- Need to do some repairs?
- Pay for college?
- Take a vacation?
- Need to cover an unexpected expense?
You can use the equity in your home to pay for what you need. The equity in your home is the difference between the value of your property and the amount you owe your mortgage lender. A Home Equity Line of Credit (HELOC) allows you to borrow against your home’s equity to make discretionary purchases or pay of high interest debt. HELOCs are convenient for funding intermittent needs, such as paying off credit cards, making home improvements, or paying college tuition. You draw and pay interest on only what you need. Having a HELOC provides several advantages.
- No fees when using your HELOC
- Low interest rate
- Caps on rate increases
- Pay it off when you like.
*FEES AND CHARGES: Maine Family Federal Credit Union will pay all closing costs for a Maine Family FCU Home Equity Lines of Credit up to $750.00. Typical closing costs range between $650.00 and $850.00. The borrower will be responsible for amounts that exceed closing costs beyond $750.00. If closing costs are less than $750.00, the difference will not be applied as credit and no cash will be disbursed. The limited time offer to pay no closing costs is applicable to applications received between June 4, 2019 and June 29, 2019.
Home Equity Line of Credit Rates
Our Home Equity Loan is a variable rate of Prime Minus .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 5.50% APR* as of 12/20/18. Hazard Insurance is required. Flood insurance is required where necessary. Please consult your tax adviser on how to deduct interest and charges. We will lend up to 85% of the appraised value of your home, minus first mortgage. No minimum amount for line of credit. Maximum APR* is 18.00%.
View a Federal Reserve Board publication entitled "What you Should Know About Home Equity Lines of Credit"