Borrow against the equity you've built in your home with an INB home equity loan or home equity line of credit. Choose a lump sum with predictable payments or flexible access to funds as you need them. Whether you want to take a vacation, put in a pool, or remodel the kitchen, you can use your home’s equity to make that happen. Learn here how a Second Mortgage, HELOC and Home Equity Loans can work for you.
Second Mortgage
A second mortgage is a loan that’s secured by the equity of your home. It’s called a second mortgage because it follows your first mortgage. These loans are ideal for paying off high-interest credit cards, educational expenses, vacations, and home improvements. There are two common types of second mortgages: HELOCs and home equity loans.
INB offers flexible terms and competitive interest rates on both types of loans, and the interest may even be tax-deductible; consult your tax advisor to be sure.
Apply for a second mortgage
HELOC
A home equity line of credit, or HELOC, allows you to have access to cash to make purchases up to the value of the loan. HELOC’s are flexible: you can withdraw the money as you need it over a fixed amount of time.
Repayments schedules are flexible as well, but there is a minimum monthly payment, much like a credit card payment. Keep in mind that your home is the collateral for a HELOC, so you need to be in a position to make the payments.
It can take a few weeks from application to approval of a HELOC because it is a second mortgage. We will evaluate your financial situation and home equity like we did when you applied for your first mortgage.
Apply for a HELOC
Home Equity Loan
Like a HELOC, you borrow against your home’s equity and use your home as collateral. Unlike a HELOC, a home equity loan provides you with a lump sum of money upfront. You’ll pay back the amount you borrowed plus interest on a schedule. Home equity loans are perfect when you know exactly how much money you to borrow.
To apply for a HELOC or Home Equity Loan with INB, please use our Second Mortgage application.
Apply for a second mortgage
Why should I get my HELOC from INB?
INB gives you access to experienced lenders with competitive rates!
Visit us at any location to speak with one of our experienced staff members.
Call us at 217-747-5500 or toll-free 877-771-2316.
Home equity assumptions (discount information plus disclosures and additional assumptions).