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Home Equity Lines of Credit
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Last Updated: 04/18/2025

Indiana Members CU Home Equity Line of Credit

in Home Equity Lines of Credit from Indiana Members Credit Union

Last Updated: 04/18/2025

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Credit Score Range

N/A

Amount Range

N/A

Maximum LTV

80%

Minimum Draw

N/A

Loan Term (Years)

Up to 40
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Indiana Members CU Home Equity Line of Credit Review

Indiana Members CU Home Equity Line of Credit is offered by Indiana Members Credit Union , a credit union founded in 1956 and based in Indianapolis, IN. Indiana Members CU Home Equity Line of Credit are available in 50 states and Washington, DC.

Key Takeaways

  • No primary residences considered. Indiana Members CU Home Equity Line of Credit does not offer financing for primary homes.
  • No-closing-cost mortgages available. This option allows you to include the closing costs into the new loan, so you don't pay for these expenses upfront.
  • Charges a prepayment fee. This means you will be charged an additional fee if you repay the mortgage early.
  • Maximum LTV. Indiana Members CU Home Equity Line of Credit has a maximum loan to value ratio of 80%.
  • Long loan terms. Indiana Members CU Home Equity Line of Credit offers mortgage terms of up to 40 years. Most mortgage refinancing loans have a maximum term of 30 years.

Indiana Members CU Home Equity Line of Credit Pros & Cons

Indiana Members CU Home Equity Line of Credit FAQ

How much can you borrow with a HELOC?

HELOCs are lines of credit secured by your home. Once approved, you can access funds by check, phone, credit card, or online up to your credit limit.
Borrowers can apply for lines of credit of up to $500,000. The maximum amount depends on property value, existing mortgage balance, and creditworthiness.
The maximum loan-to-value (LTV) ratio goes up to 80%. This means total debt secured by the property cannot exceed this percentage of its value. For example, on a $100,000 home with a $20,000 mortgage balance, you may qualify for up to $60k in credit.

What are the terms for Indiana Members CU Home Equity Line of Credit?

HELOCs include a draw period followed by a repayment period. During the draw period, borrowers can access funds as needed up to the credit limit.
Indiana Members CU Home Equity Line of Credit offers home equity loans with a maximum term of 40 years and a draw period of up to 5 years.

Is there a minimum draw requirement?

No, there is no minimum draw requirement.

What fees does Indiana Members CU Home Equity Line of Credit charge for a HELOC?

Indiana Members CU Home Equity Line of Credit may charge an origination fee.

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Contact

Headquarters

5103 Madison Ave
Indianapolis, IN 46227
(800) 527-7258
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Email Support

Hours of Operation

Sunday
Closed
Monday
9:00AM - 4:00PM
Tuesday
9:00AM - 4:00PM
Wednesday
9:00AM - 4:00PM
Thursday
9:00AM - 4:00PM
Friday
9:00AM - 5:00PM
Saturday
9:00AM - 1:00PM

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