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Tap Into Your Home's Equity

No-Fee* Home Equity Line of Credit (HELOC)

You may be able to turn your home’s equity into flexible financing with a HELOC from Independent Bank, giving you the freedom to fund your goals.
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Why Choose Independent Bank for Your HELOC?

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No Fees*

Pay no origination fees on eligible HELOCs, keeping more money in your pocket from the start.
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Easy Access

Utilize your Equity Access Mastercard®, transfer funds to your checking account with ONE Wallet, visit a branch, or write a check.

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Quick Closings

Enjoy a streamlined process to help you access your funds faster.

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Flexible Payments

Make flexible payments during the draw period, giving you control over your budget while you access your funds.

Current Rates**

How Can You Use a HELOC?

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Debt Consolidation

Use your HELOC to pay off high-interest debts, saving on interest and making it easier to manage your finances.
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Home Improvements

Enhance your living space, increase your property's value, or take on those long-awaited renovation projects.
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Emergency Fund

Your HELOC provides quick access to funds for emergencies, helping you manage life's surprises with ease.
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Travel and Adventures

Fulfill your wanderlust by using your HELOC to fund memorable vacations and adventures.
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Major Purchases

Whether it's a new vehicle, a boat, or another significant purchase, your HELOC can make it possible without depleting your savings.
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Investments

Experienced investors may use their HELOC to fund opportunities like real estate investments or other income-generating ventures.
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Starting a Business

If you dream of entrepreneurship, your HELOC can be a valuable resource to launch or expand your business.
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Weddings and Celebrations

Use your HELOC to finance weddings, celebrations, and family gatherings. 

HELOC FAQs

Answers to Common Questions About HELOCs

What is a HELOC?
A Home Equity Line of Credit (HELOC) allows you to borrow against the equity in your home, offering you a flexible way to access funds as needed. You can borrow, spend, repay, and borrow again, similar to how a credit card works.
How much can I borrow with a HELOC?
At Independent Bank, you can borrow up to 90% of your home’s value, depending on your equity. Equity is calculated as the value of your home minus the amount you owe on your mortgage.
How does a HELOC work?
A HELOC opens a revolving line of credit, allowing you to borrow money when you need it rather than receiving a lump sum. You decide how much to borrow and when to access funds, providing flexibility in your financial management.
What are the repayment terms for a HELOC?
You are required to make minimum monthly payments, which can be interest-only or at least $50, whichever is greater. You can choose to pay off the principal in a lump sum or gradually over time.

*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, 2025.
** Annual Percentage Rate (APR). Rate available for well-qualified borrowers with new HELOCs. 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. Home equity lines of credit are available for homes located in Michigan or Ohio. Subject to standard underwriting guidelines.

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