Jul

2025

SoFi Essential Credit Card Terms & Conditions

By Dana Paltao | Uncategorized | Comments Off

SoFi Essential Credit Card Terms & Conditions

SOFI CREDIT CARD TERMS OF OFFER INTEREST RATES AND INTEREST CHARGES
Annual Percentage Rate (APR) for Purchases	The standard variable APR for purchases is 32.99%, based on your creditworthiness. Your APR will vary with the market based on the Prime Rate.
Annual Percentage Rate (APR) for Balance Transfers	32.99%, based on your creditworthiness. Your APR will vary with the market based on the Prime Rate. SoFi is currently accepting Balance Transfers from recipients of promotional offers only. We will inform you when this feature is widely available.
Annual Percentage Rate (APR) for Cash Advances	30.74%. This APR will vary with the market based on the Prime Rate.
How to Avoid Paying Interest on Purchases	Your due date is at least 25 days after the close of each billing cycle. We will not charge you interest on purchases made during the most recent billing cycle if you pay your entire balance (adjusted for any financing plan, if applicable) in full on or before the due date each month. We will begin charging interest on cash advances and balance transfers on the transaction date.
Minimum Interest Charge	If you are charged interest, the charge will be no less than $1.00.
For Credit Card Tips from the Consumer Financial Protection Bureau	To learn more about factors to consider when applying for or using a credit card, visit the website of the Consumer Financial Protection Bureau at https://www.consumerfinance.gov/learnmore

FEES
Annual Fee	None
Transaction Fees Balance Transfer Fee Cash Advance Fee	The greater of $10 or 5% of the Balance Transfer The greater of $10 or 5% of the Cash Advance
Penalty Fees Late Payment Fee Returned Payment Fee	Up to $41 None

How We Will Calculate Your Balance

We use the “daily balance” method, including new transactions, to calculate the daily balance on which we will charge interest.

Loss of Introductory APR

We may revoke any promotional APR if you fail to make a payment of at least the minimum payment due within 60 days of the due date. Your new APR will be the Standard Purchase APR.

Variable Rates

Your Daily Periodic Rate(s) and corresponding Annual Percentage Rate(s) will change if the Prime Rate changes. If the Daily Periodic Rate(s) and corresponding Annual Percentage Rate(s) increase, your interest charges will increase, and your minimum payment will be greater. Complete details regarding how the variable rate is determined are set forth in the Cardholder Agreement.

Payment Allocation

We decide how to apply your payment, up to the minimum payment, to the balances on your account. We may apply the minimum payment first to interest charges, then to the balances with the lowest APR, and then to the balances with higher APRs.

If you pay more than the Minimum Payment, we’ll apply the amount over the Minimum Payment, first to the Balance with the highest APR, then to the Balance with the next highest APR, and so on, except as otherwise required by applicable law.

SoFi Essential Credit Card Terms & Conditions

The SoFi Essential Credit Card is issued by SoFi Bank, N.A. (“SoFi”, “we”, “us”, or “our”). By submitting this application, you request that we establish a card account (“SoFi Credit Card Account”) for you and any authorized users you have designated. You agree that all information provided in this application is verifiable and accurate. The SoFi Credit Card Account will be governed by the terms of the cardholder agreement (“Cardholder Agreement”), which will be provided when the SoFi Credit Card Account is issued.

Your eligibility for a SoFi Credit Card Account or a subsequently offered product or service is subject to the final determination by SoFi Bank, N.A., as issuer. Please allow thirty (30) days from the date of submission to process your application.

You must be at least 18 years of age (or of legal age in your state of residence). The card offer referenced in this communication is only available to individuals who reside in the United States. This communication is not and should not be construed as an offer to individuals outside of the United States.

Identity Verification

IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW CARD ACCOUNT

To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens a SoFi Credit Card Account. This means that we will ask for your name, address, date of birth, and other information that will allow us to identify you when you open a SoFi Credit Card Account. We may also ask to see your driver’s license or other identifying documents and obtain identification information about you or any authorized user you add to your SoFi Credit Card Account.

