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Home Equity Line of Credit

Overview

  • Introductory rate of 3.99% APR on New Home Equity Lines of Credit for 6 months then as low as 6.50% variable APR.1
  • Allows you to borrow funds using the equity in your home, up to 95% of the value of the home
  • Required monthly payments are interest-only

A Good Option If:

  • You want to have funds available for unexpected emergencies
  • You want to consolidate other loans or credit cards, finance home improvements, purchase large-ticket items, or pay for major expenses
  • You want the flexibility of using the funds only when and if you need them

Apply Now

Or Call 1-317-524-5055

Home Equity Line of Credit 6-Month Intro Interest Rate 6-Month Intro APR Interest Rate  APR  Points 
Home Equity Line of Credit 3.99% 3.99% 6.50% 6.50% 0.000

Rates are based on an evaluation of credit history, combined loan-to-value ratio, loan term, and occupancy, so your rate may differ. Not all applicants will qualify for the displayed lowest rates. The term is 25 years, consisting of a 10-year draw period with interest-only payments followed by a 15-year repayment period with principal plus interest, which may increase your monthly payments. The Introductory Annual Percentage Rate (APR) of 3.99% applies for the first six months and is available for new Home Equity Lines of Credit (HELOCs) and for existing HELOCs that meet qualification requirements. Effective April 1, 2026, existing Elements HELOCs that have been open and active for at least 60 months may be renewed or rewritten and are eligible for the Introductory APR. HELOC modifications, renewals, or increases that use the same property but have not been open and active for at least 60 months are not considered new accounts and are not eligible for the Introductory rate. To qualify for the Introductory rate, a minimum draw of $10,000 must be completed within 30 days of account opening.  After the Introductory rate expires, balances will be charged at the variable APR based upon the Prime rate as published in The Wall Street Journal plus a margin. The APR will never be lower than 3.75% or higher than 18%. The stated rate, correct as of April 1, 2026, applies to borrowers with credit scores of 790 or greater, CLTV 80% or less, and owner-occupied single-family residences. Elements Financial will conditionally waive the following Closing Costs associated with your home equity line of credit: flood certification, title search or title abstract, credit report, recording fees, and a simple valuation. You may be required to pay other costs such as taxes, and when required, appraisal fees. However, if you close your home equity line of credit within 36 months after it is opened, you will be required to pay an Early Closure Fee in the amount of the Closing Costs originally waived. These costs vary by state and property type. Elements Financial reserves the right to modify or end this offer at any time. Additional terms and conditions may apply. Subject to credit approval. Elements Financial Membership Required.

What is a HELOC?


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.

What can you expect with the HELOC Process?

1. Submit Application

  • Provide the required financial documents, including verification of income, proof of home insurance, and your current mortgage statement.

2. Home Appraisal

  • Elements will obtain a basic valuation to determine your home’s current market value. A full walkthrough appraisal is typically not required for a HELOC. 

3. Document Verification, Loan Review, and Approval

  • Our processing team will review your loan file and present available options. Final approval is generally issued within 2–3 weeks of the application date.

4. Sign Agreement

  • HELOC closings are usually conducted virtually via video call with a remote notary. Some states may have additional closing requirements.

5. Access Your Funds

  • Loan funds become available on the fourth business day after closing. You can access them via a Home Equity Access Visa® card, checks, or online transfer. Cashier’s checks and wire transfers are also available upon request. 

6. Make Payments

  • During the 10-year draw period, your monthly payment will be interest-only. After the draw period ends, any remaining balance will convert to a 15-year repayment term with monthly principal + interest payments. You may make additional payments at any time without penalty.

 How Much Can I Borrow From My Home Equity? Find out with the Home Equity Calculator.

Home Equity Calculator

Results

You may qualify for: $____
in a home equity loan or line of credit
  1. 1 Rates are based on an evaluation of credit history, combined loan-to-value ratio, loan term, and occupancy, so your rate may differ. Not all applicants will qualify for the displayed lowest rates. The term is 25 years, consisting of a 10-year draw period with interest-only payments followed by a 15-year repayment period with principal plus interest, which may increase your monthly payments. The Introductory Annual Percentage Rate (APR) of 3.99% applies for the first six months and is available for new Home Equity Lines of Credit (HELOCs) and for existing HELOCs that meet qualification requirements. Effective April 1, 2026, existing Elements HELOCs that have been open and active for at least 60 months may be renewed or rewritten and are eligible for the Introductory APR. HELOC modifications, renewals, or increases that use the same property but have not been open and active for at least 60 months are not considered new accounts and are not eligible for the Introductory rate. To qualify for the Introductory rate, a minimum draw of $10,000 must be completed within 30 days of account opening.  After the Introductory rate expires, balances will be charged at the variable APR based upon the Prime rate as published in The Wall Street Journal plus a margin. The APR will never be lower than 3.75% or higher than 18%. The stated rate, correct as of April 1, 2026, applies to borrowers with credit scores of 790 or greater, CLTV 80% or less, and owner-occupied single-family residences. Elements Financial will conditionally waive the following Closing Costs associated with your home equity line of credit: flood certification, title search or title abstract, credit report, recording fees, and a simple valuation. You may be required to pay other costs such as taxes, and when required, appraisal fees. However, if you close your home equity line of credit within 36 months after it is opened, you will be required to pay an Early Closure Fee in the amount of the Closing Costs originally waived. These costs vary by state and property type. Elements Financial reserves the right to modify or end this offer at any time. Additional terms and conditions may apply. Subject to credit approval. Elements Financial Membership Required.