Home Equity Lines of Credit
Borrow cash anytime based on your equity-established borrowing limit
Your equity can be used to secure a home equity line of credit (HELOC) from Field & Main. Based on the equity you’ve built thus far, we’ll establish a borrowing limit. You can borrow cash anytime. You’ll only pay the interest, and as you pay down your balance, you can re-borrow up to your limit.
A HELOC offers:
- Combined borrowing up to 90% of your home’s value.
- Competitive interest rates.
- Quick, local decisions.
- Online access to rates and applications.
Home Equity Line of Credit 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 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.
What can a HELOC be used for?
You can use the funds from your HELOC however you would like.
Are there closing costs for a HELOC?
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.
What if I never use my HELOC?
Does a HELOC affect my credit score?
How long does it take to be approved for a HELOC?
Should I refinance or get a HELOC?
How soon can I get a HELOC after closing on my mortgage?
Can you use a HELOC for a down payment?
It is possible. Give us a call at (888) 831-1500 and we will help you decide what is best for your financial future.
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?
Which is better a HELOC or a Home Equity Loan?
We feel that both are great products. If you have a specific project and know the amount you need to borrow, a Home Equity Loan (or a junior mortgage) might be a better fit than a HELOC. We suggest speaking with your lender to determine which product best serves your needs.
How much can you borrow with a HELOC?
What are the disadvantages of a Home Equity Line of Credit?
How much equity do you need for a HELOC?
What happens to your HELOC when you sell your house?
When you sell your home, it is required that your HELOC is paid off and closed.
FHA Home Loans
Home Equity Loans
Borrow against your home equity to cover home expenses.