Credit Reports

Upon completion of your Credit Card application and submission, you authorize us to request a copy of your credit report from one or more consumer agencies. Upon receiving your completed application, we will conduct a soft credit pull, which will not impact your credit score. You hereby authorize us to conduct a soft credit pull upon receipt of your application. You understand that after evaluating your completed application and soft pull credit report, we may determine not to offer credit to you. If we approve your application, we will conduct a hard credit pull, which might impact your credit score. You hereby authorize us to conduct a hard credit pull following the approval of your application.

You authorize us to request credit reports and other information about you from consumer reporting agencies and other sources for such purposes as: (a) determining whether to issue you a SoFi Credit Card Account, (b) administering, reviewing, and renewing the SoFi Card Account, (c) credit line increases or decreases, (d) collection and other servicing of the SoFi Credit Card Account, (e) offering other products, (f) services, and (g) for any other uses permitted by law. We may report negative information about your SoFi Credit Card Account payment history, like delinquencies, to consumer reporting agencies.

Cardholder Agreement

If you are approved for a SoFi Credit Card Account, you’ll receive the Cardholder Agreement. By activating your SoFi Credit Card Account, using the SoFi Essential Credit Card or making any payment to your Account, you are agreeing to be bound by the terms of the Cardholder Agreement. We have the right to make changes to the terms of your SoFi Credit Card Account (including rates and fees) in accordance with the Cardholder Agreement.

In New York, this Agreement begins on the first date that you sign a sales slip or memorandum evidencing the purchase of goods or services.

Credit Eligibility

To receive a SoFi Credit Card Account, you must meet certain applicable criteria bearing on creditworthiness. Your revolving credit limit may be determined based on the following:

Your annual salary and wages
Any other annual income
A review of your debt, including the debt listed on your credit report.
A review of your credit history and other factors deemed relevant by the issuer

We’ll inform you of your revolving credit limit when you’re approved for your SoFi Credit Card Account. Some credit limits may be as low as $500.

About Adding An Authorized User

Before adding an authorized user to your SoFi Credit Card Account you should know that:

You’re responsible for all charges made to your SoFi Credit Card Account by the authorized user
Authorized users have access to your SoFi Credit Card Account information
Before adding an authorized user, you must first let them know that we may report SoFi Credit Card Account performance to the credit reporting agencies in the authorized user’s name
A review of your credit history and other factors deemed relevant by the issuer

If we ask for information about the authorized user, you must obtain their permission to share their information with us and for us to share it as allowed by applicable law.

Additional Information

Any benefit, reward, service, or feature offered in connection with your Card Account may change or be discontinued at any time for any reason except as otherwise expressly indicated. SoFi Bank isn’t responsible for products and services offered by other companies.

SoFi Essential Credit Card Rewards Program

With the SoFi Essential Credit Card, you can earn rewards points for purchases made using your card, rewards offered through the SoFi Member Rewards Program, or other rewards offered from time to time, and you can redeem those rewards points for statement credits and other redemption methods offered through the SoFi Member Rewards Program. More details on SoFi Essential Credit Card Rewards can be foundhere.

SoFi Member Rewards Program

As a SoFi Member, you can earn points by using features across SoFi products that are designed to help you Get Your Money Right. When you elect to redeem Rewards Points toward active SoFi accounts, including but not limited to your SoFi Checking or Savings account, SoFi Money® account, SoFi Active Invest account, SoFi Automated Invest account, SoFi Credit Card account, SoFi Personal Loan, Private Student Loan, Student Loan Refinance, or toward SoFi Travel purchases, your Rewards Points will redeem at a rate of 1 cent per every point.

Mastercard World Benefits

You are also eligible for more rewards through the World Mastercard Benefits program when shopping with eligible merchants. More details on the World Mastercard Benefits program can be found here.

