How To Find The Right HELOC in Indiana

Hello and welcome back, my loyal followers, clients and friends. If you're tuning in for the very first time, welcome. My name is Denzel Rodriguez, your personal finance geek of the 21st century. And we are covering a series right now on how to find the right home equity line of credit in the second position in your state. Each and every one of the videos that go live over the next coming weeks, I will be specifically covering one state at a time. So that has been the rhythm and flow of how we've been doing things so far. Today we are in the state of Indiana and Indiana came to play. They've got some decent banks. I wouldn't say they're most, they're, they're the most competitive state compared to some other states that we've covered so far in terms of incentives and number of banks. But I was able to find you guys some banks in the state of Indiana. So if you live in Indiana, you came across velocity banking for the first time, or you've been practicing it for some time with an inefficient product, maybe such as a credit card or personal line of credit, or maybe a home home equity line of credit at a much higher interest rate, and had no idea that there were these little small credit union banks, these federal credit union banks, these local community banks right in your neighborhood, or at least in, in your state that covers you specifically the resident of Indiana, you've got these little banks that are offering very good incentives, great rates, very competitive rates compared to the general marketplace. And if we could just simply do the right pregame work and moves in advance, I've got here on the left hand side of the board our action steps. This is your blueprint, this is your framework. Should you follow this to a T, you will have no issue whatsoever finding the right home equity line of credit so that you can implement this strategy of accelerating your debt, consolidating debt at lower interest costs, or maybe leveraging the equity in your home to acquire another property, to acquire a business, to start your own business, to make an investment, create cash flow, create an offset. So a lot of different things that you can do with a home equity line of credit on this channel. Primarily, we spend a lot of our time helping people leverage debt to get out of debt in a, in a faster way. If the math makes sense and if the individual comprehends the strategy, understands all the risk involved, and can move forward with discipline and efficiency, they're going to move at a much faster pace than your traditional ways of getting out of debt. Not that those are Good or bad ways of getting out of debt. There are strategic ways of eliminating debt. Some people go for speed, some people go for efficiency, some people go for simplicity. Okay, I'm not a one trick pony, okay? On this YouTube channel I cover all of the ways you can possibly get out of debt and it's just a matter of holding you accountable on that journey. And the biggest issue I find across the board, going back seven years ago when I first started and still to this day, so many people are getting the wrong home equity line of credit, they're getting the wrong tool, and then they're doing the strategy inefficiently, meaning they get a home equity line of credit at nine and a half, eleven and a half percent. And then they try to accelerate a 5% mortgage, or they try to accelerate a 3% personal car loan, or they try to accelerate a 6% personal loan, not realizing even though they eliminated the whole entire debt because they consolidated into the heloc, they're now paying a higher interest cost even though they may not be able to like see it or calculate it because they see the cash flow gain, they're no longer making a payment. And because they have this interest only heloc, they see that the interest only payment is much lower than the other payment and they're driving all their income. Yes, they might be attaching a credit card, but it still wasn't enough because of the interest gap was so far, so, so many people are making that error not even knowing that there are much better properly designed home equity line of credits out there. Instead of getting 9 and a half, 10 and a half, 11%, you literally today in 2025, you could be at 2, 3, 4, 5, 6% on an intro rate for about 6 to 12 months, upwards of 3 to 5 years, fixed and or prime minus as high as 1% in some states that we've seen so far. So I found you three banks in particular in the state of Indiana that are my top three. I'm going to take you through my whole research. I'm going to show you all the banks because there are some honorable mentions. I'm going to take you through all the banks I found, show you my research. Keep in mind, I don't live in the state of Indiana, so not every single bank is going to pop up for me. So I encourage you, those of you that are residents of Indiana, double check my research. Trust what I'm saying, but verify it. Trust, but verify. I'm giving you the framework. I'll always