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!

HELOCInvestment HELOC
DescriptionA 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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APR3.50%1 (Variable) 5.50%2 (Variable)
Rate Type Adjustable based on WSJ minus 0.5% Adjustable based on WSJ plus 1.5%
Minimum Loan Amount$10,000$10,000
Maximum Loan Amount$1,500,000Maximum line up to 75% of the equity in the property
Minimum Advance Required--
Applicable Fees/Closing Costs$0 - $6003$450 - $1,2003
Loan to ValueUp to 80%Up to 75%
Online Transfers Available

Disclosures

What you should know about your HELOC.

All loan applications are subject to credit approval.

Terms and Conditions (applicable to real estate loans and lines of credit) Loan to Value determined using lower of real estate tax bill value; collateral assessment or appraisal if completed/required. Not available for homes currently for sale or intended to be sold within 6 months of closing. Loan to value ratio requirement may be lower due to loan product, property type, lien position, and/or current first mortgage holder. Please call for details. Fees for opening the account range from $0 to $600. ALL RATES AND TERMS ARE SUBJECT TO CHANGE WITHOUT NOTICE ADDITIONAL TERMS, CONDITIONS, AND FEES MAY APPLY. PLEASE INQUIRE.

Effective Date: May 5, 2022

For loan subordination requests, please provide the documentation on the Subordination Documentation Checklist.

Subordination Documentation Checklist