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Home Loans (HELOC)

Home Equity vs Home Equity Line of Credit (HELOC)

HELOCs and Home Equity Loans are similar because both allow you to borrow against your home equity. But while a Home Equity Loan gives you one sum of money all at once, a HELOC is a certain amount of money available for you to borrow as needed.

* Equity Loans are the only kind of tax-deductible interest expense available to most consumers (check with a tax professional regarding your eligibility).

Tap into the value of your home

What is a Home Equity Loan?

Home Equity Line of Credit (HELOC)

A HELOC is an open-ended mortgage ideal for recurring expenses such as educational costs. Borrow up to 90% of the appraised value of your home, less the balance of your first mortgage loan. You may access the credit line for a period of five years, and only make payments on the amount 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

What is a Home Equity Fixed Rate Loan?

A Home Equity Fixed Rate Loan is a fixed rate loan with fixed payments, so you don't need to worry about a future interest rate hike. This works well if you have a one-time major purchase like a new car.

Why would you want a Home Equity Fixed Rate Loan?

If you’re a homeowner looking for a way to pay for your student loans, home remodeling, car payment, vacation, or other large expenses, you’re in the right place. It’s no surprise that homes carry a lot of equity. With a Home Equity Fixed-Rate Loan from Mainstreet, we can help you utilize the value in your home to fund your big payments. Your Fixed-Rate Loan will give you the security of knowing that your rate will stay the same throughout the life of your loan.

With a Home Equity Fixed-Rate Loan, we strive to ensure that you’ll receive:
  • No prepayment penalty
  • Competitive interest rates
  • Low Closing Costs