say in this series that the left hand side of the board is going to stay exactly the same this whole way through. So far We've covered almost 20 states in this series. And correct me if I'm wrong, look at every single video. The left hand side of the board is exactly the same, hasn't changed. The right hand side of the board will change, can change incentives. Flip move. Banks get sold, banks get bought out, banks go out of business. So we're not married to any bank. I declare as a, as a good bank, they may be good right now, they might not be good next year. What will remain the same is the framework, the blueprint. That's extremely important. Okay, now before I get into my research, I want to give a couple of updates and announcements in this series and just kind of showing you some of the things I'm doing behind the scenes. The first announcement, I want to just give a highlight to my mentor. Steve Parisi just wrote a book, sent me a physical copy in the mail today with an awesome message. Name of his book is Whole Life Insurance Unlocking the Secrets About Cash Value. How Banks, Corporations and the Wealthy Use Cash Value Life Insurance. This is a serious book. Okay. This isn't a little pamphlet. This has literal illustrations inside of here. And he just takes you through an entire journey. This is a great book for people who are analytical about the numbers. My engineers out there, doctors, lawyers, my mathematicians, my professors that I work with. Those of you that are in engineering tech, it, those of you who like math, like numbers, you're going to enjoy this book. Very, very technical book. And you're going to get just tremendous value out of it. If you're, if you're a new licensed life insurance agent. This is a phenomenal research, this is a phenomenal piece of like tool for you to have in your back pocket. You can do a ton of research with this. He's going to give you a lot of scenarios. This is just a great tool to add to your arsenal. So I can't wait to read that. I know it's going to be amazing because I've been a client, so I'm a customer with Steve Parisi and his organization, his team. I'm also a licensed agent for over seven years now and I've been studying, I've been learning, I've been watching a lot of Steve's videos over the last seven plus years. So I've been able to get the best customer experience and training experience on both ends. Business, personal life, you name it. Just an awesome overall experience with him. So I'm Going to be dedicating time to read that book. Then I'm going to make some videos, reviewing it and maybe even like read a chapter or two here or there with you all to encourage you. The next update that I have real quick, I'm going to share my screen. Got a brand new update here. Made a recent partnership collaboration with another gentleman named Travis Peters who has an academy called the Increase Academy. What has happened in the last few weeks is the finance Geek Ministry and community has, is in the process of moving over to the Increase Academy. So now it's going to be two communities, two programs, two services wrapped in one offer starting at only $15 a month, which is going to be awesome. I'm going to be doing a lot of work inside of that community specifically. So all you have to do is go to my website, denzelrechigas.com and you're gonna hover over to Financegeek Ministry. It's the first link that I have pinned at the bottom of every single one of my videos is sort of a starting point where people can attend a live workshop, a Q and A, spend some time with me, get to know me, ask some questions and from there they usually do a one hour consultation or they'll join me in my lifetime program that I'm offering or buy one of my courses. Well, by the end of this year I'm going to be closing out all my programs and offers and courses. Everything's just going to, I'm going to close it out. I've hit full, I'll, I'll, I would have hit full capacity by the end of the year. Then I'm going to take the next two, three months going into the new year, pouring into the Increase Academy, getting set up fully inside of there and of which I will then launch offers and programs inside of that academy. So what's happening is it's a faith and finance community coming together. So it's faith and finances and other topics, health, fitness. It's a multitude of major topics that get covered that a lot of folks are interested in and I'm able to leverage other professionals that have dedicated their entire life to say fitness or to faith over other things. And then I'm able to jump in and cover the financial part of it. So I'm excited for that journey. That's going to be fun. With that being said, I'm going to share my screen, take you to the beginning of my research here and let's do make sure I get everything pulled up okay. So I did a lot of Research in the state of Indiana in advance. Typically what I will do is type in credit unions in the state that I'm looking at that offers a home equity line of credit. So I'm going to go