A home equity line of credit gives you flexibility when paying for major purchases – like home improvements or any surprises life brings. How does it work? Much like a credit card, a home equity line of credit (HELOC) allows you to borrow up to a certain amount of money for the term of the loan, which is 20 years for Main Street Bank. During that time, you can draw money as you need it, and as you pay off the principal (the original amount of the line), you can use the available credit again. For example, if you have a $10,000 line of credit, and use $5,000, you have $5,000 left that is still available to use. If you pay back $3,000, then you will have $8,000 left that is available to use.

Our HELOCs have an added feature of flexibility that other banks do not have. With a Main Street Bank Equity Line of Credit, you have the ability to “lock” portions of the equity line into a fixed rate equity loan. This is great for expenses you know will be for a fixed cost or amount of time. A good example is if you want to purchase a car with the funds from your equity line of credit. Fixing just the portion to pay for the car will ensure you pay a fixed amount, regardless of whether interest rates change.

Compare our HELOC options to find the product that best suits your needs!

IntroJumbo SpecialInvestmentMax
DescriptionA great solution for debt consolidation, home improvements, and more.For line amounts over $150,000, you can still get a great rate.Ideal for owners of investment property.If a high loan to value is your challenge, the Max may be right for you.
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APR2.99%1 for 12 Months (Variable) 4.25% Thereafter (Variable) 3.75%2 (Variable) 5.75%3 (Variable) 6.25%4 (Variable)
Rate Type Adjustable based on WSJ + 0% Adjustable based on WSJ - 0.5% Adjustable based on WSJ + 1.5%Adjustable based on WSJ + 2.0%
Minimum Loan Amount$10,000Greater than $150,000$10,000$10,000
Maximum Loan Amount$150,000$1,500,000Maximum line up to 75% of the equity in the propertyMaximum line up to 90% of the equity in the property based on appraised value
Fixed Rate OptionsNo
Minimum Advance Required$10,000$25,000--
Closing Costs$0 - $600$0 - $600$0 - $600$0 - $600
Loan to ValueUp to 80%Up to 75%Up to 75%Up to 90%
Online Transfers Available