Fraud, Misuse, Abuse, or Suspicious Activity

If we see evidence of fraud, misuse, abuse, or suspicious activity, we’ll investigate and, if we determine that fraud, misuse or abuse has occurred, we may take action against you. This action may include, without limitation and without prior notice:

Taking away the rewards points you earned because of fraud, misuse, or abuse
Suspending or closing your SoFi Credit Card Account
Taking legal action to recover our monetary losses, including litigation costs and damages

Some examples of fraud, misuse, abuse and suspicious activity include:

Using your SoFi Credit Card Account in an abusive manner for the primary purpose of acquiring rewards points
Using your SoFi Credit Card Account other than primarily for personal, consumer, or household purposes

SoFi Bank reserves the right to take action, including but not limited to those actions enumerated above, based on your activity across any SoFi product, as well as external information received from SoFi third-party vendors, external bureaus, or industry referrals.

Special Notices

California Residents:
If married, you may apply for a separate account.

Delaware Residents:
Service charges not in excess of those permitted by law will be charged on the outstanding balances from month to month.

Ohio Residents:
The Ohio laws against discrimination require that all creditors make credit equally available to all credit worthy customers, and that credit reporting agencies maintain separate credit histories on each individual upon request. The Ohio civil rights commission administers compliance with this law.

Wisconsin Residents:
If you are applying for individual credit or joint credit with someone other than your spouse, and your spouse also lives in Wisconsin, combine your financial information with your spouse’s financial information. No provision of any marital property agreement, unilateral statement under Section 766.59 of the Wisconsin statutes or court order under section 766.70 adversely affects the interest of the lender, unless the lender, prior to the time credit is granted, is furnished a copy of the agreement, statement of decree or has actual knowledge of the adverse provision when the obligation to the lender is incurred. If married, you understand that your lender must inform your spouse if a credit account is opened for you.

Additional documents

As a reminder, the SoFi Essential Credit Card is a completely digital product. All written communications related to the card will be online or in electronic format. The following is a link to the SoFi Esign terms and conditions that you must agree to in connection with your application for the SoFi Essential Credit Card.

SoFi Everyday Cash Rewards Terms & Conditions

By Dana Paltao | Uncategorized | Comments Off

SoFi Everyday Cash Rewards Credit Card Terms & Conditions

SOFI CREDIT CARD TERMS OF OFFER INTEREST RATES AND INTEREST CHARGES
Annual Percentage Rate (APR) for Purchases	The standard variable APR for purchases is 32.99%, based on your creditworthiness. Your APR will vary with the market based on the Prime Rate.
Annual Percentage Rate (APR) for Balance Transfers	32.99%, based on your creditworthiness. Your APR will vary with the market based on the Prime Rate. SoFi is currently accepting Balance Transfers from recipients of promotional offers only. We will inform you when this feature is widely available.
Annual Percentage Rate (APR) for Cash Advances	30.74%. This APR will vary with the market based on the Prime Rate.
How to Avoid Paying Interest on Purchases	Your due date is at least 25 days after the close of each billing cycle. We will not charge you interest on purchases made during the most recent billing cycle if you pay your entire balance (adjusted for any financing plan, if applicable) in full on or before the due date each month. We will begin charging interest on cash advances and balance transfers on the transaction date.
Minimum Interest Charge	If you are charged interest, the charge will be no less than $1.00.
For Credit Card Tips from the Consumer Financial Protection Bureau	To learn more about factors to consider when applying for or using a credit card, visit the website of the Consumer Financial Protection Bureau at https://www.consumerfinance.gov/learnmore

FEES
Annual Fee	None
Transaction Fees Balance Transfer Fee Cash Advance Fee	The greater of $10 or 5% of the Balance Transfer The greater of $10 or 5% of the Cash Advance
Penalty Fees Late Payment Fee Returned Payment Fee	Up to $41 None

How We Will Calculate Your Balance

We use the “daily balance” method, including new transactions, to calculate the daily balance on which we will charge interest.

Loss of Introductory APR

We may revoke any promotional APR if you fail to make a payment of at least the minimum payment due within 60 days of the due date. Your new APR will be the Standard Purchase APR.

Variable Rates

Your Daily Periodic Rate(s) and corresponding Annual Percentage Rate(s) will change if the Prime Rate changes. If the Daily Periodic Rate(s) and corresponding Annual Percentage Rate(s) increase, your interest charges will increase, and your minimum payment will be greater. Complete details regarding how the variable rate is determined are set forth in the Cardholder Agreement.