back and just show you banks that I've found along the way. We got a bank called Eastern Indiana Federal Credit Union. They offer home equity line of credit right here. Special introductory rate, 3.99% for the first 12 months. No annual fee, 80% LTV, low closing cost, 399 max credit line, 250,000 says take advances for up to eight years. So my guess is that's the draw period. So it's an eight year draw, 15 year repayment. Now everything looks good here. My advice to you that live in Indiana, double check about the mobile banking function and accessibility to the home equity line of credit. It says funds accessible simply by writing a special check. So I want to make sure that I'm able to withdraw funds out of that HELOC via online banking transfers. If I can't do that, despite all of these wonderful attributes for this home equity line of credit, that is a draw. That's a deal breaker. Okay, that is a deal breaker. Very, very important. Now if you keep scrolling, I did see. Okay. Yeah. So it looks like the interest rate after the intro is based off of Prime. That's what it looks like. When I clicked here, I went and I kept looking and I wasn't able to find. This is generally the lowest interest rate at which money can be commercially borrowed based on part on the federal funds rate. So if it's based on that, then it's the prime rate, 7.25. So that's my guess. Not sure, but those would be the two things. Even if I click here, current rates. Oh, shoot. I might be able to find it. Hold on, hold on. Might be able to find it. Adjustable. Nope. Oh, here we go. It says home equity line as low as 7.5%. Okay, so that's prime plus 0.25. So that is. Oh no, this is Navy Federal. What am I doing? How does it take me there? How did it take me there? Hold on. Yeah, okay, so disregard that. Disregard that. So it's not, it is not clear what their interest rate is. How did it take me to Navy Fed? So I went boom. Okay. Yeah, so they don't even, they don't really tell us. That was the only two issues. So we don't know what the rate is after the promo and we need to find out if you can access the money via online Banking transfers. Okay, let's say it's prime solid. That was my guess. Then if it is online banking transfers, solid bank that I would want to do business with. Here's another bank called Everwise Credit Union. They offer home equity line of Credit Prime Plus 0.25%, 10 year draw, 80% LTV didn't make it to the whiteboard because it's Prime plus and there's no intro rate. Next bank I found was credit union one. They have a 2.99 promo for the first three months only. But then it's prime plus 0.5%. Don't love that. So it wasn't worthy of the whiteboard in my opinion. Next bank was citizens State Bank. 10 year draw, no application fee. They didn't make it to the whiteboard simply because no information. So you have to call one of these three people to get a better idea of what this bank offers for their home equity line of credit product. I'm just not seeing it. Next we have HCP Credit Union. They offer home equity line, no closing costs, no annual fees. That's cool. No application fee. That's cool. But it's only a five year draw. Don't love that. Max you can get is 50,000. Don't love that either. And then the deal breaker qualify for the lowest rates. APR as low as 8.5%. But we might be in luck because it says as of 2 19, 20, 24. So they clearly have not updated their website since early last year. It could be very possible that this means prime. If so, it's still not, might not be worthy of the whiteboard because that 50,000 is just so, so low. I can't, I really, I don't love it, but I do like the no annual fee and no closing costs. So if you've got a home and you got a pretty decent amount of equity built up in there, we don't need more than 50,000. This could be worth your time. But again, it's only got a five year draw on it and we would just need to verify if they're still rocking at 8.5% being the lowest. I do know like 2024. I do believe rates were that high. I'm not mistaken. I think that was the highest that we were at just a year ago. So now we're at 7.25. Keep that in mind. Here's the next bank I found called Indiana members credit union. 3.9% for the first six months. Not bad. No application fee, no closing costs, no annual fee. So notice how this bank is giving us an intro plus no application fee, plus no closing costs, plus no annual fee. So it immediately throws HCP right out the door because of that intro rate. Okay, and look at prime. Now a little bit confusing because it says variable based on prime plus margin. But then right here it says current rate 80% LTV as low as 7.25%. So long as you keep the LTV under 80% and you meet all the other qualifications, we should be able to get a rate as low as 7.25%. Keep that in mind. So that's a good bank that did make it to the whiteboard. Next is Purdue Federal Credit Union. 