Home Equity Lines & Loans
Someday starts now.
With a home equity loan or home equity line of credit, your goals are within reach. Borrow against the equity in your home to pay for a variety of expenses. We can help you decide which option best meets your needs.
Home Equity Line of Credit (HELOC)
Unlock your low rate on a HELOC,1 and have the funds you need to re-invent your kitchen, pay for a wedding, cover the cost of tuition or more. Simply access cash as you need it, using checks or a Home Equity Access Card.2
- Line amounts from $10,000 to $1,000,000
- Available to use for multiple projects
- 10-year draw period, 20-year repayment period
- Introductory rate discount for the first 12 months
- Interest-only payments during draw period, with variable rate based on Wall Street Journal prime rate plus or minus a margin
- No additional review or application during transition from draw to repayment period
- Multiple draw methods including transfers, HELOC checks, card
Home Equity Loan
Finance a specific need or consolidate debt with our Home Equity Loan. Get the funds you need for home improvements, a dream wedding or the baby's new room. You can borrow up to 89% of your home's value.
- One large sum available now
- A competitive fixed-interest rate
Understanding home equity
How much equity do you have in your home?
- Rates, terms & conditions effective as of 12/7/2020 for applications received thru 6/30/2021. Subject to credit approval. Property insurance required. Other restrictions may apply, see bank for details. The line of credit has a draw period of 10 years, after which you will no longer have access to borrow funds and will be required to repay the borrowed balance within a 20-year term. During the draw period there is an introductory discounted variable rate in effect for the first 12 billing cycles, based on a 1.25% discount resulting in an APR of 1.51% below prime rate as published in the Wall Street Journal. Thereafter, variable rate based on The Wall Street Journal prime rate plus or minus a margin, currently 2.99%. During the repayment period the rate will be fixed based on the rate at the end of the draw period plus a margin currently 3.00%. APRs based on highest credit tier, line amount of $100,000 with an LTV of 80% or less and includes a .25% rate reduction at origination for automatic payment from an ONB checking account. ONB associates may select the associate discount or Private Banking discount, not both in addition to the promo rate. Max APR is 21%, minimum APR is 0.99%. Initial $50 annual fee waived. During the draw period the minimum monthly payment equal to the interest that accrued on the outstanding balance during the preceding billing cycle or $50, whichever is greater. During the repayment period the minimum monthly payment based on the balance at the end of the draw period amortized over 20 years or $50, whichever is greater. If you close or refinance your line within 3 years, a Reimbursement fee will be assessed for the lesser of $300 or the amount paid to third parties to recover the closing costs paid on your behalf plus in MN, the Mortgage Registry Tax (MRT) paid on your behalf. Old National reserves the right to discontinue this offer at any time.
- Equity Access Cards are not available to Kentucky residents.