Home Equity Line of Credit

Low rates, low closing costs, terms to fit your budget, and hometown service you can trust.

Home Equity Line of Credit

Take what you need, when you need it with a Home Equity Line of Credit from OTIS FCU!

A Home Equity Line of Credit (HELOC) is like a credit card, in that once you have paid off what you initially borrowed, either in part or in full, you may borrow more up to the original amount of credit requested. Money may be withdrawn at any time during the draw period of the loan.

Take what you need, when you need it, to:
  • Tackle important home maintenance projects
  • Cover unexpected expenses that exceed your emergency fund
  • Consolidate and pay off higher interest debt at a lower interest rate
  • Finance higher education or a wedding
  • And more!

We lend up to 80% of the appraised value of your home, minus any existing mortgages.

At OTIS, we require no application fee, no credit check fee, and no other processing fees of any kind for our HELOC loans. An appraisal may be required at a cost of $400. Additional fees include a title search, flood determination, and recording of the deed. The total charges associated with HELOCs amount to approximately $1,000.

Our rates are based on the prime rate and your credit score.

Payments are calculated on the balance of your loan after the last advance. When you take additional advances on your line of credit, your payment will adjust accordingly. This payment is 1.5% of the balance after the latest advance.

Ready to get started? Give one of our experienced Loan Officers a call at (207) 897-0900 today.

Kariss Loan OfficerExtension 128
Lindsay Loan OfficerExtension 103
Jasmine Loan OfficerExtension 105
Jamie Loan ManagerExtension 124

Home Equity Rates

Real Estate Loan Rates (Refinance or Second Mortgage)

Secured by Real Estate

Rates effective 9/25/2020

Loan TermAnnual Percentage RateSample Payments per $10,000 borrowed
1-5 years as low as2.50% APR*$178.00 for 60 months
5-10 years as low as3.40% APR*$99.00 for 120 months
11-15 years as low as4.35% APR*$76.00 for 180 months
16-20 years as low as4.75% APR*$65.00 for 240 months

Home Equity Line of Credit

Rates effective 3/16/2020

Variable Rate as low as3.25% APR**Minimum payment: $100 or 1.50% of balance after latest advance, whichever is greater.

 An appraisal may be required at a cost of $400. Additional fees include a title search, flood determination, and recording of the deed. The estimated total charges amount to approximately $1,000.

*(APR) Annual Percentage Rate. Above Real Estate Rates are subject to change without notice. No finance charge fees apply.
** Annual Percentage Rate of Home Equity may vary monthly. The rate is the Wall Street Journal Prime Rate as published on the last business day of the month. The maximum annual percentage rate that may be imposed on a Home Equity Loan is 18.00% APR. No finance charge fees apply, membership eligibility required, and property insurance required. Minimum advance of $500.

It's Easy to Apply!

Just stop in at the credit union and talk to one of our friendly loan officers to see if you qualify.*

*Please bring your current mortgage statement, current deed, pay stub (if joint, for both), insurance policy with premium and property tax bill.