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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
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%.