Home Equity Loans & Lines

Turn what you’ve built into what you’ve been planning.

Apply Now Explore Rates

Home Equity Loans & Lines

Turn what you’ve built into what you’ve been planning.

Apply Now Explore Rates
Put the equity you’ve built in your home 

toward what you’re building next.

Choose flexible access or one lump sum 

based on what your plans need.

Home Equity Loans & Lines

Turn what you’ve built into what you’ve been planning.

Apply Now Explore Rates

Your home has been building more than memories.

As your home’s value grows, you'll build equity you can borrow against. Put it toward the kitchen that’s seen better days, higher-interest debt you’re ready to tackle, a big expense, or whatever life has waiting around the corner. At Financial Center, you have two easy ways to put that equity to work.

Home Equity Loan

A Home Equity Loan lets you borrow one lump sum upfront and pay it back with predictable payments over a fixed term. It’s a straightforward option when you have a specific expense – and a pretty good idea of what it’ll cost.

  • Receive your funds in one lump sum
  • Lock in a fixed rate for predictable payments
  • Choose repayment terms up to 15 years
  • Put your home’s equity toward one-time, larger expenses

Home Equity Line of Credit

A Home Equity Line of Credit – or HELOC – gives you flexible access to funds when you need them. Borrow what you need, pay it back, and use it again during your draw period.

  • Access funds as needs and projects come up
  • Only pay interest on the amount you actually borrow
  • Reuse available funds as you pay down your balance
  • Enjoy a five-year draw period followed by a 10-year repayment period

Home Equity Loan
Home Equity Line of Credit
Fixed APR as low as 6.00%1
Variable APR as low as 7.00%2
$250,000
$250,000
One time distribution at closing
Draw funds as needed up to approved credit limit
10 year - 15 year
5 year draw period 10 year repayment period
Fixed monthly payment
Payment based on outstanding balance and applicable rate

So, which one fits the plan?

The right option depends on what you’re planning – and how you want your money to work along the way.

Start Your Application
Go with a Home Equity Line of Credit when:
You want funds available over time, your costs may change, or you’d like to borrow, repay, and borrow again.
Go with a Home Equity Loan when:
You know roughly how much you need upfront and prefer a fixed rate, fixed term, and predictable payments.
Still deciding?
Our team of financial coaches can help you talk through both options and figure out which structure makes sense for what you have planned.

Your equity has places to go.

Your home’s value can give you more ways to pay for the plans, projects, and priorities ahead, including:

  • Home Improvements: Give the kitchen a second life, finish the basement, replace the roof, or finally tackle the project that’s been on the list.
  • Debt Consolidation: Bring higher-interest balances together and give your monthly budget a little more breathing room.
  • Big Expenses: Tuition. A wedding. An unexpected repair. Put the value you’ve built at home behind expenses happening elsewhere in life.
  • Whatever’s next: Not every big expense fits neatly into a category. Your equity can give you another way to fund the plans and possibilities ahead.

See what your home has been up to.

Your home’s value can change over time – and so can the equity you’ve built. Eligible homeowners can get a closer look with SavvyMoney3, a free member benefit available right inside Digital Banking.

  • See an estimate of your home’s current value
  • Get a better idea of the equity you’ve built
  • Track your home value and equity over time

Or, for quick math, just subtract your outstanding mortgage balance from the estimated market value of the property to get an idea of where you may stand.

Why Financial Center?

Your equity took time to build, and deciding how to use it deserves more than a quick approval. As your local credit union, we’ll help you make a move that keeps your bigger financial picture in mind.

Real guidance
Home equity can sound more complicated than it needs to. Our experts can help you determine what you've built and the best ways to tap into it for maximum value.
Competitive rates
You worked hard to build equity in your home. Competitive rates help you make more of it – no matter how you decide to use it.
Trusted advice
The projects may end, but your financial life keeps moving. Count on Financial Center for everyday direction with resources in our Financial Wellness Hub and one-on-one guidance from our team of Financial Coaching.

Still deciding?

