Best HELOC Lenders in Indiana (December 2024)

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Key Takeaways

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Truist Bank is the best home equity line of credit (HELOC) lender in Indiana, with a MoneyGeek score of 96 out of 100. The runner-up is BMO BANK, with a MoneyGeek score of 94 out of 100.

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The average HELOC limit in Indiana is $79,948. How much you can borrow depends on your home's equity, outstanding mortgage balance and credit score.

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Comparing rates can help you find lenders suited to your needs. MoneyGeek compiled the best HELOC rates in Indiana, updated weekly to assist you.

Overall Best HELOC Lender in Indiana

Company logo for Truist Bank
Truist Bank
MoneyGeek Score:
96/ of 100

Minimum Credit ScoreUndisclosed
Average HELOC APR8.95%
Draw Period10 years
Repayment Period20 years
Time to Receive FundsUndisclosed
PROS
  • Offers a fixed-rate HELOC option
  • Can advance your closing costs and waive reimbursement
  • Provides payment relief options on qualifying HELOCs
CONS
  • Charges a $50 annual fee
  • HELOC can only be secured with primary or secondary home
  • Does not disclose minimum credit score requirement

Runner-Up for Best HELOC Lender in Indiana

Company logo for BMO BANK
BMO BANK
MoneyGeek Score:
94/ of 100

Minimum Credit Score650
Average HELOC APR8.51%
Draw Period10 years
Repayment Period20 years
Time to Receive Funds3 Business Days
PROS
  • Offers a 0.25% rate discount for automatic payments
  • Provides a remote closing option for HELOC applications
  • Option to lock in your balance at a fixed rate
CONS
  • Charges a $75 annual fee
  • Charges a closing cost recoupment fee for accounts closed within 36 months
  • Locking in your rate costs $75 after closing

Calculate Your Monthly Payment

The average HELOC balance in Indiana for the third quarter of 2023 was $28,524, according to Experian. It's crucial to calculate your HELOC payments to manage this debt effectively and plan for any changes in your financial obligations.

Use our HELOC payment calculator to estimate your monthly payments based on the amount drawn, APR and loan terms. The full amortization schedule provided shows how your payments are divided between interest and principal over time.

Indiana HELOC Payoff Calculator

This HELOC payment calculator assumes that you take out one lump sum at the start of your interest-only period. Your actual payoff schedule will vary depending on your interest rate and market conditions.

$
%
years
years

Credit Line Information

Draw Period Payment

$204.17

Repayment Period Payment

$527.89

Credit Payoff Schedule for Home Equity Line
Created with Highcharts 11.4.6135791113151719$-60K$-50K$-40K$-30K$-20K$-10K$0$10K

YEAR

Ending balance
Principal paid
Interest paid

Best HELOC Lender in Indiana for Affordability

Company logo for KeyBank
KeyBank
MoneyGeek Score:
91/ of 100

Minimum Credit ScoreUndisclosed
Average HELOC APR11.25%
Draw PeriodUndisclosed
Repayment PeriodUndisclosed
Time to Receive FundsUndisclosed
PROS
  • Minimum line amount is $10,000
  • Offers 0.25% relationship and autopay discounts
  • Allows interest-only payments during the draw period
CONS
  • Required to reimburse KeyBank for third-party fees
  • No option to apply online
  • Charges a $50 annual fee

Best HELOC Lender in Indiana for Service Quality

Company logo for PNC Bank
PNC Bank
MoneyGeek Score:
100/ of 100

Minimum Credit ScoreUndisclosed
Average HELOC APR9.77%
Draw PeriodUndisclosed
Repayment Period5 to 30 years
Time to Receive FundsNext Day After Closing
PROS
  • Borrow up to $1 million
  • Provides a 0.25% interest rate discount
  • Allows switching between variable and fixed rates
CONS
  • Charges a $50 annual fee
  • Has a $100 fee for interest rate changes
  • Late fees apply

What You Can Use a HELOC for in Indiana

Home equity lines of credit (HELOCs) are popular in Indiana due to their flexibility, allowing homeowners to control the amount they borrow and the repayment timeline. This flexibility makes them an attractive option for managing various financial needs.

Here, we explore how you can use a HELOC, helping you understand its potential applications.

