Home Equity Line of Credit
- No closing costs, annual fee, or prepayment penalties
- May be tax deductible*
- $10,000 minimum revolving credit line
- Interest-only home equity program also available
Are home renovations in your plans? Or perhaps you’d like to go on vacation or consolidate debt. Whatever your plans, now is a great time to make it happen. Apply online or contact us at (812) 469-9928 or 1-800-800-9271 today to get started.
- Prior two years addresses and dates of residence.
- Social Security number or tax ID.
- Driver’s license or state issued identification card.
- Prior two years employment information including employer contact and dates of employment.
- Most recent W2 and pay stub for all income sources.
- Two years federal tax returns, including tax applicable schedules if you are self-employed, have rental income, farm income or additional non-W2 reported income.
- Alimony, child support or separate maintenance documentation if you wish to have it considered as basis for repaying this obligation.
- Additional information may be required such as Divorce decree (if applicable) and/or proof of extra income such as rental income, dividends, Social Security, retirement, disability, pension, or welfare (supporting documentation is required).
- Balance owed on all liens attached to the property including all mortgages as well as any home equity loans or lines of credit.
- Most recent mortgage statement (if applicable).
- Most recent property tax bill.
- Most recent hazard insurance declaration page.
- Most recent flood insurance declaration page (if applicable).
Rates accurate as of October 1, 2020 and are subject to change throughout the day. All mortgage rates include Extra Credit Discount.
Fixed rate home equity loans up to 80% LTV and 95% LTV are also available. Subject to credit approval. Collateral restrictions may apply. Adequate property insurance is required for all home equity lines of credit. The rate on 80% home equity loans is the prime rate as published on the first business day of each month in the Wall Street Journal. Our 95% home equity loan has the same benefits and uses the same index as our traditional home equity loan and offers a low rate of just 1.5% above the prime rate. There is a maximum cap of 18% APR. Payments are affordable at just $20 per $1,000 outstanding rounded up to the nearest $20. Other fixed- and adjustable-rate second mortgages are offered with terms up to 15 years. Home equity lines of credit require a minimum credit line of $15,000 with an initial advance of $10,000 to qualify for no closing costs. *Consult your tax advisor regarding interest deductibility.
ETFCU mortgage lending product availability may vary based on property location.