HOME EQUITY LOANS

Home Equity Loans – Tap into your home’s equity!

Home Equity Line of Credit (HELOC)

A Home Equity Line of Credit (HELOC) is a revolving line of credit with a variable interest rate, allowing you to borrow funds as needed—up to your approved limit.

HELOCs include a 5-year draw period, during which you can access funds and are only required to make interest-only payments on the amount you’ve used. After the draw period ends, the remaining balance converts to a 10-year repayment period.

A HELOC is ideal for ongoing or phased projects, expenses with uncertain timing or cost, or as a flexible source of funds for unexpected needs.

Home Equity Loans

A home equity loan is a fixed-rate, amortizing loan that provides a one-time lump-sum disbursement at closing. Repayment begins immediately with a fixed interest rate and predictable monthly payment.

Home equity loans are a great option for consolidating higher-interest debt or financing projects with a known cost, such as home improvements or major purchases. Terms are available in 5-, 10-, or 15-year options.

Give us a call at 207-746-3661 or contact us HERE and let’s start talking about what option best fits your needs!