HeLOCK
With our innovative HeLOCK, you can lock in your interest rate, enjoy the benefit of interest-only payments for the first five years, all while having the flexibility offered by a line of credit. Use this product to unlock the value of your home and get the extra cash you need for major purchases.
Features:
- 5 year initial line of credit draw period, with interest only payments
- Followed by a 15 year repayment period, with stable principal and interest payments
- Fixed rate for life of the loan
- Interest rate protection
- Borrow up to 90% of your home’s value
- No prepayment penalties, pay additional principal anytime!
All HeLOCK applications are subject to approval. The annual percentage rate is fixed. Your actual rate will be determined by product and credit qualifications. For details on HeLOCK Lines of Credit, including specific details on third-party fees and other terms and conditions, contact Midcoast FCU toll free at 1.877.964.3262.
