Home Equity Line of Credit
From home renovations to dream vacations
Home equity lines of credit offer convenient funding for whatever you need, whenever you need it.
No closing costs for a limited time only!
A Home Equity Line of Credit (HELOC) allows you to borrow against your home’s equity to make home improvements, take that dream vacation, pay college tuition, or pay off high-interest debt. You draw and pay interest on only what you need. Having a HELOC with Maine Family FCU provides several advantages:
- No closing costs
- Easy online application
- Local servicing
- Flexible access to funds
- Cost-effective way to borrow for large expenses
Home Equity Line of Credit Rates
Effective 07/26/2023
| Term | Rate | APR* | Monthly Payment |
|---|---|---|---|
| Revolving | Prime minus 0.25% | 8.25% | 1.50% of the outstanding balance, or $100.00, whichever is greater. |
*APR=Annual Percentage Rate. Our Home Equity Line of Credit is a variable rate of Prime Minus 0.25% for the life of the loan. The rate is adjusted monthly based on Prime as shown in the Wall Street Journal. The prime rate is 8.50% APR* as of 07/26/2023. Hazard Insurance is required. Flood insurance is required where necessary. No minimum initial advance is required. We will lend up to 85% of the appraised value of your home, minus first mortgage. $5,000 minimum for line of credit. Maximum Annual Percentage Rate is 18.00%.