Home Equity

¹Annual Percentage Rate (APR). This rate, effective January 1, 2024, is a special limited time offer and subject to change without notice. Introductory rate of 3.90% APR applies to new 30 Year home equity lines-of-credit opened on or after January 1, 2024 and does not apply to refinances of existing IMCU home equity lines. This rate is only available for owner occupied single family residences. $5,000 minimum loan amount.  After the first 180 days, all balances convert to the variable rate APR based on an index plus a margin.  The variable rate is based on the highest Prime Rate (the index) as published in the Wall Street Journal in effect on the last Tuesday of the calendar month, currently 8.50% APR.  The APR for the Home Equity Line of Credit may increase or decrease, but will never fall below 2.75% and will never exceed a maximum rate of 21.00% or highest rate allowable by law. The margin is 0.00% to 2.50%, depending upon credit worthiness, term and loan-to-value (LTV). As of July 26, 2023, the Prime Rate was 8.5%, so APRs are 8.50% (Prime Rate + 0.00% margin) to 11.00% (Prime Rate + 2.5% margin). Credit advances may be taken for 5 years (draw period) and renewed up to a total of 15 years. A repayment period for a minimum of the remaining 15 year term will require, at minimum a monthly payment of the finance charges (accrued interest) for the prior month. Depending on the terms of your loan, if you made the minimum payments due each month, your loan may have a balloon payment due at maturity of the full amount drawn.  LTV is based on the Indiana Members Credit Union approved valuation method. For HELOCs $400,000 and greater, additional fees may be required for appraisal, title search, flood determination and filing fees. Property owner must supply proof of insurance. IMCU home equity lines may be eligible for interest only payment option. Consult your tax advisor regarding deductibility. A special introductory rate of 4.50% APR applies to the 40 Year Home Equity Lines of Credit. Certain restrictions and conditions apply. Indiana Members Credit Union is federally insured by the National Credit Union Association. Equal Housing Lender. NMLS # 402492.

²Annual Percentage Rate. This rate (effective January 1, 2023) is a special limited time offer and subject to change without notice. This rate is only available for owner occupied single family residences. Certain restrictions and conditions apply. $5,000 minimum loan amount. Introductory rate of 4.50% APR applies to new 40 Year home equity lines-of-credit opened on or after January 1, 2023 and does not apply to refinances of existing IMCU home equity lines. After the first 180 days, all balances convert to the variable rate APR based on an index of the Prime Rate published in the Wall Street Journal. (As of July 26, 2023, APRs are 9.00% (Prime Rate + 0.5%) to 11.50% (Prime Rate + 3.0%), with a maximum rate of 21% or highest rate allowable by law. LTV is based on the Indiana Members Credit Union approved valuation method. For HELOCs $400,000 and greater, additional fees may be required for appraisal, title search, flood determination and filing fees. Property owner must supply proof of insurance. IMCU home equity lines may be eligible for interest only payment option. Consult your tax advisor regarding deductibility.

³ Annual Percentage Rate. Rate effective July 26, 2023  and subject to change. Rates are based on an index of Prime Rate published in the Wall Street Journal on the last Tuesday of the month plus a margin. IMCU rates change the first of the month. Rates may vary based on credit scores and CLTV. Stated Rate requires maximum 80% CLTV and minimum FICO score of 680. Maximum rate is 21%. Subject to credit approval. Owner occupied properties only. Regardless of minimum payment, you may always choose to pay more.