Home Equity Line of Credit

A Home Equity Line of Credit, also known as a HELOC, allows you to borrow funds using your home as collateral.

What is “Equity”?

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, whenever you need it, 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, repay and repeat.

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

Interest-Only Feature

Interest-only payments are featured during the first 10 years of the line of credit. After this time, 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.

Get Started

Prefer predictable monthly payments that stay the same and a lump sum payout? Consider a Home Equity Loan.

Yes, you really can! You can use your Elements Home Equity Line of Credit (HELOC) to finance major expenses, such as:

• Home improvements
• College (paying off student loans or paying tuition directly)
• That big vacation
• A new car
• A second home
• Medical bills
• Debt consolidation
• Unexpected emergencies
• It's up to you! 

Apply for a HELOC

An Elements Home Equity 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.

Apply for a HELOC

There are benefits and trade-offs to all loans, especially when it comes to paying off major expenses. If you own your home, a Home Equity Line of Credit is often the most flexible and affordable option for major purchases like home improvements, paying for college, or even a big vacation.

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

Sure! Your home can act as a safety net for those times when life throws you a curveball: your furnace goes out, you have unplanned medical bills, someone loses a job, 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, yes, it is a good idea to take advantage of your biggest asset by proactively applying for an Elements HELOC.

Get Started

• There are no closing costs, prepayment penalties, 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 Elements checking account within online banking. Elements will also provide a Home Equity 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, whenever you need it, 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, repay, and repeat.

We do offer consolidation loans to consolidate bills and pay off other debts. A Home Equity Line of Credit (see information on this page) can be used for that purpose. Other options available to most members include Personal Loans, Home Equity Loans, or even a first mortgage refinance with a debt consolidation option.

Like a Bank, Only Better!

Better Rates. Fewer Fees.

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

Trusted Advice. Fresh Approach.

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.

Respected Locally. Accessed Globally.

Headquartered in Indianapolis 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.

High Tech. Human Touch.

Our technology makes banking with Elements 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.

Get Started

3 Easy Steps to Apply

1. Apply online - You can apply online in as little as 10 minutes! Submit your application anytime Or call 1-800-561-9433 to get started. Have ready your government-issued ID (driver’s license, state ID, or passport) and estimates of your household income, assets, home value and price you paid for your home.
2. Take our call - 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. Schedule your closing - We'll contact you with a decision within 10 business days and schedule a closing at a location convenient to you if approved. That's it — your line of credit is open!

Apply Now