Payment Allocation

We decide how to apply your payment, up to the minimum payment, to the balances on your account. We may apply the minimum payment first to interest charges, then to the balances with the lowest APR, and then to the balances with higher APRs.

If you pay more than the Minimum Payment, we’ll apply the amount over the Minimum Payment, first to the Balance with the highest APR, then to the Balance with the next highest APR, and so on, except as otherwise required by applicable law.

SoFi Everyday Cash Rewards Credit Card Terms & Conditions

The SoFi Everyday Cash Rewards Credit Card is issued by SoFi Bank, N.A. (“SoFi”, “we”, “us”, or “our”). By submitting this application, you request that we establish a card account (“SoFi Credit Card Account”) for you and any authorized users you have designated. You agree that all information provided in this application is verifiable and accurate. The SoFi Credit Card Account will be governed by the terms of the cardholder agreement (“Cardholder Agreement”), which will be provided when the SoFi Credit Card Account is issued.

Your eligibility for a SoFi Credit Card Account or a subsequently offered product or service is subject to the final determination by SoFi Bank, N.A., as issuer. Please allow thirty (30) days from the date of submission to process your application.

You must be at least 18 years of age (or of legal age in your state of residence). The card offer referenced in this communication is only available to individuals who reside in the United States. This communication is not and should not be construed as an offer to individuals outside of the United States.

Identity Verification

IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW CARD ACCOUNT

To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens a SoFi Credit Card Account. This means that we will ask for your name, address, date of birth, and other information that will allow us to identify you when you open a SoFi Credit Card Account. We may also ask to see your driver’s license or other identifying documents and obtain identification information about you or any authorized user you add to your SoFi Credit Card Account.

Credit Reports

Upon completion of your Credit Card application and submission, you authorize us to request a copy of your credit report from one or more consumer agencies. Upon receiving your completed application, we will conduct a soft credit pull, which will not impact your credit score. You hereby authorize us to conduct a soft credit pull upon receipt of your application. You understand that after evaluating your completed application and soft pull credit report, we may determine not to offer credit to you. If we approve your application, we will conduct a hard credit pull, which might impact your credit score. You hereby authorize us to conduct a hard credit pull following the approval of your application.

You authorize us to request credit reports and other information about you from consumer reporting agencies and other sources for such purposes as: (a) determining whether to issue you a SoFi Credit Card Account, (b) administering, reviewing, and renewing the SoFi Card Account, (c) credit line increases or decreases, (d) collection and other servicing of the SoFi Credit Card Account, (e) offering other products, (f) services, and (g) for any other uses permitted by law. We may report negative information about your SoFi Credit Card Account payment history, like delinquencies, to consumer reporting agencies.

Cardholder Agreement

If you are approved for a SoFi Credit Card Account, you’ll receive the Cardholder Agreement. By activating your SoFi Credit Card Account, using the SoFi Everyday Cash Rewards Credit Card or making any payment to your Account, you are agreeing to be bound by the terms of the Cardholder Agreement. We have the right to make changes to the terms of your SoFi Credit Card Account (including rates and fees) in accordance with the Cardholder Agreement.

In New York, this Agreement begins on the first date that you sign a sales slip or memorandum evidencing the purchase of goods or services.

Credit Eligibility

To receive a SoFi Credit Card Account, you must meet certain applicable criteria bearing on creditworthiness. Your revolving credit limit may be determined based on the following:

Your annual salary and wages
Any other annual income
A review of your debt, including the debt listed on your credit report.
A review of your credit history and other factors deemed relevant by the issuer

We’ll inform you of your revolving credit limit when you’re approved for your SoFi Credit Card Account. Some credit limits may be as low as $500.

About Adding An Authorized User

Before adding an authorized user to your SoFi Credit Card Account you should know that:

You’re responsible for all charges made to your SoFi Credit Card Account by the authorized user
Authorized users have access to your SoFi Credit Card Account information
Before adding an authorized user, you must first let them know that we may report SoFi Credit Card Account performance to the credit reporting agencies in the authorized user’s name
A review of your credit history and other factors deemed relevant by the issuer

If we ask for information about the authorized user, you must obtain their permission to share their information with us and for us to share it as allowed by applicable law.

