What repayment terms are available for a home equity loan or line of credit?
Our home equity loan programs offer a variety of terms from 5 years to 20 years, making your monthly payments very affordable. An IndyMac Bank Home Equity Line has an available “draw period” of 10 years during which you can obtain credit advances, make payments and borrow again, without having to re-apply. During the draw period you can pay a minimum of $100 or interest-only, whichever is greater. If you are over the credit limit, the amount by which you exceed your limit will be added to your payment, plus any late charges or any other charges due. You always have the option, if you desire, to pay more than the minimum payment amount. After the draw period ends, you will have a 10-year repayment period.
