Home Equity Line of Credit
From home renovations to dream vacations
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:
- Easy online application
- Local servicing
- Flexible access to funds
- Cost-effective way to borrow for large expenses
Home Equity Line of Credit Rates
| Term | Rate | APR* | Monthly Payment |
|---|---|---|---|
| Revolving | Prime minus 0.25% | 7.500% | 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 .25% for the life of the loan. The rate is adjusted on the first day of each month based on Prime as published in the Wall Street Journal. The prime rate is 7.50% APR as of 12/18/2024. The HELOC rate will be updated on 1/2/2025 to reflect the change in Prime. 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%.