Home Equity Line of Credit Promo

Introductory 1.99% APR
for 6-months

For a limited time, enjoy a promotional introductory 1.99% APR for the first 6-months and a variable rate thereafter, currently 8.50% APR*. With a minimum $5,000 draw, 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.

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.

Apply Now

*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 8.5% as of 9/18/23. The variable rate is tied to the Wall Street Journal Prime Rate. Maximum APR is 18%. For this promotion, the minimum initial draw is $5,000 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.

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.

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.

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 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.

 

Apply for this HELOC Promo

Apply Now