The Best HELOC Rates and Lenders in Indiana

A home equity line of credit (HELOC) is a credit line secured by your house's equity. HELOCs, similar to credit cards, allow you to borrow up to a set maximum as often as you need. You can put your money toward debt consolidation or home upgrades.

Advertising & Editorial DisclosureLast Updated: 12/6/2022
Edited By     |  

People use HELOCs for a variety of reasons, including renovations, education, investment, debt repayment, emergencies and retirement.

It's critical to compare various lenders before applying for a HELOC to discover the best offer for your needs. HELOC rates start at a special promotional variable APR of 0.99% for six months, then can go up to an 18% variable. Due to its low interest rates and discounts, MoneyGeek considers Bank of America as the top overall HELOC lender in Indiana.

Home Equity Line of Credit (HELOC) Rates for 2023

It is highly recommended to research lenders' rates and terms when selecting a HELOC. This can help you find the best deal.

As of May 2022, the MoneyGeek table below summarizes home equity line of credit rates as well as relevant lender information. This information can change at any time, and we update it regularly to keep it current.

  • Lender
    APR
    Loan Amount
    Min. Credit Score Requirement
    Repayment Terms
    Annual Fees
    Pre-Approval Time
  • 3.75% to 18%

    $25,000 to $1,000,000

    660

    10-year draw period
    and 20-year repayment period

    None

    N/A

  • Not specified

    Not specified

    Not specified

    Not specified

    Not specified

    Not specified

  • 1.99% special
    introductory variable
    APR for 6 months,
    then as low as
    4.35% variable

    $25,000 to $1,000,000

    Not specified

    10-year draw period,
    20-year repayment period

    Not specified

    Not specified

  • 3.65% to 8.80%

    $15,000 to $750,000

    730

    10-year draw period,
    unspecified repayment period

    $90

    Not specified

  • 4.65% to 9.99%

    $35,000 to $300,000

    620

    10 to 30 years

    None

    1 to 2 weeks

  • Starting at 3.99%

    $10,000 to $500,000

    Not specified

    10-year draw period
    and 20-year repayment period

    $75

    Not specified

  • Starting at 4.64%

    $10,000 to $500,000

    Not specified

    10-year draw period
    and 20-year repayment period

    None

    24 hours

  • Starting at 3.50%

    $15,000 to $400,000

    620

    5 to 30 years

    3% to 4.99%

    24 hours

  • Starting at Prime - 0.50%

    Starting at $17,500

    Not specified

    10-year draw period,
    15-year repayment period

    $50

    Not specified

  • Starting at 3.34%

    Starting at $25,000

    740

    Not specified

    $50

    Not specified

  • 3.49% for 6 months
    (4.08% thereafter)

    Starting at $5,000

    Not specified

    15-year draw period
    with 15-year repayment period

    None

    24 hours

  • 3.75% to 10.63% variable

    $10,000 to $500,000

    Not specified

    10-year draw period,
    and then 20 years for repayment

    None

    Not specified

MoneyGeek’s Picks for Best HELOC Lenders in Indiana

Not many lenders provide HELOCs, and those that do are primarily national banks that only lend to borrowers with good to excellent credit. If a national lender rejects your HELOC application, MoneyGeek suggests looking at local credit unions as an alternative.

Since our goal is to help consumers, we compiled a list of the best Indiana home equity line of credit lenders to assist you in finding the best option based on your needs and circumstances.

Best Overall HELOC Lender in Indiana: Bank of America


  • Bank of America

    If you are looking for discounts, Bank of America is the best lender.


    • 1.99% special introductory variable APR for 6 months, then as low as 4.35% variableAPR Range
    • $25,000 to $1,000,000Loan Amount Range
    • 10-year draw period; 20-year repayment periodRepayment Terms
    • NoneAnnual Fees
    • Not specifiedPre-Approval Time

    on Bank of America Website

Best HELOC Lender for Good Credit in Indiana: U.S. Bank


  • U.S. Bank

    If you have good credit, U.S. Bank is the ideal HELOC lender for you.


    • 4.20% to 9.35%APR Range
    • $15,000 to $750,000Loan Amount Range
    • 10-year draw period; unspecified repayment periodRepayment Terms
    • $90Annual Fees
    • Not specifiedPre-Approval Time

    on U.S. Bank Website

Best HELOC Lender for Bad Credit in Indiana: Figure


  • Figure

    Figure is the top lender in Indiana for borrowers with bad credit.


    • From 6.55% to 15.54%APR Range
    • $15,000 to $400,000Loan Amount Range
    • 5 to 30 yearsRepayment Terms
    • NoneAnnual Fees
    • 24 hoursPre-Approval Time

    on Figure Website

Best HELOC Lender for Competitive Rates in Indiana: PenFed


  • PenFed Credit Union

    PenFed Credit Union is perfect for customers looking for flexible borrowing limits.


    • 0.99% for 6 months; 4.25% to 18% thereafterAPR Range
    • $25,000 to $1,000,000Loan Amount Range
    • 10-year draw period; 20-year repayment periodRepayment Terms
    • $99Annual Fees
    • N/APre-Approval Time

    on PenFed Credit Union Website

HELOC vs. Home Equity Loans

While both are good solutions to fund large expenses, knowing the distinctions between home equity loans (HELOANs) and home equity lines of credit (HELOCs) is crucial when deciding which is the best option for you.

Borrowers who want dependability will benefit from a HELOAN because it is a one-time payment made to a borrower. The interest rate and monthly payments are normally fixed for the duration of the loan.

Meanwhile, borrowers who are proficient at budgeting may consider a home equity line of credit. With a HELOC, you can withdraw money as often as you need within a certain timeframe and you must repay the amount borrowed – like a credit card.

The table below outlines more differences.

  • HELOC
    Home Equity Loan
  • Interest Rate

    Adjustable interest rate,
    but fixed-rate options are available

    Fixed interest rate

  • Monthly Payment

    Changes depending
    on the amount of money borrowed

    Fixed monthly payments

  • Repayment Terms

    During the draw period, borrowers pay
    interest on the money they borrowed;
    after the draw period, they repay any
    principal owed in addition to interest

    Repayment starts as soon as
    the money is given to the borrower

  • Fund Disbursements

    Line of credit

    Lump sum delivery

How to Apply for a HELOC

Applying for a home equity line of credit is usually simple since most lenders allow applicants to provide basic information via an online application and then wait for approval. Below, MoneyGeek discusses the processes to take when applying for a HELOC.

1

Determine how much you need

A HELOC can be utilized for a variety of financial needs, such as debt consolidation, investment and home renovations, among others. You must know your intended credit line amount and how you will use it before applying for a home equity line of credit.

2

Assess your financial standing

To discover if you meet the borrowing requirements, you will need to assess your financial standing, including your credit score, income and existing loan-to-value ratio. These are all aspects that go into setting your rates. Through this, you can also decide if you have the financial means to repay what you owe.

3

Shop around and compare lenders

The only way to find the best HELOC lender for your needs and situation is to compare the services, fees and conditions of different lending companies. You should also consider the annual fees, closing charges and rate discounts charged by each lender.

4

Apply

Although the majority of HELOC applications can be completed online, certain lenders require you to contact them by phone or visit a physical location. Typically, the application procedure requires you to submit details about your assets and income.

5

Use funds wisely

To prevent further debt, stick to your budget after you start withdrawing money. Keep in mind that if you fall behind on your payments, you risk losing your home.

Frequently Asked Questions About HELOCs

For first-time HELOC borrowers, learning how a home equity line of credit works might seem complicated. MoneyGeek answers some frequently asked questions below to help you get started.

sources