- Rates as low as 5.000% APR
- No closing costs, annual fee, or prepayment penalties
- May be tax deductible*
- $15,000 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).
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.