Best HELOC Rates and Lenders in Indiana (2024)
Updated: April 24, 2024
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The best home equity line of credit (HELOC) lender in Indiana is Lower. It stands out due to its generous loan amount range that spans from $15,000 up to $500,000 paired with competitive APR offerings from 8.75% to 13.5%. The minimum credit score required to qualify is just 580, making it accessible to a broad segment of homeowners. It operates exclusively online, offering services to Indiana residents digitally. MoneyGeek considered multiple factors beyond cost to determine the best lender.
Indiana has 15 HELOC lenders reviewed for homeowners to consider. While these represent a selection, more lenders exist outside this group. Homeowners may also explore Indiana Members Credit Union, Purdue Federal Credit Union, and IU Credit Union, as these institutions potentially offer benefits unique to the state's residents.
- Lower
- 8.75% to 13.5%APR Range
- $15,000 to $500,000Loan Amount Range
- 580Minimum Credit Score
- 10-year draw period; undisclosed repayment period Repayment Terms
- NoneAnnual Fees
Lower is the best HELOC lender in Indiana offering a flexible choice for homeowners. It combines competitive APRs, ranging from 8.75% to 13.5%, with loan amounts from $15,000 to $500,000. You can apply with a credit score starting at 580, making it accessible to a wider range of borrowers. Its product requires no annual fee and achieves transparency, with clear information available on its website. By offering personalized support and approving low credit scores, it caters to the varied needs of Indiana homeowners looking to access their home equity.
Pros
- No annual fee
- Accepts credit scores from 580
- Provides personalized support
Cons
- No fixed-rate HELOC conversion
- No rate discounts offered
- Repayment period undisclosed
Overall Best HELOC Lender in Indiana
HELOC Rates in Indiana by Credit Score
Home equity line of credit (HELOC) APRs in Indiana can vary based on factors such as credit scores and the value of your home compared to what you owe (LTV Ratio). Even with good credit and an LTV at or below 80%, rates differ among lenders. The table shows how choosing various repayment terms can affect your HELOC rates.
Comparing HELOC lenders in Indiana by their Annual Percentage Rates (APRs) can save you money over time. A lower APR means you'll pay less interest on the money you borrow, reducing the monthly payments and the overall cost of your loan. Careful comparison ensures you get the best deal for your home equity line of credit.
HELOC Calculator: Do You Qualify in Indiana?
HELOC eligibility in Indiana rides on factors including home equity and credit score. With high home equity, the chance to borrow increases. According to Experian data, the average credit score of Indiana is 713, which signals favorable HELOC prospects.
Use a HELOC calculator to play with different variables like credit and equity to gauge eligibility. It's a quick step for an informed search, supported by data from TransUnion's report
- Aven
- 7.99% to 15.49%APR Range
- Up to $250,000Loan Amount Range
- 620Minimum Credit Score
- Unlimited draw period; 5 to 10-year repayment period for cash out;Repayment Terms
- NoneAnnual Fees
Aven is the best HELOC lender in Indiana for homeowners seeking cost-efficiency. Homeowners can enjoy low minimum APRs from 7.99% and maximum APRs at 15.49%. Aven's product is a hybrid HELOC, working like a credit card backed by your home's equity, yet it's reported as a HELOC on credit reports. There are no annual fees, offering a clear advantage for budget-conscious borrowers. Additionally, a rate discount of 0.25% is available for enrolling in autopay, enhancing savings over time. With Aven, Indiana homeowners can access a cost-effective means to leverage their home's equity.
Pros
- Credit card backed by home equity
- 0.25% rate reduction with autopay
Cons
- Limited line of up to $250,000
- 2.5% fee for specific cashouts
- Card delivery takes 10 days
Best HELOC Lender in Indiana for Affordability
- U.S. Bank
- 8.95% to 13.1%APR Range
- $15,000 to $750,000Loan Amount Range
- 660Minimum Credit Score
- 10-year draw period; up to 20-year repayment periodRepayment Terms
- Up to $75Annual Fees
If you're in Indiana and your credit's seen better days, snagging a HELOC might seem tough — but not with U.S. Bank. A lower credit threshold at 660, manageable APRs from 8.95% to 13.1% and a 0.5% autopay discount make it smoother to borrow against your home's value. U.S. Bank keeps the bar reachable with minimum lines at $15,000 and no closing costs. So, even with bad credit, Indiana homeowners can find flexibility and relief with this lender. Plus, U.S. Bank is BBB-accredited, adding a layer of trust to their offerings.
