Home equity loans and home equity lines of credit are great ways for you to finance large or unexpected expenses. Both provide access to funds by allowing you to borrow against the equity in your home. Understand the differences so you can decide which option best meets your needs.
Home Equity Line
For a limited time, unlock your low rate on a Home Equity Line to make remodeling the kitchen or adding a backyard oasis simple and affordable. With rates as low as 1.74% Variable APR for first 12 months and as low as 3.24% Variable APR1 thereafter, you can access cash for home improvement projects as you need it using checks or a Home Equity Access Card.2 When you open a line, you'll pay $0 closing costs and can borrow up to 90% of the value of your
home.
How do you know if a home equity line of credit is the right source to fund your home improvement projects?
Consider the following benefits:
Use for multiple projects
Interest-only payment option
No annual fee for the first year
Interest may be tax deductible3
Home Equity Loan
Finance a specific need or consolidate debt with our Home Equity Loan. Plus, you can borrow up to 90% of your home's value.
Looking to get cash for those home improvement projects? With our Home Equity Loan, you can get the cash you need.
How do you know if a home equity loan is right for you?
Consider the following benefits:
One large sum available now
A competitive fixed-interest rate
Interest may be tax deductible3
Use our checklist to determine which loan might be best for you.
Limited time offer. Rates, terms & conditions effective as of 3/1/16. Subject to credit approval. Property insurance required. Other restrictions may apply, see bank for details. New loans only. Introductory discounted variable rate in effective for the first 12 billing cycles, based on a 1.50% discount resulting in an APR of 1.76% below prime rate as published in The Wall Street Journal.Thereafter, variable rate based on The Wall Street Journal prime rate plus a factor, currently 3.24% APRs based on a $100,000 line with an LTV of 80% or less, may be higher depending on certain credit factors, LTV or line amount and include a .25% rate reduction for automatic payment from an Old National checking account. Max APR is 21%. Initial $50 annual fee waived. Closing costs may apply if title insurance required. Balloon payment may be required to pay this loan in full. Minimum monthly payment equal to the interest accrued on the outstanding balance during the preceding billing cycle or $50, whichever is greater. If the line is closed within 3 years, the prepayment penalty fee is the lesser of 1% of principal balance or $350.
Equity Access Cards are not available to Kentucky residents.
Consult your tax advisor regarding interest deductibility.