Let's explore your options together.

Buy Now Pay Later

BNPL is only available to qualified digital banking users

Elite Rewards Credit Card
Personal Loan
Home Equity Line of Credit
FlexLine

BNPL is only available to qualified digital banking users

Smaller purchases — spreading the cost of a specific purchase over a short period
Everyday spending — purchases, recurring expenses and ongoing convenience
Larger one-time expenses — a vehicle repair, major purchase, wedding, medical expense, or debt consolidation
Larger or ongoing projects — home improvements, renovations, major expenses, emergency funds, or expenses where you want access to funds over time
Peace of mind for the unexpected — access funds to cover emergencies, avoid overdrafts, and bridge temporary cash flow needs.
N/A
13.50%APR4
9.99%APR5
7.00%APR2
N/A
Fixed
Variable
Fixed
Variable
Variable
3-18 months
N/A
Up to 60 months
5 year draw period 10 repayment period
N/A
Up to $3000
$20,000
$20,000
$250,000
$5,000

Your financial playbook for real life.

Tools to support your success.

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Frequently asked questions

Simply put, home equity financing lets you borrow against the equity you've built in your home.

  • A Home Equity Loan provides a lump sum with fixed monthly payments
  • A Home Equity Line of Credit (HELOC) gives you flexible access to funds as needed, and you only pay interest on what you borrow

The amount you can borrow depends on your available equity and other lending factors such as your home's appraisal value and your creditworthiness. You can explore our competitive rates right here on our website.

You can manage your home lending products within Digital Banking, including seeing your balance and monitoring your payment progress. There are several ways to make payments, including:

  • Set up recurring payments in Digital Banking
  • Make a one-time payment or transfer funds in Digital Banking
  • Visit a Financial Center location
  • Mail a check with your account number to: Financial Center, PO Box 26501, Indianapolis, IN 46226

Need help beyond making a payment? Whether you're interested in paying off your loan early, requesting a payoff amount, or just have questions, contact us for support.

Not every big idea starts at home.

Have a big purchase or personal goal that doesn't quite fit the home equity category? A Personal Loan could help you make it happen.
Personal Loans

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

  1. APR - Annual Percentage Rate and sample monthly payment amounts based on borrower credit score of 780 or higher, single-family owner-occupied property, estimated property value of $230,000 and first lien position home equity loan amount of $160,000.

  2. APR - Annual Percentage Rate based on borrower credit score of 780 or higher and loan-to-value equal to or less than 80%, single-family owner-occupied property in second lien position. APR is variable and based upon an index and margin, will vary with Prime Rate (index) as published in the Wall Street Journal, and will never exceed 18%. Applicable margin from -0.50% to +6.25%. Additional rate discounts may apply. During the 5-year draw period, minimum payments may be interest-only and may not reduce the principal balance. At the end of the draw period, outstanding balances will be repaid over a 10-year repayment period, during which monthly payments may increase.

  3. The credit score provided is intended to help you understand the factors that affect your credit score, and ways you may be able to save money with Financial Center First Credit Union loan products. It is not used for loan approval purposes, or for determining loan rates. Loan rates and approvals are based on information provided to the credit union when you apply for a loan. The credit score found in the credit report may be different than the credit score you see here. The offers presented are not offers to lend. Terms and conditions and offers are subject to change at any time. The data and valuations are provided as is without warranty or guarantee of any kind, either express or implied, including without limitation, any warranties or merchantability or fitness for a particular purpose. The existence of the subject property and the accuracy of the valuations are estimated based on available data and do not constitute an appraisal of the subject property and should not be relied upon in lieu of underwriting or an appraisal.

  4. APR - Annual Percentage Rate based on borrower credit score of 780 or higher. APR is variable and based upon an index and margin, will vary with Prime Rate (index) as published in the Wall Street Journal, and will never exceed 25%.

  5. APR - Annual Percentage Rate is fixed and based on borrower credit score of 780 or higher. Promoted rate applies to eligible Loyalty Rewards members with Level 3 | Peak.