless. For instance, consider these options:
• Home Renovations: Use your equity to increase the value of your home
• Debt Consolidation: Save on monthly payments by enjoying a lower rate
• Large Expenses: From medical bills to a new fridge, have cash ready for a rainy day
• Milestone Costs: Paying for a wedding, your child’s education, or a dream vacation

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Because We’re A Credit Union

Where you bank matters, and because we’re a credit union, you’ll receive these extra benefits:

Competitive Rates
With our not-for-profit status, you’ll notice competitive rates – making it easier to keep your hard-earned money in your pocket. It’s just one way we give back!

Personalized Service in Your Neighborhood
Tired of calling your bank and listening to elevator music? We’re here for you, with many locations in Central Indiana where you can stop by and talk to us about anything, anytime.

Frequently Asked Questions

We’re here to help – now or any time you need us! Contact us for guidance on your unique situation or explore these Frequently Asked Questions:

What are your rates and how are they determined?
You’ll find our current rates here. Your rate will be determined based on various factors, including your credit score.

How do I determine the equity in my home?
To calculate the equity in your home, subtract the outstanding mortgage balance from the estimated market value of the property. For instance, for a home valued at $150,000 with a remaining mortgage balance of $100,000, the equity would be $50,000.

While you won’t be able to borrow the entire amount of available equity, we can help you determine what percent you may be able to access or use our financial education resources online.

My application has been submitted. What’s next?
If you apply online, one of our Loan Specialists will reach out to you quickly to gather some additional information, give you next steps, and answer your questions.

I’ve been approved! How do I access and use my funds?
First, congrats! We’re glad to help you access your equity.

For a Home Equity Loan or Line of Credit, you can simply transfer funds into your checking account and make your purchases via ACH or debit card.

For a Home Equity Line of Credit, you also have the option to order checks on our partner's website or visit any location for help ordering them.

Is an appraisal required?
Yes, we require an appraisal of your property to determine its value and your eligibility for the line of credit or loan. The appraisal helps us understand the value of your property, as well as your mortgage balance and creditworthiness, which are used to determine the amount of equity available to be borrowed.

What costs and fees are involved?
Good news! There are no application or annual fees. You may incur fees for processing, an appraisal, and title work as part of your closing costs.

How do I make payments?
The easiest way is to set up re-occurring payments within Online Banking. Contact us if you need assistance getting started. Additional options include:
• Visit a banking center or shared branch
• Mail a check with your account number and instructions to Financial Center at: PO Box 26501 | Indianapolis, IN 46226
• Manually transfer monthly via our online or mobile banking platforms

With a HELOC, how long can I draw and repay my balance?
There is a five-year draw period where you’ll be able to use and pay back funds freely, up to your limit. After that, you’ll enjoy a 10-year repayment period – so take your time paying back those balances.

It’s closing time! How does this process happen?
We’re all about making things quick and easy for you. The majority of your documents can be signed electronically, then just make a quick visit to one of our locations to finalize the process.

Download Product Flyers

Want to print information about these products? Download PDF versions here:

Home Equity Loans

Home Equity Lines of Credit

All loans subject to credit approval. Subject to underwriting guidelines. Lender NMLS #509724. Financial Center First Credit Union membership required.