Call me to discuss which option makes the most sense for you. Greg Rank (317) 603-0912

I partner with several Lenders that offer Home Equity Loans. The types and terms vary between Lenders and I will help you find the best options to meet your needs. Some examples of different Equity Loans include Standalone & Piggyback HELOCs, and Fixed Rate 2^nd Mortgages. The information below is general information about HELOCs.

What is a HELOC?

• Home Equity Line Of Credit
• A line of credit secured by a property that a borrower can draw from, up to the amount they are approved for

What is a Standalone HELOC?

• Tied to a property that has an active mortgage attached to it
• The HELOC and the active mortgage do not need to be from the same lender

What is a Piggyback HELOC?

• Also referred to as a 2^nd, Simultaneous Close HELOC
• The HELOC is done at the same time as the first mortgage on the subject property
• Typically done with a purchase transaction

GENERAL TERMS

Call today to see which options best accomplish your needs. Greg Rank (317) 603-0912

Home Equity Financing in Indianapolis: Turn Your Equity Into Opportunity

Indiana homeowners have built significant equity over the past several years of appreciation, and accessing that equity strategically can be one of the smartest financial moves you make. Whether you're funding a kitchen remodel, consolidating high-interest debt, paying for college, covering a major expense, or investing in real estate, a home equity loan or line of credit lets you leverage what you've already built — without disrupting your existing first mortgage.

HELOC vs. Fixed-Rate Second Mortgage: Which Is Right for You?

A HELOC (Home Equity Line of Credit) functions like a credit card secured by your home — you draw funds as needed during the draw period, pay interest only on what you borrow, and repay over time. A fixed-rate second mortgage gives you a lump sum at a set rate and fixed monthly payment. HELOCs offer flexibility for ongoing projects or unpredictable expenses; fixed second mortgages are better for a known, one-time need where you want payment certainty. I work with multiple lenders on both products and will help you compare.

Cash-Out Refinance vs. Home Equity Loan

Another option for accessing equity is a cash-out refinance — replacing your existing first mortgage with a larger loan and taking the difference in cash. This can make sense when current rates are lower than your existing rate, or when you want to simplify to one payment. However, if your current first mortgage has a low rate, a standalone second mortgage or HELOC preserves that rate and avoids refinancing the entire balance. I'll run both scenarios for you to find the most cost-effective approach.

Frequently Asked Questions About Home Equity Loans

How much equity can I borrow against?
Most lenders allow combined loan-to-value (CLTV) ratios of up to 85-90% — meaning if your home is worth $400,000 and you owe $250,000, you may be able to access up to $110,000-$110,000 in equity financing. Terms vary by lender, credit score, and property type.

Are home equity loan interest rates tax deductible?
Interest on home equity loans used to buy, build, or substantially improve your home may be tax deductible. Interest used for personal expenses (debt consolidation, vacations, etc.) is generally not deductible. Always consult your tax advisor for guidance on your specific situation.

How long does it take to close a HELOC or second mortgage?
Typically 2-4 weeks depending on the lender and your documentation. Because I work with multiple lenders, I can often find one that fits your timeline — including some that close faster than the traditional bank channel.

Want to access your home equity? Call Greg Rank at (317) 603-0912 to discuss your options.

Related Resources

• All Loan Programs
• Current Mortgage Rates in Indiana
• Mortgage Calculator
• First-Time Homebuyer Programs
• Get Pre-Approved / Contact Greg