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You are now leaving the Independent Bank website.

Linked web pages are not under the control of Independent Bank, its affiliates or subsidiaries. Be aware the privacy policy of the site to which you are going may differ from that of Independent Bank. Independent Bank provides external links as a convenience and is not responsible for the content, accessibility, or security of any linked web page.

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No-Fee* Home Equity Line of Credit

A home equity line of credit (HELOC) is a flexible financing option that may allow you to borrow money secured by the equity in your home.

Apply Now!

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    Say Hello to HELOC

    Are you looking for a flexible financing solution that leverages the equity in your home? Look no further than our variable rate HELOC.

     

    Plus, there are no fees!*

     

    Apply Online

     

     

     

    What is a HELOC?

    A home equity line of credit, often referred to as a HELOC, is a loan that allows you to borrow, spend, repay, and borrow again as you need it, using your home as collateral. Typically, you can borrow up to a specified percentage of your equity.

     

    With a HELOC, you borrow against your equity. Equity is the value of your home minus the amount you owe on your mortgage. At Independent Bank, we have HELOCs that let you borrow up to 90% of the home's value.


    How does a HELOC work?

    With a HELOC, you’re not borrowing a single lump sum upfront. Instead, you’re opening a revolving line of credit that you can tap into as you choose - a lot like how a credit card works. How much you use and when you decide to access it is up to you. 

    When paying back your HELOC funds, you’re required to make minimum monthly payments, which are interest-only or a minimum of $50.00; whichever is greater. You can pay off the principal in a single lump-sum or over time like you do with your mortgage. 

     

     

     

    What can you use a HELOC for?


    The best thing about a HELOC is the flexibility! 
    Here are just a few ideas on how you could use a HELOC:

    Apply Online

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    Accessing Your HELOC Funds is Easy


    Easily transfer funds from your HELOC into your checking account via ONE Wallet, use your Equity Access MasterCard®, or visit a branch.

    Flexibility is at your fingertips.


    The HELOC Application Process

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    APPLY ONLINE

     

    Fill out our online application.

     

    Apply Online

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    REVIEW & PROCESSING

     

    Once we've reviewed your application, we may ask you for additional documents to continue processing your loan.

     

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    CLOSING & FUNDING

     

    If you meet the requirements, we'll set up a closing appointment to sign all the necessary paperwork.


    Home Equity Line of Credit - Variable-Rate

     

    Loan-To-Value^ APR^^ (As Low As)
    Up to 80.00% 8.00%
    Up to 90.00% 9.24%

     

     

    Let's Talk HELOC

    *No Origination Fees.  An Annual Maintenance Fee of $95.00 will be due on the first anniversary date and thereafter annually. Promotion is limited to the standard HELOC, Bridge HELOC excluded. Must be in a second lien position and minimum line must be greater than or equal to $10k and maximum line must be less than or equal to $250k to be eligible for No Fee. NOTE: First Lien HELOC and over $250k 2nd lien HELOC will receive a $200 credit toward closing costs in lieu of No Fee promotion.  Must have an IB account OR draw $25k at close to be eligible for No Fee.  HELOC must be “new money” to IB; Refinance of an existing IB HELOC eligible ONLY if new line is at least $10,000 more than prior commitment line.  Loan must meet standard HELOC product origination guidelines.  Subject to standard credit and underwriting approval.  For additional information about interest rates, contact your local office. Taxes and insurance required. Promotion starts June 11, 2024. Promotion ends December 31, 2024.

    ^^Annual Percentage Rate (APR). Rate available for well-qualified borrowers with new HELOC’s opened AFTER 09/19/24. Your rates may vary depending on your specific credit profile. Your rates are variable and subject to change monthly. Your rate will be based on the then-current index and margin. ^Loan-To-Value: Total of first and second mortgage balances and commitments divided by the value of the real estate pledged. Home equity lines of credit are available for homes located in Michigan or Ohio. Subject to standard underwriting guidelines.