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Home Equity Loans and Lines Of Credit

Home Equity Loans vs Home Equity Lines of Credit (HELOC)

HELOCs and Home Equity Loans are similar because both allow you to borrow against your home's 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 Home Equity Line of Credit (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 Fixed-Rate Home Equity, 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 Fixed Rate Home Equity Loan?

A Fixed Rate Home Equity 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 Fixed Rate Home Equity Loan?

If you’re a homeowner looking for a way to pay for your student loans, home renovation, auto loan 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 Fixed-Rate Home Equity Loan from Mainstreet Credit Union, 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 Fixed-Rate Home Equity Loan, we strive to ensure that you’ll receive:
  • No prepayment penalty
  • Competitive interest rates
  • Low Closing Costs

Want to learn more about the mortgage lending services at Mainstreet Credit Union? Give us a call or visit us in person at one of our branches located in Kansas City, Missouri or in the following Kansas cities: Bonner Springs, Kansas City, Kansas Lawrence, Leavenworth, Lenexa, Mission, Olathe, Shawnee Mission.