Remodel room by room, or choose to do it ALL…
HeLOCK can help make it happen!
Instead of using your savings account or other investments, a HeLOCK allows easy access to funds by using the existing equity in your home. Use for home improvement projects or other purchases.
Program Features:
•HeLOCK offers a Fixed Rate
•Borrow up to 90% of your home’s value
•5 to 10 year draw periods, with
interest only payments
•No prepayment penalties!
* Midcoast FCU is an Equal Housing Lender. All HeLOCK applications are subject to credit approval. HeLOCK offers a fixed rate determined by credit qualifications. For additional information, including specific details on third-party fees and other terms and conditions that may apply, Contact Us or call 1.877.964.3262.
Why choose a Home Equity Line of Credit?
Equity is the difference between what your home is worth, and what is owed on it. Midcoast allows you to use 90% of that amount as collateral to borrow funds. Much like a credit card, you are approved for a credit limit. You can use and pay back as much of that limit as you want, without having to reapply for a loan each time.
Make online purchases with a simple funds transfer
HELOC and HeLOCK funds are accessed by check, but you also have the flexibility to transfer funds through Digital Banking. If you’re making an online purchase, just transfer the amount needed from your Home Equity account into your Midcoast checking account. From there, you can use your debit card or Bill Pay Service, whichever works best for the purchase.