Additional Information

Any benefit, reward, service, or feature offered in connection with your Card Account may change or be discontinued at any time for any reason except as otherwise expressly indicated. SoFi Bank isn’t responsible for products and services offered by other companies.

SoFi Everyday Cash Rewards Credit Card Rewards Program

With the SoFi Everyday Cash Rewards Credit Card, you can earn rewards points for purchases made using your card, rewards offered through the SoFi Member Rewards Program, or other rewards offered from time to time, and you can redeem those rewards points for statement credits and other redemption methods offered through the SoFi Member Rewards Program. More details on SoFi Everyday Cash Rewards Credit Card Rewards can be foundhere.

SoFi Member Rewards Program

As a SoFi Member, you can earn points by using features across SoFi products that are designed to help you Get Your Money Right. When you elect to redeem Rewards Points toward active SoFi accounts, including but not limited to your SoFi Checking or Savings account, SoFi Money® account, SoFi Active Invest account, SoFi Automated Invest account, SoFi Credit Card account, SoFi Personal Loan, Private Student Loan, Student Loan Refinance, or toward SoFi Travel purchases, your Rewards Points will redeem at a rate of 1 cent per every point.

Mastercard World Benefits

You are also eligible for more rewards through the World Mastercard Benefits program when shopping with eligible merchants. More details on the World Mastercard Benefits program can be found here.

Fraud, Misuse, Abuse, or Suspicious Activity

If we see evidence of fraud, misuse, abuse, or suspicious activity, we’ll investigate and, if we determine that fraud, misuse or abuse has occurred, we may take action against you. This action may include, without limitation and without prior notice:

Taking away the rewards points you earned because of fraud, misuse, or abuse
Suspending or closing your SoFi Credit Card Account
Taking legal action to recover our monetary losses, including litigation costs and damages

Some examples of fraud, misuse, abuse and suspicious activity include:

Using your SoFi Credit Card Account in an abusive manner for the primary purpose of acquiring rewards points
Using your SoFi Credit Card Account other than primarily for personal, consumer, or household purposes

SoFi Bank reserves the right to take action, including but not limited to those actions enumerated above, based on your activity across any SoFi product, as well as external information received from SoFi third-party vendors, external bureaus, or industry referrals.

Special Notices

California Residents:
If married, you may apply for a separate account.

Delaware Residents:
Service charges not in excess of those permitted by law will be charged on the outstanding balances from month to month.

Ohio Residents:
The Ohio laws against discrimination require that all creditors make credit equally available to all credit worthy customers, and that credit reporting agencies maintain separate credit histories on each individual upon request. The Ohio civil rights commission administers compliance with this law.

Wisconsin Residents:
If you are applying for individual credit or joint credit with someone other than your spouse, and your spouse also lives in Wisconsin, combine your financial information with your spouse’s financial information. No provision of any marital property agreement, unilateral statement under Section 766.59 of the Wisconsin statutes or court order under section 766.70 adversely affects the interest of the lender, unless the lender, prior to the time credit is granted, is furnished a copy of the agreement, statement of decree or has actual knowledge of the adverse provision when the obligation to the lender is incurred. If married, you understand that your lender must inform your spouse if a credit account is opened for you.

Additional documents

As a reminder, the SoFi Everyday Cash Rewards Credit Card is a completely digital product. All written communications related to the card will be online or in electronic format. The following is a link to the SoFi Esign terms and conditions that you must agree to in connection with your application for the SoFi Everyday Cash Rewards Credit Card.

Current Home Equity Loan Rates in Indianapolis, IN Today

By Dana Paltao | Uncategorized | Comments Off

INDIANAPOLIS HOME EQUITY LOAN RATES TODAY

Current home equity loan

rates in Indianapolis, IN.

Disclaimer: The prime rate directly influences the rates on HELOCs and home equity loans.

