If you need to make a major home improvement or are searching for a way to cover large expenses, a home equity line of credit, or HELOC, may be the best option for you.
A HELOC is a second mortgage that gives you access to money based on your home’s value. You can draw from a home equity line of credit and repay all of it at once or a little piece at a time.
For first time homeowner’s like Alex and Brenna Caudill, a HELOC is helping them fulfill their dream of restoring a historic home on Henderson’s East End, where they have resided for a little over three years now.
Their home, situated at the corner of Washington St and Alvasia St, is known as the “Hodge House”. It was built in 1875 by a prominent tobacco exporter, Edwin Hodge. The Caudill’s Victorian style home is listed on the National Historic Registry as part of the Alves Historic District in Henderson’s East End.
When they bought this historic piece of property, they loved its central location and closeness to downtown. But, it needed some work to restore the home back to its’ original charming state.
Being 15-year customers of Field & Main Bank, Alex and Brenna said the decision on where to get their HELOC was an easy one.
“(Field & Main) had very competitive interest rates on HELOCs, which made it an easy decision. It’s important to us to support local companies that give back to the community. No one else gives back to Henderson more than Field & Main.”
With their home equity line of credit, the Caudill’s are currently working on having the fascia and soffit replaced on their home. They are also renovating their kitchen and in the future plan on renovating the home’s master bathroom.
Field & Main team member Brittany Stone (NMLS #1480324) worked with Alex and Brenna to make their dream of restoring their historic home a reality.
Let us help you do the same!
Give one of our mortgage lenders a call today at (270) 831-1500.
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