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
Home Equity Line of Credit (HELOC)
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
Fixed Rate Home Equity Loan
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.