View your rate

Turn your home equity into cash. Call us for a complimentary consultation or get prequalified online.

Compare home equity loan rates in Indianapolis.

Key Points

• Home equity loan rates are influenced by the prime rate, economic conditions, and a borrower’s personal qualifications.

• Home equity loans have fixed rates, which offer the stability of consistent monthly payments.

• Comparing multiple lenders can lead to significant savings.

• The interest on a home equity loan could be tax-deductible if funds are used for home improvements.

• A home equity line of credit and a cash-out refinance are other ways to borrow based on home equity.

Introduction to Home Equity Loan Rates

Home equity loans are a popular borrowing option for homeowners looking to get equity out of their home. These loans often offer more favorable interest rates than unsecured loans. This guide provides a comprehensive look at home equity loan rates in Indianapolis. You’ll gain insight into how these rates are determined and what factors affect the rate you may be offered. We’ll also explore the application process and tools you can use to estimate costs. Ultimately, you’ll be equipped to secure the best home equity loan rates and leverage them to your benefit.

How Home Equity Loans Work?

A home equity loan is a lump-sum loan that is secured by the equity in your home. It’s important as you are learning what a home equity loan is to understand that this loan is technically a second mortgage (assuming you’re still paying off your initial home loan) and that if you can’t make payments, you risk foreclosure.

The amount you can borrow is based on your equity, which is the difference between the market value of your home and the amount you owe on your mortgage. Lenders will typically let you borrow up to 85% of your equity. A home equity loan calculator can help you see how much you might be able to borrow. Home equity loans typically have a fixed interest rate, which means you’ll have the same monthly payment for the life of the loan.

Recommended: What Is a Home Equity Line of Credit?

Where Do Home Equity Loan Interest Rates Come From?

The interest rates on different types of home equity loana are influenced by both economic and personal factors. Decisions by the Federal Reserve can impact the prime rate, which lenders use to set interest rates on home equity loans. Each lender adds a margin to the prime rate to determine the interest rate they will charge, and adjusts the rate up or down based on borrower factors such as your credit score and debt-to-income (DTI) ratio.

How Interest Rates Impact Home Equity Loan Affordability

Your interest rate is a big deal when it comes to a home equity loan. Even a small difference in rates can mean significant savings or added costs over the life of the loan. A $100,000 home equity loan with a 15-year repayment term at 8.50% interest would have a monthly payment of $985, and a total interest payment of $77,253. But at 9.50%, the monthly payment jumps to $1,044, and the total interest paid increases to $87,960. That’s a $10,700 difference in interest over the life of the loan.

Home Equity Loan Rate Trends

Since interest rates for home equity loans tend to follow the prime rate, it can help to have a sense of the rate’s ups and downs over time. The prime rate dropped as low as 3.25% in 2020 and then hit 8.50% in 2023. Some borrowers try to time their home equity loan application to lower rates, but it’s not always possible. What you can do: Compare offers from different lenders to find the lowest available rate and best terms at whatever time you do apply.

Historical Prime Interest Rates

Source: TradingView.com

Historical Prime Interest Rates

Date	Prime Rate
9/19/2024	8.00%
7/27/2023	8.50%
5/4/2023	8.25%
3/23/2023	8.00%
2/2/2023	7.75%
12/15/2022	7.50%
11/3/2022	7.00%
9/22/2022	6.25%
7/28/2022	5.50%
6/16/2022	4.75%
5/5/2022	4.00%
3/17/2022	3.50%
3/16/2020	3.25%
3/4/2020	4.25%
10/31/2019	4.75%
9/19/2019	5.00%
8/1/2019	5.25%
12/20/2018	5.50%
9/27/2018	5.25%

Source: St. Louis Fed

How to Qualify for the Lowest Rates

To get the most competitive home equity loan rate, you need to show that you’re a good risk for a lender. Lenders will be looking at your credit score, DTI ratio, and your level of equity in your home. Take these steps before you apply.