12 year draw, no minimum draw at closing. We always like that. Says competitive closing costs. Believe I was able to get you the facts about that. Let me see, where did they have it? Come over here to loan rates. So this is extremely attractive. Purdue prime minus 0.5% 80% LTV on their home equity line of credit product. Not bad at all. We don't know what the closing cost is with this bank but it says competitive closing costs, competitive closing costs. So we don't know for sure what that is. If it's under 500, that's not bad at all. Can't complain. Here's another bank called Forum Credit Union. Although it's not clear if they even offer a home equity line of credit. A lot of their information is saying home equity loan and then only one time it used right here, interest only, home equity line of credit. But not much information. Still wanted you to just show you my research. So if you're someone that's willing to go the extra mile, call these banks, see what their actual offers are. Because the website doesn't always give us everything that we need. So just keep that in mind. Next is IU Credit Union, another bank that has an insurer rate of 3.99% for six months, but look as low as 8.5% afterwards. They'll give you a 0.25% discount for auto pay. They waive the annual fee initially $150 fee, but that would get waived if we get a bigger credit line. Shouldn't be an issue. And it does say as of August 29, 2025, the APR is 8.5. Rates did just go down, so maybe it's 8.25 but still too big of a gap. Not worthy of the whiteboard. Even with that intro rate. Next bank. Don't know how to say it. We're going to go with Hills Credit Union. No closing Costs, no annual fee, competitive rates. Let's see what those rates are, see what they're offering. I think I had it pulled up already. Yep, I did prime. Not bad. So this bank, you could throw it on the whiteboard. I just didn't because I have two other banks that were coming in a little more attractive. Also no closing costs, also no annual fee. But if you wanted to just, you know, add more names to your list, I would say this Hills Credit Union is also an honorable mention. You know, it's a prime rate, no closing costs, no annual fee. Not bad at all. Just don't know what the max credit line amount is, but that's okay. Here's another bank called Kemba Credit Union. I've had clients go with Kemba, I think in other states. So there's different Kembas out there for sure. I think there's a Kemba in Ohio and we got one in Indiana. Just because the name is the same doesn't mean it's the same bank. So keep that in mind as well. So we're specifically looking at Kemba in the state of Indiana. They're doing a 3.996 month intro rate. But they weren't worthy of the whiteboard because I was not able to get any other additional information. All I know is it's 3.99 for the first six months since after that rates will revert to the regular home equity rate based on your credit score and property loan value. So we could take a wild guess and it's probably prime, maybe prime plus 80% LTV to get the lowest rate. It's usually the case here. You got another honorable mention. Liberty Federal Credit Union. I give them an honorable mention because they, they have a very large credit line amount. So some people might need more and willing to pay a little bit more points to get a bigger credit line. This would be a bank that would fit that description. The way that I'm doing research and the way that I'm picking my banks is specifically for the masses that are trying to eliminate debt. So I'm trying to get you the cheapest, lowest rate helocs that we can find out there because that's going to improve your velocity banking strategy. Okay, it's going to improve that. Let's just keep that in mind. That's how I'm doing my research. Another bank called Partners First Federal Credit Union. This is about the only information I was able to get, which is basically nothing. So they could not make it to the whiteboard. We're not giving up Too much info. Last bank is Innova Federal Credit Union. We have a promo rate of 2.99%. Don't know for how long. Not no closing costs. Definitely mobile banking friendly. They go up to no closing costs up to 250,000 and after the intro rate it goes to prime plus 25%. So not terrible. Not terrible. But I don't love on top of that I only have a five year draw and they have this other thing up here. So the best checking is right next door. 4% APY plus cash back rewards. So that's a little bit interesting where it's like okay, my checking account is going to be earning some interest right next to my heloc. So there could be some value. There could be some value there. And then if I'm paying bills directly out of a credit card that potentially might have some rewards inside of there that could be unique. That could be very unique. So it was an honorable mention. I just didn't put it on the whiteboard outside of that. That is all my research for Indiana. Take you to the top three banks that I found. Indiana Members Credit Union 3.9% first six months. Then it goes to just prime. 