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A Home Equity Loan is a smart and seamless way to borrow. It's a loan secured by a mortgage on your home. Once approved, you may be able to receive as much as 95 percent of the appraised value of your home, less the balance of your first mortgage. Please ask us how!

Use the funds all at once for your most pressing home improvement projects, or use it as an open-end line of credit for any purpose. Interest rates are variable and indexed to Prime Rate as published in The Wall Street Journal.

The following Home Equity Loan options feature:

• No application fees.
• *No closing cost.
• No annual fee.

Revolving Line of Credit (HELP LOC)

• Gives you the flexibility to choose when you need to use it,  
• Borrow up to the maximum amount established,
• Pay down the line of credit and use it again like you would a credit card.

Closed-End Loan (HELP1) 

• Loan grants the full amount approved in one lump sum,
• Maximum repayment schedule of 15 years.

5/10 Closed-End Loan (HELP5)

• 15-year variable rate mortgage loan,
• No change guaranteed in the interest rate for the first five years,
• After five years, interest rate becomes variable.

10/5 Closed-End Loan (HELP10)

• 15-year variable rate mortgage loan,
• No change guaranteed in the interest rate for the first 10 years,
• After ten years, interest rate becomes variable.

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Equity Visa®

• Use anywhere Visa® is accepted.
• Funds always available.
• Interest could be tax-deductible.
• Better currency exchange rate when used out of the country.
• No minimum amount to use.
• No charge for a cash advance which will not carry a higher rate.
• Payments can be auto deducted from your Checking or set up through eBranch Internet Banking.

Equity Visa® Fee and Term Information

Annual Percentage Rate (APR) for purchases
Annual Percentage Rate may vary. 

Annual fee
None.

Grace period for purchases, returns, cash advances, balance transfers
None.

Method of compounding the balance for purchases
Average Daily Balances (including new purchases).

Transaction fee for cash advances
None (does not include any fees or surcharges from outside financial institutions).

Fees and payments

• Overlimit fee: $20
• Late Payment fee: $16.50
• Returned check fee: $25
• Monthly payment: the greater of $50 minimum or 1.75% of the balance.

Variable Rate Information

Your APR may vary. The variable rate can adjust monthly and is determined by the Prime Rate as published in The Wall Street Journal on the last business day of each month.

It may take up to four weeks for a Balance Transfer check to be credited to your other card account(s). Please continue to pay the minimum-due amount until the payment appears on the creditors' billing statement(s). It is your responsibility to pay any balance remaining on such accounts and close them if you desire. If you have a dispute with any creditor and pay that balance by transferring it to your new card, you may lose certain rights. Finance charges will begin the date the Balance Transfer check is issued as payment. Balance Transfer checks issued pursuant to this request are treated as cash advances.

Late charge is imposed after account is 10 days past due date.

A finance charge will be imposed on purchases, cash advances and balance transfers from the date that they are posted to your account. There is no time period within which to avoid a FINANCE CHARGE.

Terms and Conditions

You understand that the information you provide is given to obtain credit from Eli Lilly Federal Credit Union (ELFCU), and represent that the information is true and complete. We will review and verify this information. If any information is incomplete, inaccurate or cannot be verified, or if your name and address has changed, we reserve the right to withdraw this offer. You authorize ELFCU to obtain a current credit report, verify the information, and share this information and the credit experience on the account with others. You agree to be bound by the terms and conditions of this offer as well as the Credit Card Agreement and Disclosure Statement that will be mailed to you with your card. You understand that Indiana law governs this offer, the Credit Card Agreement and Disclosure Statement, and the account.

Minimum credit limit on Equity Visa is $5,000.00.

The above fee and term information is correct as of 1/06 and is subject to change.

To request your Equity Visa, contact a Home Equity Loan Officer at 317.276.2105 ext 1 or toll-free at 800.621.2105 ext 1.

For more information and current rates, call our Mortgage Hotline during normal business hours at (317) 276-2105 ext 1 or call toll-free 800-621-2105 ext 1.

* State specific and Title Insurance fees may apply.  Home Equity fixed rate loans will incur closing costs of 1% of the loan amount up to a maximum of $1,700.00.