房屋净值 Line of Credit

A 房屋净值 Line of Credit, 也被称为HELOC, allows you to borrow funds using your home as collateral.

何谓“公平”??

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, 当你需要的时候, 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, 回报并重复.

You can easily make transfers from your HELOC to your 元素 checking accounts within online banking. 元素 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.

利息的特性

利息支付s are featured during the first 10 years of the line of credit. 在这之后, 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.

开始

Prefer predictable monthly payments that stay the same and a lump sum payout? 考虑一个 房屋净值贷款.

是的，你真的可以! You can use your 元素 房屋净值 Line of Credit (HELOC) to finance major expenses, such as:

• 家里的改进
• College (paying off student loans or paying 学费 directly)
• 那个大假期
• 一辆新车
• 第二个家
• 医疗费用
• 债务合并
• Unexpected emergencies
• 这取决于你! 

申请HELOC

An 元素 房屋净值 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.

申请HELOC

There are benefits and trade-offs to all loans, especially when it comes to paying off major expenses. 如果你拥有自己的房子, a 房屋净值 Line of Credit is often the most flexible and affordable option for major purchases like home improvements, 支付大学学费, or even a 大的假期.

Compare different types of loan products in the chart below to determine which is best for your needs. 一如既往地, your support team at 元素 is ready to help you find the product that is best for you—just give us a call at 1-317-542-5055.

确定! Your home can act as a safety net for those times when life throws you a curveball: your furnace goes out, you have unplanned 医疗费用, 有人丢了工作, 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, 是的, it is a good idea to take advantage of your biggest asset by proactively applying for an 元素 HELOC.

开始

There are no closing costs, 预付处罚, 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.

You can access your equity simply and easily by transferring funds from your HELOC account to your 元素 checking account within online banking. 元素 will also provide a 房屋净值 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, 当你需要的时候, 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, 偿还, 和重复.

We do offer consolidation loans to consolidate bills and pay off other debts. A 房屋净值 Line of Credit (see information on this page) can be used for that purpose. Other options available to most members include 个人贷款, 房屋净值贷款甚至是第一次 抵押贷款再融资 with a debt consolidation option.

Like a Bank, Only Better!

更好的利率. 更少的费用.

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

可信的建议. 新鲜的方法.

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.

尊重当地. 在全球范围内访问.

Headquartered in 印第安纳波利斯 since 1930, we rank among the top 3% of credit unions nationally³. 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.

高科技. 人类接触.

Our technology makes banking with 元素 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.

开始

3 Easy Steps to Apply

1. 在线申请 - You can apply online in as little as 10 minutes! Submit your application anytime 或打电话 1-800-561-9433 开始吧. Have ready your government-issued ID (driver’s license, 状态标识, or passport) and estimates of your household income, 资产, home value and price you paid for your home.
2. 接我们的电话 - 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. 安排收盘时间 - We'll contact you with a decision within 10 business days and schedule a closing at a location convenient to you if approved. 就是这样—— your line of credit is open!

马上申请