Unlock the value of your home with a Home Equity Line of Credit (HELOC) from Old National Bank — a flexible, convenient lending solution designed for homeowners who want access to credit on their terms. A HELOC functions like a credit card secured by the equity in your home: you are approved for a credit limit and can draw funds as needed during a designated draw period. Whether you are planning home improvements, consolidating higher-interest debt, financing education, or managing unexpected expenses, a HELOC from Old National Bank offers adaptable borrowing with competitive terms and personalized service.

Key Features

• Flexible access to funds: Borrow only what you need, when you need it, up to your approved credit limit. You can make multiple withdrawals during the draw period and repay as you go.
• Revolving credit structure: As you repay principal, your available credit is restored, providing ongoing access without reapplying.
• Variable interest rates: HELOC rates typically adjust over time and are tied to an index plus a margin. Old National Bank provides transparent rate structures and disclosures so you understand how payments may change.
• Interest-only payment option: During the draw period, many borrowers choose interest-only payments for lower monthly obligations. Principal repayment may be required during the repayment period.
• Large credit limits: Leverage a portion of your home’s equity — subject to qualification criteria — to secure meaningful borrowing capacity.
• Accessible servicing: Manage your HELOC with online tools, statements, and support from experienced representatives who can help you plan draws and repayments.

Benefits of Choosing an Old National Bank HELOC

• Financial flexibility: Use funds for a single major project or a series of needs without the cost and hassle of multiple loans.
• Cost-effective borrowing: Because the loan is secured by your home, a HELOC often offers lower interest rates than unsecured credit options such as personal loans or credit cards.
• Control and convenience: Draw only the amount you need, make extra principal payments without penalty (subject to terms), and repay on a schedule that matches your financial goals.
• Potential tax considerations: Interest paid on a HELOC may be tax-deductible if the funds are used for home improvements; consult a tax advisor for guidance specific to your situation.
• Local guidance and service: Old National Bank combines local market knowledge with professional lending expertise to help you choose the right product and manage it over time.

Who Should Consider a HELOC?

A HELOC is ideal for homeowners who have built equity and want flexible credit for planned projects or ongoing expenses. Examples include:

• Major home renovations that increase property value
• Debt consolidation to reduce interest costs and simplify payments
• Higher education or tuition expenses
• Emergency funds or unexpected large expenses
• Financing a small business or investment where flexible repayment is beneficial

Because your home secures the line of credit, a HELOC is best for borrowers who are comfortable using home equity and have a stable repayment plan.

Eligibility and Application Overview

Old National Bank assesses HELOC applications based on factors like home equity, credit history, income, debt-to-income ratio, and property value. While specific qualification guidelines vary, a strong application typically includes:

• Significant equity in your home (the difference between market value and outstanding mortgage balances)
• Consistent income and employment history
• Solid credit profile and payment history
• Acceptable loan-to-value ratio determined by bank policy

The application process generally involves submitting financial documentation, completing a short application, and undergoing a property valuation. Old National Bank’s lending team can walk you through each step and help you understand closing costs and any applicable fees.

Tips for Responsible Use

• Borrow with a clear purpose and repayment plan — treat your HELOC as a strategic financial tool, not free cash.
• Avoid using a HELOC for ongoing discretionary spending to prevent long-term debt cycles.
• Monitor interest rate changes and consider refinancing into a fixed-rate loan if you prefer predictable payments.
• Make extra principal payments when possible to reduce interest costs and shorten your repayment timeline.

Frequently Asked Questions

How does the draw period work?

The draw period is the timeframe during which you can borrow against your approved credit line. You may make interest-only payments or pay both principal and interest depending on your terms. After the draw period ends, you enter the repayment period when principal payments are required.

Can I refinance or convert to a fixed rate?

Options may be available to convert outstanding balances to a fixed-rate loan or refinance your HELOC. Speak with an Old National Bank lending specialist to explore tailored solutions.

Are there fees or closing costs?

Some HELOCs include appraisal fees, closing costs, or annual fees. Old National Bank provides clear disclosures so you understand all applicable charges prior to closing.

Start with Confidence

A HELOC from Old National Bank offers a powerful combination of flexibility, access, and professional guidance. Whether you are renovating, consolidating debt, or preparing for life’s milestones, our team can help you evaluate options and choose a solution that fits your financial goals. Explore a lending option that leverages your home’s potential while providing the support and clarity you need to borrow responsibly.