Maintain Sufficient Home Equity

To be eligible for a home equity loan, you need to have at least 20% equity in your home. Calculating your equity is straightforward: Simply subtract your mortgage balance from your home’s current estimated value, then divide the result by the home value to arrive at a percentage. For instance, if your mortgage balance is $400,000 and your home is valued at $550,000, your equity is $150,000, or 27%. If you don’t have 20% equity, you can make more mortgage payments or make improvements in your home to increase its value.

Build a Strong Credit Score

A robust credit score will help you land the most competitive home equity loan rates in Indianapolis. Lenders often look for a minimum of 680 or 700, but the higher, the better. A high score shows lenders you’re a safe bet and could lead to friendlier terms and lower interest rates. To get there, make all your payments on time, don’t max out your existing credit lines, and periodically review your credit report for any errors and straighten out any you find before you apply for a home equity loan.

Manage Debt-to-Income Ratio

Your debt-to-income (DTI) ratio is another vital figure in the world of home equity loans. Lenders often seek a DTI ratio below 50%, but the golden number is 36% or less. To find your DTI ratio, add up all your monthly debt payments and divide by your gross monthly income. To bolster your DTI, consider chipping away at existing debts or exploring opportunities to boost your income. By doing so, you’re not only enhancing your financial profile but also improving your chances of securing a loan with favorable terms.

Obtain Adequate Property Insurance

Property insurance is a must-have, especially if you’re in an area that’s no stranger to natural disasters, such as flooding. Lenders will want to be sure that your property, which is the collateral for the loan, is insured in the event of damage. Before you apply, it’s a good idea to touch base with your insurance provider to make sure your coverage is up to snuff and meets your lender’s requirements.

Current home equity loan rates by state.

Compare current home equity loan interest rates by state and find a home equity loan rate that suits your financial goals.

Select a state to view current rates:

Useful Tools & Calculators

When you’re considering a home equity loan or home equity line of credit (HELOC) in Indianapolis, an online calculator can be a big help. These are a few of our favorites:

Run the numbers on your home equity loan.

Home Equity Loan Calculator

Enter a few details about your home loan and we’ll provide you your maximum home equity loan amount.

Calculate
HELOC Payment Calculator

Punch in your HELOC amount and we’ll estimate your monthly payment amount for your HELOC.

Calculate
HELOC Interest Only Calculator

Use SoFI’s HELOC interest calculator to estimate how much monthly interest you’ll pay .

Calculate

Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Ain payments shown depend on the accuracy of the information provided.

Closing Costs and Fees

Closing costs for Indianapolis home equity loans range from 2% to 5% of the loan amount. These costs cover a variety of things, including the appraisal, credit report, document preparation, origination, notary, title search, and title insurance. While no-closing-cost loans are an option, they often come with higher interest rates.

Tax Deductibility of Home Equity Loan Interest

Here’s a tip: The interest on home equity loans could be tax-deductible if you’re using the funds to buy, build, or significantly improve your home. If you’re married and filing jointly, you can deduct interest on home equity loans up to $750,000; for single filers, it’s up to $375,000. Remember, to claim this deduction, you’ll need to itemize your tax return. If you’re not sure if or how this applies to you, a quick chat with a tax advisor can help you understand the benefits you might be missing.

Alternatives to Home Equity Loans

While home equity loans are a popular choice, there are other options to consider, such as a home equity line of credit (HELOC) and a cash-out refinance. Both of these options allow you to tap into your home equity, but they have different features and requirements.

Home Equity Line of Credit (HELOC)

A HELOC is a bit like having a credit card with your home equity determining the spending limit. The credit line is there for you to tap into as needed, and you pay interest only on what you actually use. In fact, during the initial draw period of the HELOC (often 10 years) you can make interest-only payments. You might find a HELOC interest-only calculator helpful during this time.

You’ll only have to repay the principal plus interest after the draw period ends and you enter the repayment period. This is when you might use a HELOC monthly payment calculator. Keep in mind that HELOCs typically come with variable interest rates, so costs may change over time. To qualify, most lenders will want you to have a credit score of 680 (700 is even better) and a debt-to-income ratio below 50% (aim for below 36% if you can).

