Our home equity line of credit works similar to a credit card. You are allowed to borrow up to an approved line of credit for the first 10 years. After the initial draw period of ten years, you will have several options to repay the outstanding loan amount. First, the line of credit can be automatically converted to a term note and be paid back up to 15 years from the date of the last advance. Or, upon loan qualification, the line of credit account can be reestablished for your use. Your payments will vary depending on the variable interest rate and how much credit you have used.
We invite you to stop by one of our Centers, or call and let us show you how we can make borrowing money easy for you.
- Convenience - checks or Visa Gold Home Equity Card
- Variable rate feature*
- Up to 90% of home value*
- Interest may be tax deductible*
- No closing cost/No annual fees**
Frequently Asked Questions
Q. Are there any closing costs?**
A. Financial Center will pay all closing costs for the establishment of your Home Equity Line of Credit.
Q. Is it tax deductible?
A. You should consult a tax advisor regarding the deductibility of the interest and charges you pay under this home equity plan.
Q. Are there any fees?**
A. There is NO transaction fee.
There is NO annual maintenance fee.
Q. How do I get advances in the future?
A. We make that easy for you, too! We will provide you with checks - all you have to do is fill them in just like your personal checks. We will process them and adjust your payment. Or, we will issue you a Visa Gold Home Equity Card.
Q. Can I apply over the telephone?
A. Yes, we can take the application over the telephone and schedule an appointment for you to bring in the necessary items to finish your application. Contact our Mortgage Department at 317.916.7700.
* Subject to underwriting guidelines. Rates may vary depending on the amount borrowed and the equity in your home. Property insurance is required. Indiana residents only. Borrower's primary residence only. Consult your tax adviser regarding deductibility of interest. The variable ANNUAL PERCENTAGE RATE is subject to change monthly and minimum monthly payments can change as a result. Maximum ANNUAL PERCENTAGE RATE on the Home Equity Line of Credit not to exceed 18%. Consult your tax adviser regarding deductibility of interest.
** Your account requires title, appraisal, flood and recording fees. These closing costs will be paid by Financial Center. If the line of credit closes within 24 months, you will be required to reimburse Financial Center for closing costs.