Mortgage Types
Conventional, Lot, Land, FHA, VA, USDA – there are so many different kinds of mortgages! We made a short video explaining each of them, so you can make an informed decision.
Home Equity Line of Credit
Home Equity Lines of Credit (HELOC) can help you jumpstart your next big project! Whether you’re getting ready to remodel your kitchen or buy your dream car, these lines of credit help you take that next step to make your life better.
Getting a Home Equity Line of Credit shouldn’t be a hassle. That’s why you won’t have to worry about closings costs. And, to make it even better, we’ll waive the $50 annual fee for the first year.
Make sure to review this helpful information before applying for a HELOC:
What you should know about home equity lines of credit
HELOC Disclosure
Details
7.75% APR
5-year draw / 20-year repayment period
Lines up to $400,000, based on terms & conditions
A promotional APR of 2.99% will apply for the first 90 days of the loan.
After the promotional period expires, the APR will adjust monthly based on the movement of a rate index plus a margin.
The index is Wall Street Journal Prime.
A margin we have used recently is 0.00%, resulting in an APR of 7.75%.
Your promotional rate and your margin may be higher depending on your credit qualifications.
Your APR will never exceed 18%.
You will have to pay an annual maintenance fee of $50 after the first year.
Property and Hazard insurance are required.
Consult a tax advisor about the tax deductibility of interest and other charges.
No Closing Cost promotion is only available for your Primary Residence.
Interest rates current as of November 8, 2024. Rates subject to change without notice.
Home Equity Installment Loan
Home Equity Installment Loans allow you to borrow the amount you need to pay for higher education, start your next renovation, or make a needed larger purchase.
The rates and payments shown below are based on a credit score of 740 or higher and a loan amount of $25,000. Your rate and payment may be higher depending on your credit qualifications. Property and hazard insurance are required. Consult a tax advisor about the tax deductibility of interest and other charges. If an escrow account is required or requested, the actual monthly payment will also include amounts for real estate taxes and homeowner’s insurance premiums.
| 3 Year Term | 5 Year Term | 10 Year Term | 15 Year Term |
|---|---|---|---|
| 6.50% Interest Rate | 6.75% Interest Rate | 7.25% Interest Rate | 7.50% Interest Rate |
| 7.110% APR | 7.129% APR | 7.455% APR | 7.648% APR |
| $766.23 Payment | $492.09 Payment | $293.50 Payment | $231.75 Payment |
Interest rates are current as of August 28, 2024. Rates are subject to change without notice.
Meet our lenders
When you get a mortgage with Home Bank, you get a helping hand from real people who know just how important your home is to you and your family. Our expert lenders are happy to answer any questions you have along the way.
HOME BANK
ITS SUCCESSORS AND/OR ASSIGNS, ATIMA
672 BIRK RD
MARTINSVILLE, IN 46151-6534
Comparing Interest Rates
Comparing interest rates is a good thing, but are you comparing apples-to-apples? Watch this quick video to learn how to accurately compare interest rates.
Credit Scores
What’s a credit score and how do lenders use them to determine eligibility for loans? What can you do to improve your credit score? Can you get a mortgage if you’ve declared bankruptcy? We answer all those questions and more in this brief video.
Appraisals VS Inspections
Learn what makes appraisals and inspections unique and essential to the home-buying process in this short video.
Home Buyers Grant Opportunities
FHLBI (Federal Home Bank of Indianapolis) Homeownership Opportunities Program (HOP)
This grant offers qualified first-time home buyers up to $10,000 for down payment/closing costs. You may be a qualified home buyer if you have had no ownership in a principal residence in the previous 3 years, are a displaced homemaker, have only ever owned a home with a spouse while married, or have only owned a mobile home. Applications for those funds begin every March and are on a first-come first-served basis until the funds are exhausted. As of today, the program still has some limited funds available. There are no funds available at this time.
HomeBoost Program
Beginning Sept 5th, FHLBI (Federal Home Bank of Indianapolis) introduced the HomeBoost Program which provides up to $15,000 in down payment assistance for qualified first-time home buyers who identify as Black, African American, Asian, Hispanic, Indian American, Alaska Native, Native Hawaiian, or other Pacific Islander. You may be a qualified home buyer if you have had no ownership in a principal residence in the previous 3 years, are a displaced homemaker, have only ever owned a home with a spouse while married, or have only owned a mobile home. The pilot round of the HomeBoost Program has $2,500,000 available until March 5, 2024, or until the funds are exhausted.
Home Loans
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