Here’s a quick look at a HELOC vs. a home equity loan:

	HELOC	Home Equity Loan
Type	Revolving line of credit	Installment loan
Interest Rate	Usually variable-rate	Usually fixed-rate
Repayment	Repay only what you borrow plus interest; you may have the option to make interest-only payments during the draw period.	Starts immediately at a set monthly payment
Disbursement	Charge only the amount you need	Lump sum

Cash-Out Refinance

A cash-out refinance is when you replace your mortgage with a new, larger loan and take the difference in cash. The amount you can borrow depends on your home equity; most lenders let you borrow up to 80%. You’ll need a minimum 620 credit score and a DTI ratio under 43%. Because it’s a complete mortgage refinance, you can choose from fixed or variable rates with a cash-out refi. Qualifying is often easier than with home equity loans or HELOCs. Be sure to compare rates to find the best option for you.

One other thing to consider as you think about a cash-oiut refinance vs. a home equity line of credit: A refi will leave you with one monthly payment instead of two.

The Takeaway

When it comes to scoring the best home equity loan rates in Indianapolis, there are a few key factors to keep in mind. Good credit, a low DTI ratio, and good property insurance coverage will help you obtain the lowest available rate. Home equity loans are perfect for those big, one-time expenses, with a lump sum and fixed payments. But don’t forget about the alternatives, like HELOCs and cash-out refinances. Whatever type of loan you choose, be sure to shop around and compare lenders to find the best deal.

SoFi now offers home equity loans. Access up to 85%, or $350,000, of your home’s equity. Enjoy lower interest rates than most other types of loans. Cover big purchases, fund home renovations, or consolidate high-interest debt. You can complete an application in minutes.

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FAQ

What can you do with a home equity loan?

A home equity loan can be a smart way to finance big expenses, whether you’re looking to make home renovations, consolidate high-interest debt, or cover other large purchases. The flexibility of these loans makes them a popular choice for homeowners. But it’s important to use the funds wisely and consider the long-term financial impact.

What’s the monthly payment on a $50,000 home equity loan?

The monthly payment for a $50,000 home equity loan varies with the interest rate and the term of the loan. At an 8.00% interest rate, for instance, a 20-year loan would have you paying $418 a month. Choose a 10-year term, and that monthly commitment rises to approximately $607. Let your budget and goals guide you to the term that suits you best.

What is the monthly payment for a $100,000 HELOC?

A HELOC, or home equity line of credit, is a revolving line of credit, so your monthly payment will depend on how much of the credit line you’ve used. During the draw period, which is typically the first 10 years, you’ll only be on the hook for the interest. For example, with a 6.00% interest rate, if you’ve drawn $50,000, you’d be looking at an interest-only payment of about $250 per month.

What might disqualify you from getting a home equity loan?

There are a few things that could prevent you from securing a home equity loan. Lenders typically require a minimum credit score of 680, a debt-to-income (DTI) ratio of 50% or less, and at least 20% equity in your primary residence. If you don’t meet lenders’ minimum qualifications, you might be denied. Inadequate property insurance can also be a barrier.

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Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.

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SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.

^²SoFi Bank, N.A. NMLS #696891 (Member FDIC), offers loans directly or we may assist you in obtaining a loan from SpringEQ, a state licensed lender, NMLS #1464945.
All loan terms, fees, and rates may vary based upon your individual financial and personal circumstances and state.
You should consider and discuss with your loan officer whether a Cash Out Refinance, Home Equity Loan or a Home Equity Line of Credit is appropriate. Please note that the SoFi member discount does not apply to Home Equity Loans or Lines of Credit not originated by SoFi Bank. Terms and conditions will apply. Before you apply, please note that not all products are offered in all states, and all loans are subject to eligibility restrictions and limitations, including requirements related to loan applicant’s credit, income, property, and a minimum loan amount. Lowest rates are reserved for the most creditworthy borrowers. Products, rates, benefits, terms, and conditions are subject to change without notice. Learn more at SoFi.com/eligibility-criteria. Information current as of 06/27/24.
In the event SoFi serves as broker to Spring EQ for your loan, SoFi will be paid a fee.

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice. Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .
Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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