Skip to main content
Important Alert: Intermittent Service — We are investigating intermittent service impacting Elements Online & Mobile Banking. At this time, you might see inaccuracies in your reflected balances, and/or you might be unable to view all your accounts. For immediate support, please call Member Service: 800-621-2105.

Home Equity Loan

Home is more than a roof over your head—use it to consolidate credit cards, finance home-improvement projects, or pay for other major expenses.

Apply for a Loan

Or call 1-800-561-9433

Home Equity Loan Interest Rate  APR  Points  Monthly Payment
10 Year Fixed 8.590% 8.777% 0.000 $622.00
15 Year Fixed 8.840% 8.977% 0.000 $502.00

Payments shown do not include taxes and insurance premiums. Rates are based on an evaluation of credit history, combined loan-to-value ratio, loan term, and occupancy, so your rate may differ. Not all applicants will qualify for the displayed lowest rates. Annual Percentage Rates (APR), effective March 1, 2024, and example monthly payments are calculated using loan amounts of $50,000, a credit score of 730 or greater and combined loan-to-value of 80% for a single-family residence and estimated closing costs of $622.00 for the 10-year and $502.00 for the 15-year. A loan origination fee of $375 and a title search fee will apply. Additional state or local mortgage fees or taxes may apply. Please consult your tax advisor regarding the deductibility of interest. Programs, rates, terms, and conditions are subject to change without notice.

Home Equity Loan

Your home could be your ticket to needed funds.


  • Lock in a fixed rate for the life of the loan with a fixed monthly payment
  • The amount you can borrow is based on the equity you have in your home, up to 100% of the value of the home
  • Get the money you need upfront in a lump-sum single payout
  • Never worry about the possibility of rising interest rates
  • 10-year and 15-year loan options

Calculate How Much You Can Borrow


  • You want money upfront in a lump-sum single payout
  • You want predictable monthly payments that stay the same
  • You want to use it for major expenses, such as home improvements, new car, tuition, big vacation, second home, large-ticket items, or other one-time needs
  • You want to consolidate debt from other loans or credit cards

Compare Home Equity Options

So, what exactly is a Home Equity Loan?

A mom and her son playing soccer in the front yard

A home equity loan allows you to borrow funds using your home as collateral. 

What is “Equity”?

Equity is the current value of your home minus the amount you owe on other mortgages. The amount you can borrow is based on the equity you have in your home. 

How a Home Equity Loan Works

Sometimes called a second mortgage, a home equity loan is a lump sum of money you borrow against the equity of your home. Just as your first mortgage is secured by the property, so is the home equity loan. You may qualify for up to 100% of the appraised value of your home, minus the balance of your first mortgage.

You repay the loan with equal monthly payments over a fixed term. Interest rates are fixed over the life of the loan to allow you to budget best. 

Prefer the flexibility of accessing available funds on an ongoing basis? Consider a Home Equity Line of Credit.

Get Started

What can I use the loan for?

A couple planning the color to paint their stairway

Your Elements Home Equity Loan is best for purchases such as:

  • Planned home-improvement projects
  • College (paying off student loans or paying tuition directly)
  • A second home
  • Debt consolidation

Get Started

What’s the difference between a Home Equity Loan and a Home Equity Line of Credit (HELOC)?

There are benefits and trade-offs to all loans, especially when it comes to paying off major expenses. Both of the home-equity options allow you to borrow against the appraised value of your home, providing you with cash when you need it. Here are some of the differences:

Home Equity Loan

A home equity loan is more like your original home mortgage. You borrow a specific amount, and then you make regular payments during a fixed repayment period. You apply for the amount you need and receive the money upfront in a lump-sum single payout. Interest rates are fixed over the life of the loan so your payments never change. 

Home Equity Line of Credit

Unlike a conventional loan, a home equity line of credit is something you establish ahead of time and use when and if you need it. In that way, it’s similar to a credit card, except with a HELOC, your home is used as collateral. You can access as much or a little as you need from your HELOC, whenever you need it, up to the credit limit established at closing. A HELOC gives you the flexibility to borrow against your home equity, repay and repeat. Interest rates are variable and often lower than a home equity loan.

Use the chart below to determine which is better for your needs. As always, your support team at Elements is ready to help you find the product that is best for you—just give us a call at 1-317-542-5055.

  Home Equity Loan Home Equity Line of Credit
What It Is

Borrow funds using the equity in your home

Loan for a set amount

Borrow funds using the equity in your home

Revolving credit line for the 10-year draw—use, repay, repeat

Key Benefits

Fixed monthly payments

Lowest interest rate


10-year fixed: 8.777%

15-year fixed: 8.977%

Intro APR for 6 months: 3.99%

Variable APR after 6-month intro period: As low as 8.50%

A Good Option for a Major or Unexpected Purchase If You

Own your home

Want money upfront in a lump sum single payout

Want a locked-in fixed interest rate

Want predictable monthly payments that stay the same

Own your home

Want the flexibility of using funds whenever you need them

Want a lower payment

Can Use It For

Best for purchases such as:

- Planned home improvement projects
- College
- A second home
- Debt consolidation

Anything! Purchases such as:

- Unexpected emergencies
- Home improvements
- College
- That big vacation
- A new car
- A second home
- Debt Consolidation

No Prepayment Penalties
No Annual Fee
Available Amounts

Whatever your available equity is in your home

Whatever your available equity is in your home

What are the fees?

There are no prepayment penalties or an annual fee associated with a home equity loan. Closing fees typically run between $538 to $641.

How do I access the funds?

A couple and their daughter laughing on the couch

You will be given the funds in a lump-sum single payout at closing. The funds can be given to you by check or direct deposit into an account of your choosing.

Does Elements Financial offer debt consolidation loans?

We do offer consolidation loans to consolidate bills and pay off other debts. A Home Equity Loan (see information on this page) can be used for that purpose. Other options available to most members include Personal Loans, Home Equity Line of Credit, or even a first mortgage refinance with a debt consolidation option.

Why should I go to Elements for my home equity loan?

A woman withdrawing money from an ATM

Like a Bank, Only Better!

Better Rates. Fewer Fees.

Because we’re a credit union, we return profits to members in the form of reduced fees, higher savings rates and lower loan rates.

Trusted Advice. Fresh Approach.

We pride ourselves in being a trusted source for financial education. We come to your workplace to answer questions and can provide you with personalized guidance about your loan.

Respected Locally. Accessed Globally.

Headquartered in Indianapolis since 1930, we rank among the top 3% of credit unions nationally1. We serve members in all 50 states and 50+ countries. You’ll have access to 5,000+ shared branches nationwide and 78,000+ surcharge-free ATMs globally.

High Tech. Human Touch.

Our technology makes banking with Elements easy. From quick digital applications to online and mobile banking, we’ll be by your side wherever you go. We’re here for you with member service available 24/7 and live chat during the workday.

Get Started

How do I apply?

Screenshot of Elements online application

3 Easy Steps to Apply

  1. Apply online - You can apply online in as little as 10 minutes! Submit your application anytime or call 1-800-561-9433 to get started. Have ready your government-issued ID (driver’s license, state ID, or passport) and estimates of your household income, assets, home value and price you paid for your home.
  2. Take our call - We'll contact you within one business day after you submit your application to go over what documentation we'll need and to answer your questions.
  3. Schedule your closing - We'll contact you with a decision within 10 business days and schedule a closing at a location convenient to you if approved. That's it — your loan can be put to work!

Apply Now

How Much Can I Borrow From My Home Equity?

Home Equity Calculator


in a home equity loan or line of credit
  1. 1 Based on asset size as of 12/31/2022.