Home Equity Loans

 

Make your home work for you with Bangor Federal’s Home Equity Loans¹!


Need to make some improvements to your home or cottage? Thinking about purchasing a sports car or boat? Let us try to help you choose the home equity product that best meets your needs. 

 

Rates are accurate as of November 1, 2017, and are subject to change thereafter.


Home Equity Line of Credit (HELOC)

Our Home Equity Line of Credit (HELOC), works much like a credit card in that you can borrow money within your credit limit whenever you need to. The best part is that you make payments only on the amount you borrow. If you qualify, a HELOC may give you certain tax benefits².    

 Loan Type

Margin

Annual Percentage
Rate (APR)

Minimum
Payment³

 Home Equity Plus 80% LTV4

+0%

4.25%

Interest Only

 Home Equity Plus 90% LTV4

+1%

5.25%

Interest Only


Fixed Rate Easy Equity Loan

Our Easy Equity Loan allows you to borrow a fixed amount of money against your home for a fixed term. You will repay the loan with equal monthly payments over a fixed term, like you would a mortgage.

 Loan Type

Maximum
Term³

Annual Percentage
Rate (APR)

Loan to
Value

 Fixed Rate Easy Equity5

up to 20 yrs.

as low as 3.74%6

<=80%

 Fixed Rate Easy Equity5

up to 20 yrs.

as low as 4.24%7

80.01-90%

 Fixed Rate Easy Equity5

up to 20 yrs.

as low as 4.74%8

90.01-100%


We also offer great low rates on Mobile Homes in a park or on land as well as Land Loans.  Please call for details!

Call (207) 947-0374 to speak with a loan officer or stop by any one of our locations for more information.




¹
Property insurance is required.  Property insurance and taxes are not included in the payment. 

²Consult a tax advisor regarding the deductibility of interest. 
³All loans are subject to a minimum payment amount of $50.  
4 Loan 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 4.25% APR as of August 17, 2017.

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.

5Processing 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.

6 Term up to 60 months.  Estimated monthly payment is $18.36 per $1,000 borrowed.  We use risk-based pricing to determine the interest rate.  Actual rate will vary based on borrower's credit-worthiness, and the selected term. LTV up to 80%.

7 Term up to 60 months.  Estimated monthly payment is $18.59 per $1,000 borrowed.  We use risk-based pricing to determine the interest rate.  Actual rate will vary based on borrower's credit-worthiness, and the selected term. LTV 80.01% to 90%.

8 Term up to 60 months.  Estimated monthly payment is $18.83 per $1,000 borrowed.  We use risk-based pricing to determine the interest rate.  Actual rate will vary based on borrower's credit-worthiness, and the selected term. LTV 90.01% to 100%.