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.

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

Intro Special HELOCHELOCInvestment HELOC
DescriptionA great solution for debt consolidation, home improvements, and more.A great solution for debt consolidation, home improvements, and more.Ideal for owners of investment properties that are located within the bank’s assessment area*.
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APR3.99%1 for 12 Months (Fixed) 4.75% Thereafter (Variable) 4.50%2 (Variable) 6.50%3 (Variable)
Rate Type Adjustable based on WSJ minus 0.25%Adjustable based on WSJ minus 0.5% Adjustable based on WSJ plus 1.5%
Minimum Loan Amount$10,000$10,000$10,000
Maximum Loan Amount$1,500,000$1,500,000Maximum line up to 75% of the equity in the property
Fixed Rate OptionsNo
Minimum Advance Required$10,000--
Applicable Fees/Closing Costs$0 - $6004$0 - $6004$450 - $1,2004
Loan to ValueUp to 80%Up to 80%Up to 75%
Online Transfers Available

*Assessment Areas: Acton, Ayer/Shirley, Berlin, Bolton, Boxborough, Dunstable, Framingham, Groton, Harvard, Hudson, Lancaster, Littleton, Lunenburg, Marlborough, Maynard, Northborough, Pepperell, Shirley, Southborough, Stow, Sudbury, Townsend, Westborough and Westford.