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Loans - Home Equity Line of Credit If you're a homeowner, you may be missing out on one of the smartest ways to borrow affordably. Use the equity in your home to consolidate high interest credit cards, pay for a college education, purchase a new vehicle or go on that dream vacation. The low variable rate is based on the Prime Rate plus zero and may be adjusted monthly. These revolving credit limits are based on your ability to pay and the value of your home. We can lend up to 80% of the appraised value of your property less any outstanding mortgage(s). With an initial advance of $20,000.00 or more, the Credit Union will pay all reasonable closing costs. Funds can be accessed by writing a check or by making advances at the teller line or through Home Financial Services or A.R.T., our Automated Response Teller. No minimum advance amount is required. Monthly payments are based on 1 1/2% of the outstanding balance as of your last advance or $50.00, whichever is greater. Payments are due on the last day of the month. Interest may be tax deductible (consult your tax advisor). For rate information, see Home Equity Line of Credit Rates. Call one of our Loan Officers at (207) 353-4144 or toll-free at (877) 353-4144 or e-mail us today for more information on this great program!
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