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    Home improvements or renovations

    A HELOC is ideal for home improvements, offering flexibility as costs evolve. It's a smart choice when project expenses aren't final, allowing you to manage unexpected changes smoothly.

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    Consolidating high-interest debt

    According to Experian data, the average 2023 consumer debt in Indiana was $79,349. A HELOC for debt consolidation can simplify finances by reducing multiple high-interest payments into one manageable plan.

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    Funding education expenses

    Using a HELOC for education expenses is cost-effective compared to other debts. It can cover tuition, books and fees, providing a flexible solution for educational funding.

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    Investment properties

    A HELOC can fund investment properties, offering financial leverage. Shopping around for the best HELOC lenders for investment property ensures you secure favorable rates and terms.

How to Apply for a HELOC in Indiana

Understanding the steps to apply for a HELOC in Indiana is key to effectively navigating the financial landscape. We've simplified this journey into six clear steps below.

  1. 1

    Review Your financial Health

    Reviewing your current financial situation is essential before applying for a HELOC. Check your credit score, debt-to-income ratio and home equity. The average credit score in Indiana was 713, based on Experian data from the third quarter of 2023. A higher score can improve your chances of approval.

  2. 2

    Compare Rates in Indiana

    Comparing rates in Indiana can help you secure the best HELOC deal. Look into lenders' other features, such as repayment terms, fees and the option to apply for a fixed-rate HELOC. Evaluating these aspects ensures you choose a lender that aligns with your financial needs.

  3. 3

    Prepare Required Documentation

    Preparing the necessary documents in advance can streamline your HELOC application process. Commonly required documents include proof of income, recent tax returns and information about your mortgage and home value. Having these ready can expedite the approval process.

  4. 4

    Submit an Application

    Most lenders offer the convenience of online applications, but you can also apply in person if your lender has a branch. Ensure all information is accurate and complete to avoid delays. Double-check for any errors or omissions before submission.

  5. 5

    Undergo a Home Appraisal

    Some lenders may require a home appraisal to determine your home's current market value. This process involves a professional assessment of your property's worth, which can influence the amount you can borrow through a HELOC.

  6. 6

    Wait for Approval and Closing

    The approval process for a HELOC can take two to six weeks. Once approved, you'll proceed to closing, which involves signing documents and potentially paying closing costs. Some lenders may offer to cover part of these costs, so inquire about this option.

Know How Much You Can Borrow in Indiana

The average HELOC limit in Indiana was $79,948 for the third quarter of 2023, according to Experian. The maximum amount you can borrow with a HELOC is usually tied to the equity you have in your home. Generally, the higher your equity, the higher your potential credit limit.

Check out the table below to see the range of credit lines offered by Indiana lenders in our database that have disclosed their line amount range.

Fifth Third Bank$10,000 to $500,000
KeyBank$10,000 to $500,000
PNC Bank$10,000 to $1,000,000
Regions Bank$10,000 to $500,000
Truist BankUp to $500,000
Ask the experts:

What factors should homeowners prioritize when comparing HELOC lenders?

Credit & Mortgage Expert

When shopping for a HELOC, most people focus only on the interest rate. Instead, you should focus on the annual percentage rate (APR) as that is the true cost of what you are paying back. Also consider any fees the lender may be charging you. A lower rate with higher fees can be deceptive.

FAQ: Best HELOC Lenders in Indiana

Who is the best HELOC lender in Indiana?

Truist Bank is the best HELOC lender in Indiana, with a MoneyGeek score of 96 out of 100. It excels in customer service and education, has an efficient application process and quick approval turnaround and is credible and transparent about its HELOC terms and process.

How to find the best HELOC lenders for bad credit in Indiana?

What factors should I consider when choosing a HELOC lender in Indiana?

What are common fees associated with HELOCs that I should compare in Indiana?

What is the typical draw period for HELOCs, and does it vary between lenders in Indiana?

How can I find a lender with flexible repayment options in Indiana?

MoneyGeek's scoring system offers a comprehensive overview of how each lender performed in areas that matter most to borrowers. Scores were allocated based on the inclusion or exclusion of certain desirable features in various critical categories.

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Our analysis was completed in December 2024 and considered different banks and credit unions in Indiana from S&P Global's SNL Depository Rates dataset.

101Lenders Analyzed

About Zachary Romeo, CBCA


Zachary Romeo, CBCA headshot

Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.

Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.


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