Home Equity Line of Credit (HELOC)
What is a Home Equity Line of Credit (HELOC)?
A HELOC is an open-ended mortgage ideal for recurring expenses such as educational costs. You can withdraw money as you need it, up to 90% of the appraised value of your home, less the balance of your first mortgage loan. You only make payments on the amount you use and may access the credit line for five years.
Why would you want a Home Equity Line of Credit (HELOC)?
You’ve put in a lot of work to build equity in your home. Now is the perfect time to utilize it. A HELOC will help you use the value of your home to fund big expenses. With a Home Equity Line Of Credit from Mainstreet, you can have money available to you soon after you close the loan. Your line of credit will remain open for five years. Your HELOC will give you the security of knowing the money is there if you ever need it and the assurance of knowing you only pay for what you use.
With a Mainstreet HELOC, we strive to ensure that you’ll receive:
• No prepayment penalty
• Competitive interest rates
• Low closing cost
• Up to 90% loan to value available, depending on credit
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You can use your HELOC to pay for expenses like home remodeling projects, student loans, credit card bills, vacations, and more. We make the loan process as convenient as possible so you can fund the big expenses in your life.
How to apply
Applying for your HELOC is easy! We know you have places to be, so we make applying for a Mainstreet loan as convenient as possible. You can apply Online anytime from your phone or computer or you can always stop in and talk with us at any Mainstreet location.
Apply 24/7 Online at mainstreetcu.org or dial 1.888.395.1010 during normal business hours. To make your loan application even easier, have employment information, income and social security numbers of all applicants handy.