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Home Equity Loans


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* Prime is a variable rate; as it changes, the APR on your account will also change.  This special rate will be in effect for 12 months from the date your loan is closed. Thereafter, the APR will be based on the prime rate plus a margin. If the special rate was not offered, the present APR would be Prime +1 or 4.25%, as of April 15, 2015. The maximum APR that can apply is 18%. This special rate is good on new HELOCs only with 80% LTV or less. Existing Mainstreet HELOC loans do not qualify. Credit is subject to approval.  A home equity line of credit is secured by a first or second mortgage lien on your primary residence.  Property hazard insurance is required and flood insurance may be required. Cost of appraisal, if needed, is the responsibility of the borrower. Other restrictions may apply. All Credit Union loan programs, rates, terms and conditions are subject to change at any time without notice. Offer good through June 30, 2015.


Mainstreet offers two types of loans that use the equity in your home to your advantage. A Home Equity Line of Credit, or HELOC, is an open-ended mortgage ideal for recurring expenses such as educational costs, while a Home Equity Fixed Rate Loan works well for one-time major purchases like a new car. Equity Loans are the only kind of tax-deductible interest expense available to most consumers (check with a tax professional regarding your eligibility).

Home Equity Line of Credit (HELOC)

A HELOC from Mainstreet is a variable rate loan.The rate is based on an index of the prime rate, plus a margin. You can borrow up to 90% of the appraised value of your home, less the balance of your first mortgage loan. You may access the HELOC credit line for a period of five years; you draw on the credit line as you need it and only make payments on the amount you use. A HELOC is ideal for recurring expenses or those you expect to incur over a longer period of time.

Home Equity Fixed Rate Loan

A Home Equity Fixed Rate Loan is a fixed rate loan with fixed payments. The fixed rate means you don't have to worry about a future interest rate hike, and your payments stay the same based on the original loan amount and term. A Home Equity Fixed Rate Loan works well for large one-time major purchases or for debt consolidation.

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