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Home Equity Lines of Credit

Instead of emptying your savings account, or cashing in other investments, you can get easy access to funds using the existing equity in your home. Use for home improvement projects, pay off high-interest debt, take a family vacation, repay college tuition, and more! The money is yours to use as you see fit.

HELOC - Home Equity Line of Credit - use for vacation, home improvement, wedding

Two great options to get you your money fast

HeLOCK home equity fixed rate line

HeLOCK

“LOCK” in your rate! HeLOCK is a fixed rate Home Equity Line of Credit, with interest only repayment terms during the initial 5 year draw period.

  • Fixed rate for the life of the loan
  • Borrow up to 90% of your home’s value
  • No prepayment penalty, pay additional principal any time!
Heloc  home equity line of credit

HELOC Advantage Plus

A variable rate Home Equity Line option, with lower, more affordable minimum payment and interest only repayment terms during the initial 10 year draw period.

  • Interest only repayment for the first 10 years
  • Borrow up to 90% of your home’s value
  • No prepayment penalty, pay additional principal any time!

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.

Competitive loan rates

Variable rate indexed to WSJ Prime Rate.

No prepayment penalties

Pay additional principal at any time. Tip: Interest may be tax deductible if you use the funds to build or substantially improve your home.

Up to 90% LTV (Loan to Value)

The amount of equity you currently have in your home will determine your line limit. Midcoast allows you to borrow up to 90% of your home’s value.

Flexible access to your funds

Borrow and pay down, then borrow and pay down again, without having to reapply for a loan.

All HeLOCK and HELOC Advantage PLUS applications are subject to credit approval. The annual percentage rate for HeLOCK is fixed. Your actual rate will be determined by product and credit qualifications. The annual percentage rate for HELOC Advantage PLUS adjusts monthly and is indexed to the WSJ Prime Rate plus a margin which is determined by product and credit qualifications. For details on both HeLOCK and HELOC Advantage PLUS 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.

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