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Get the cash you need from the roof over your head. Turn your home’s equity into financing for all kinds of needs PLUS, we’ll pay $100 toward your closing costs on applications received by June 28, 2019!

Key Features

  • Fixed-rate, fixed-term financing for a wide range of needs.2
    • Education expenses
    • Major life events
    • Home remodel projects
    • Debt consolidation
    • And more
  • The existing equity in your home is used as collateral backing
  • Repayment terms flexible enough to work with your budget
  • The interest paid might be tax deductible1
  • Fast decision-making and processing right here in Central Maine
  • Local service from people you know and trust

 

 Your Home Loan Toolkit 

  • Competitive rates for several ongoing or seasonal needs.3
    • Education expenses
    • Major life events
    • Major home improvements
    • Debt consolidation
    • And more
  • The existing equity in your home is used as collateral backing
  • Repayment terms flexible enough to work with your budget
  • Revolving credit – as principal is repaid, more becomes available for use
  • Make payments only on what you borrow
  • Funds easily available via online and mobile banking transfers to a specified Bangor Federal account
    • Checks available for increments of $500
  • The interest paid might be tax deductible1
  • Fast decision-making and processing right here in Central Maine
  • Local service from people you know and trust

What You Should Know About Home Equity Lines of Credit

1Consult a tax advisor regarding the deductibility of interest.

2Processing and closing costs may vary and include: $300 appraisal fee, title Search fee between $60 and $575 dependent on lien position and loan, $20 flood determination fee, $36 filing fee, and $1.50 per $1,000 title insurance fee. Contact BFCU for specific information about third-party fees. Property insurance is required. Property insurance and taxes are not included in the payment.

3Loan to value is the percentage of appraised value less first mortgage balance. The maximum APR is 15.0%. The maximum increase or decrease on any Change Date will be 2%. Any increase or decrease not taken because of this 2% cap may be carried over to the next Change Date. Annual Percentage Rate may vary. Balloon payments do not apply to Home Equity Lines of Credit. Property Insurance may be required. Loan to value is the percentage of appraised value less first mortgage balance. The rate is adjusted quarterly based on Prime as shown in the Wall Street Journal (the "Index"). Changes in your interest rate will be calculated using the Index figure available 45 days before each Change Date. This figure rounded to the nearest .25% plus the applicable margin will be your new APR effective on the next Change Date. The prime rate was 5.50% APR as of February 14, 2019. Minimum Payment Requirements: You can obtain credit advances for 3 years. This period is called the "draw period." At our option, we may renew or extend the draw period. After the draw period ends the repayment period will begin. The length of the repayment period will be 20 years. You will be required to make monthly payments during both the draw and repayment periods. During the draw period, your monthly payment will equal the finance charges (interest) that accrued on the outstanding balance during the preceding month. Your payment will include any amounts past due and any amount by which you have exceeded your credit limit, and all other charges. At the beginning of the repayment period, we will recalculate your payment. Your payment will be set to repay the balance at the current annual percentage rate over 20 years. Each time the annual percentage rate changes, we will adjust your payment to repay the balance within the original 12 years. Your payment will include any amounts past due and any amount by which you have exceeded your credit limit and all other charges. During the repayment period, your payment will never be less than the smaller of $50.00 or the full amount that you owe. A one-time processing fee of $350 will be charged to your line upon origination of your Home Equity Line of Credit. The minimum credit limit is $5,000 and the minimum advance is $500. There are no transaction or activity charges. Should the loan require title insurance, the fee is $1.50 per $1,000.

 

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