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Home Equity Loan

Home is more than a roof over your head—use it to consolidate credit cards, finance home-improvement projects, or pay for other major expenses.

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Home Equity Loan Interest Rate  APR  Points  Monthly Payment
10 Year Fixed 5.490% 5.654% 0.0 $542.38
15 Year Fixed 5.740% 5.856% 0.0 $414.94

Payments shown do not include taxes and insurance premiums. 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. Annual Percentage Rates (APR), effective April 1, 2020, and example monthly payments are calculated using loan amounts of $50,000, a credit score of 730 or greater and combined loan-to-value of 80% for a single-family residence and estimated closing costs of $538 for the 10-year and $641 for the 15-year. A loan origination fee of $375 and a title search fee will apply. Additional state or local mortgage fees or taxes may apply. Please consult your tax advisor regarding the deductibility of interest. Programs, rates, terms, and conditions are subject to change without notice.

Home Equity Loan


  • Lock in a fixed rate for the life of the loan
  • Never worry about the possibility of rising interest rates
  • Enjoy predictable payments that stay the same


  • Two fixed closed-end loan options: 10-year and 15-year


Our experienced, helpful member service team is ready to support you!


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What is a Home Equity Loan?

A Home Equity Loan from Elements is a great way to consolidate other loans or credit cards, finance home improvements, purchase large-ticket items, or pay for major expenses or other one-time needs. If you want predictability of fixed payments in a loan, you can get the money you need up front.

A home equity loan is secured by your home and enables you to access a portion of your available equity in the form of a single payout. Once approved, you may qualify for up to 100% of the appraised value of your home, less the balance of your first mortgage. Interest rates are fixed over the life of the loan to allow you to budget best.

Prefer the flexibility of accessing available funds on an ongoing basis? Consider a Home Equity Line of Credit.


Personal Mortgage Guidance

With an Elements Home Equity Loan, you will get:

  • Experienced mortgage team to support you
  • Direct line of communication to your personal mortgage expert
  • Closing location of your choice

Why Consider Elements for a Home Equity Loan


Elements Financial is a credit union. That means we’re like a bank, only better! Securing your loan through Elements Financial means you will benefit from:

  • Better rates & fewer fees – On average, an Elements Financial member saves an estimated $112 each year compared to customers elsewhere.1
  • Personal attention – Headquartered in Indianapolis, with member service available 24/7.
  • Today’s technology – We offer online banking, making it easy to pay your loan every month.
  • Heritage – With nearly 90 years of experience building and nurturing lifelong relationships with members.
  • Seasoned professionals – Our experienced team will walk you through home equity processes, step-by-step.
  • Credit counseling – If you're working toward a mortgage application, pursue our confidential and supportive assistance to develop healthier financial habits for life.

Frequently Asked Questions


Q: Does Elements Financial offer debt consolidation loans?
A: We do offer consolidation loans for our members to consolidate bills and pay off other debts. There are several options available to most members. This may include Personal Loans, Home Equity Loans (see information on this page), a Home Equity Line of Credit, or even a first mortgage refinance with a debt consolidation option.

How to Get Started


You can apply online in as little as 10 minutes! Or call 1-800-561-9433 to get started.

What you’ll need to apply:

    • Your government-issued ID (driver’s license, state ID or passport)
    • Estimates of your household income, assets, home value and price you paid for your home

What to expect during the application process:

  1. We’ll contact you within 1 business day after you submit your application to review documentation that we’ll need from you and answer questions you may have.
  2. We’ll confirm your home’s value via a basic valuation of your home and collect a few documents from you.
  3. We’ll contact you with a decision within 10 business days and schedule a closing if approved.
  4. That’s it – your Elements Home Equity Loan is now open!

How Much Can I Borrow From My Home Equity?

Home Equity Calculator


in a home equity loan or line of credit

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  1. 1 Competitive Values are estimated by comparing historical savings and lending rates at Elements Financial and at the five banks and credit unions with the largest market share in Central Indiana; data valid as of 6/30/2019.