Home Equity Loans
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 Second Mortgage 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).
A HELOC from Mainstreet is a variable rate loan tied to the prime rate. 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.
A Second Mortgage 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 Second Mortgage works well for large one-time major purchases or for debt consolidation.
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