Pros
- Offers a fixed-rate option
- No closing costs
- Allows for interest-only payments
Cons
- Closing must be done in person
- Early closure fee up to $500
- Charges $75 annual fee
Best HELOC Lender in Indiana for Bad Credit
- Bank of America
- Starting at 9.82%APR Range
- $25,000 to $1,000,000Loan Amount Range
- UndisclosedMinimum Credit Score
- 10-year draw period; 20-year repayment periodRepayment Terms
- NoneAnnual Fees
Bank of America is the best HELOC lender for homeowners in Indiana needing large loan amounts. HELOCs can fund home renovations or a college education without high upfront costs. This lender offers a high max loan amount of up to $1 million, paired with generous repayment terms — a 10-year draw period followed by a 20-year repayment period. Additionally, homeowners benefit from no annual fees which can ease financial pressure over the long term. With no application, annual or closing costs, and multiple discounts available, this lender provides a cost-effective solution for substantial borrowing needs.
Pros
- Introductory rate (6.99%) first six months
- No fees for application, annual or closing
- Max loan $1 million in most areas
Cons
- Closing must be done in-person.
- Undisclosed HELOC minimum requirements.
- Minimum online loan amount: $25,000.
Best HELOC Lender in Indiana for Large Loans
- PNC Bank
- 8.22% to 14.5%APR Range
- $10,000 to $1,000,000Loan Amount Range
- UndisclosedMinimum Credit Score
- Undisclosed draw period; 5-30 year repayment periodRepayment Terms
- $50Annual Fees
PNC Bank is the best HELOC lender in Indiana for debt consolidation. A HELOC can effectively pay off high-interest debts like credit cards or medical bills. Homeowners benefit from PNC's competitive rates, with a minimum APR of 8.22%, which is lower than many credit cards and personal loans. Fast access to funds, usually within three days of closing, makes it practical to consolidate debts quickly. With loan amounts up to $1 million, PNC accommodates larger balances. The range of advantages, including the option to switch between variable and fixed rates and a reduction on rates for autopay, make it a strong choice for managing debt.
Pros
- Switch between fixed and variable rates
- Borrow up to $1 million
- Financial hardship assistance offered
Cons
- Charges a $50 annual fee
- Charges a late fee
- Charges a fee for rate lock/unlock
Best HELOC Lender in Indiana for Debt Consolidation
How to Choose a HELOC Lender in Indiana
MoneyGeek has spotlighted top HELOC lenders in Indiana tailored to various needs. These strategies will streamline your search, ensuring a smart choice in Indiana's competitive market.
FAQ: HELOC Lenders and Rates in Indiana
Diving right into your concerns, we've compiled a list of frequently asked questions to guide you through the selection process for a HELOC lender in Indiana. Their answers aim to clarify the key factors that affect your borrowing experience and financial health.
A good HELOC rate in Indiana is approximately 7%, assuming a loan-to-value (LTV) ratio of 80% or lower and a credit score of 680 to 740. Homeowners should be aware that rates may vary based on creditworthiness and the lender chosen.
Lower is recognized as the best overall HELOC lender in Indiana. It is favored due to its competitive APR range of 8.75% to 13.5%, its loan amount range of $15,000 to $500,000, and the minimum credit score requirement of 580, which makes it accessible to a broader range of homeowners.
Yes, you can still qualify for a HELOC in Indiana with bad credit. For example, U.S. Bank offers HELOCs to individuals with credit scores as low as 660.
Bank of America is well-suited for homeowners seeking large loan amounts, perhaps for significant home renovation projects or major expenses like medical bills.
Yes, a HELOC can be used for debt consolidation. PNC Bank is highlighted by MoneyGeek as a top choice, offering a loan amount range reaching up to $1 million, with APRs from 8.22% to 14.5% and funding available as quickly as three days after closing.
To find the right HELOC lender in Indiana, assess your intended use for the HELOC and understand your financial situation thoroughly. Different priorities, whether it's low rates, quick funding or high loan amounts, will guide you to a lender that best matches your requirements.
sources
- Better Business Bureau. "Get Consumer Help." Accessed April 19, 2024.
- Experian. "What Is the Average Credit Score in the U.S.?." Accessed April 19, 2024.
- Indiana Department of Financial Institutions. "License Lookup." Accessed April 19, 2024.
- TransUnion. "Home Equity Trends Report Q3 2023." Accessed April 19, 2024.