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Home Equity Lines of Credit
Borrow cash anytime based on your equity-established borrowing limit
Your equity can be used to secure a line of credit from Field & Main. Based on the equity you’ve built thus far, we’ll establish a borrowing limit. You can borrow cash anytime using a home equity line of credit (HELOC) debit card. 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.
Apply online for a HELOC, or meet with a lender at one of our convenient locations in Henderson, Lexington, or Cynthiana, Kentucky, and Evansville, Indiana.
Home Equity Line of Credit FAQs
Sometimes understanding the world of lending can be difficult, so we're here to help you navigate it. Below are some answers to the most common questions we receive about home equity lines of credit (as known as a HELOC).
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?
We offer a no closing cost option.
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?
A HELOC is nice to have in case of an emergency for large unexpected expenses. Once approved, a HELOC is good for 10 years, and you are not penalized for not using it. With a HELOC from Field & Main, there is no annual fee.
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.
How long does it take to be approved for a HELOC?
From the start of your application to the day of closing, the process of getting a HELOC typically takes about 4 weeks.
Should I refinance or get a HELOC?
The answer to this question is best answered on a case-by-case basis, as it really depends on your unique situation. We suggest that you give our lenders a call at (888) 831-1500 and they can help you decide which is best for you.
How soon can I get a HELOC after closing on my mortgage?
In some instances, you can close at the same time as your first mortgage. However, depending on your specific situation, you may have to wait 30 days after you close to apply for a HELOC.
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?
Yes. There are no pre-payment penalties for residential mortgages at Field & Main.
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?
With a HELOC, you can borrow up 90% of the equity in your home.
What are the disadvantages of a Home Equity Line of Credit?
With a HELOC, you only have to pay interest on the loan until it matures. So, if you were to pay interest only, you will still owe the principal amount when the loan matures.
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.
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.