80% LTV. Five year draw eh. But no closing costs, no annual fee. That beat out a lot of the other banks. Then we saw Purdue with the prime minus 0.5% with a 12 year draw. But there is some closing costs and we don't know if there's an annual fee. Then the last one was Eastern Indiana Federal credit union prime 3.99 for 12 months. We have to verify if it is prime. I believe it is if that's the case. 3.99% it's got the longest intro rate that I found in the state of Indiana with my research we don't know if it's mobile banking friendly so that would immediately take it off the board. And then some of the other banks that I've mentioned would take its place right away. But we do know no annual fee. There's an eight year draw so it's a little bit better. There is closing costs. 399 bucks is what I saw with a max credit line of 250,000 was the credit limit. So for me, top pick, thinking long term. Probably know what I'm going to say. I am a fan of prime minus. That is one of my biggest values with researching HELOCs is if they have a prime minus. I'm always going to be at a competitive borrowing advantage than everybody else. Number two would be eastern. Okay. I liked Eastern from a short term perspective, again, a shorter draw period. And it is, if it's prime, great. If it's prime plus, but very attractive, 3.99 for 12 months. If I'm consolidating a good amount of debt at high rates to 3.99 and in those 12 months I can eliminate a large amount of that debt, it could potentially be worth having a prime plus 0.25 or just prime. By the time we come a year out from now, the rates may have gone down even more. So that would improve your strategy even, even further. So just keep in mind that again, my framework left hand side stays the same no matter what the interest rate environment is. It just so happens that we're in a period right now where a lot of home equity liner credits are starting to promote these teaser rates. Again, rates are coming down. So if you can secure a 1 year, 2 year, 3 or 4 year, 5 year fixed rate home equity line of credit at least 2 points below prime. So 7.25, 5.25. If you get a 6 and a half percent fixed rate HELOC for five years, that would not be ideal in my opinion because we're in a declining interest rate environment. If we were in a increasing interest rate environment, then six and a half is attractive because we're seeing rates go up. But because we've been seeing rates come down the last year and a half, since 2024, we're at 7.25. That just changed last month. That's coming into effect this month. And there's another Fed meeting coming up before the month is over, I believe, and then another one in December. They're planning on cutting rates again at least one more time before the year is over. So if rates get cut by another half a point, now we're at 6.75 and you're rocking at a fixed six and a half going into 2026, they cut rates even further now. You're, you know, right there. So I would rather get a home equity line of credit. If I, if I'm going to get a fixed rate between three and five years, which that's a little more rare. I want to be at least below 6%. Like 6% would be my cutoff, but I would like to be below 6. And we've proven we found banks that will do that on the, on the fixed rate. But being able to lock in 3.99 for 12 months is also not bad at all. And you get to ride the wave down if you're coming in at prime or prime minus. So the reason why I like pur do, I'm already out the gate. Prime minus 0.5%, 6.75. If rates come down another 0.25%, another half percent, now I'm at 6.5, 6.25. So I get to ride that wave down. And if rates kind of flattens, kind of stay where they're at. I don't think rates. I don't think we're ever going to see mortgages at 1 and 2 and 3% for many, many, many, many, many years. I don't, I don't think we're going that low when it comes to interest rates. But I do believe we might stay at an, at a nice healthy 5 to 6 ish percent prime rate environment. If we go as low as 5, I don't know if that's healthy. I think where we're at right now is not horrible. But if we go into the sixes like prime is at six and a half, 6.75, 6.25, 6%. I think we might coast, stay there for a while and that's really gonna, I believe it's gonna help the economy in a, in a better way. I think it's going to force people to not borrow ridiculously. Okay. I think it's going to force people to save. I think it's going to, you know, encourage just overall better cash flow management and efficiency. And then that allows us to just weed out all the, all the fake success that's been going on and all the, all the fake money being printed and all that. So it's going to be very, very interesting what will happen in the next year or two. In the meantime, you're doing your proper research. If you're not ready for the home equity line of credit, don't rush it. Do the framework first. Okay? Do this side first. Spend more time over here than trying to find the best bank. Get yourself set up, do the pregame work. And with that being said, my friends, I will let you go for the rest of the evening. God bless you and I'll see you soon.