Been dreaming? Start Doing with our HELOC special!
Use your home’s equity as you need it to finance a remodeling project, fund a dream vacation, purchase a boat or vehicle, cover wedding costs, or even consolidate debt.
- Fixed 1.99% APR for the first 6 months*
- Variable rate after 6 month, currently 7.50% APR*
- $10,000 initial withdraw from the available line of credit at the time HELOC is opened
- Flexible access to funds whenever you need them
- No closing costs, no annual fees
For all of life’s big moments - Finance them with a HELOC from Field & Main
Turn Equity into Opportunity
A Home Equity Line of Credit allows you to borrow against your home equity, which is the value of your property minus your mortgage. Unlike a home equity loan, HELOCs typically have adjustable interest rates, offering you the flexibility of a revolving credit line to cover large expenses or consolidate higher-interest rate debt. Apply online now or meet with a mortgage lender at one of our locations.
Home Equity Line of Credit (HELOC) FAQs
What is a home equity line of credit, or HELOC?
A home equity line of credit, sometimes referred to as a HELOC, is a mortgage that gives you access to money based on your home’s value. It is a revolving line of credit, and gives you access to funds when you need them.
How does the 1.99% APR introductory rate work?
New HELOC customers receive a 1.99% rate for the first 6 months from the date the loan is closed. During this period, the rate remains fixed. After the introductory period, the full variable APR is based on the Prime Rate plus a margin, as outlined in the loan agreement. The current variable is 7.50% APR.
What happens after the 6-month introductory period?
After the initial 6-month discount, the rate will adjust to the Wall Street Journal Prime Rate + a margin, as specified in the agreement. The rate is variable and will adjust based on market conditions and creditworthiness.
What can a HELOC be used for?
You can use the funds from your HELOC however you would like. Here are some ideas on how you can utilize your home’s equity:
- Finance a remodeling project: Whether you’re looking to update your kitchen, add a new room, or make other home improvements, a HELOC can provide the necessary funds.
- Fund a dream vacation: Use your HELOC to take that once-in-a-lifetime trip you’ve always dreamed of.
- Purchase a boat or vehicle: If you’re in the market for a new car or boat, a HELOC can help you make the purchase.
- Cover wedding costs: Weddings can be expensive, and a HELOC can help cover the costs of your special day.
- Consolidate debt: Use your HELOC to pay off high-interest debts and consolidate them into a single, more manageable payment.
Feel free to use your HELOC for these purposes or any other financial needs you may have.
How much can you borrow with a HELOC?
With a HELOC, you can borrow up 90% of the equity in your home.
How do HELOC payments work?
You can draw from a HELOC and repay all of it at once or make payments and pay down the balance over time. Interest will be applied to balances that aren’t paid in full each month.
Can you use a HELOC to buy another house?
You can, however, other fees may apply. Please call our mortgage lenders at (888) 831-1500 who will be happy to guide you through this process.
Does a HELOC affect my credit score?
Yes. A HELOC functions much like a credit card or any other revolving debt and can affect your credit score.
Is it hard to get approved for a HELOC?
The process is not difficult, but we do have certain requirements. For example, you must have equity in your home, you must be living in the residence, and your home cannot be for sale. To see if you qualify, we recommend completing our online application. You can also call our mortgage lenders at (888) 831-1500.
Can you pay HELOC off early?
Yes. There are no pre-payment penalties for residential mortgages at Field & Main.
How much equity do you need for a HELOC?
It is important to understand that the more equity you have in your home, the more you can borrow. Having at least some equity is a requirement for a HELOC.
*Promotional introductory annual percentage rate (APR) of 1.99% is fixed for the first 6 months from time of closing; and is valid for new home equity lines of credit (HELOC) applications. After the introductory fixed rate period of 6 months, the rate is variable and is 7.5% as of 5/1/2025. The variable rate is tied to the Wall Street Journal Prime Rate. Maximum APR is 18%. For this promotion, the minimum initial draw is $10,000 and is only available for new money. This new loan is subject to a new application and mortgage underwriting and credit approval. No annual fees. Property insurance is required.
