Home Equity Line of Credit

Ready to get started? Contact our team at (207) 897-0900, and we’ll discuss your options and how to apply.

Not sure how much cash you’ll need for an ongoing project or upcoming expense? A Home Equity Line of Credit conveniently allows you to take what you need, when you need it, at a rate typically much lower than a credit card or personal loan.

Use your available credit 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!

You’ve achieved the American Dream of owning your own home. Now, your home can help you to turn life’s other dreams into realities. Call us at (207) 897-0900 to get started today, or stop in to see us – no appointment required.

Necessary Documents

  • Your current mortgage statement
  • Your current deed
  • A pay stub (if applying jointly, for both individuals)
  • Your insurance policy with premium
  • Your property tax bill

More Details about Home Equity Lines of Credit

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

Home Equity Rates

Real Estate Loan Rates (Refinance or Second Mortgage)


Secured by Real Estate
Rates effective 9/30/2022
Loan TermAnnual Percentage RateSample Payments per $10,000 borrowed
1-5 years as low as6.00% APR*$193.35 for 60 months
6-10 years as low as6.40% APR*$113.07 for 120 months
11-15 years as low as6.60% APR*$87.69 for 180 months
16-20 years as low as6.75% APR*$76.07 for 240 months

Home Equity Line of Credit


Rates effective 12/1/2022
Variable Rate as low as7.00% 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.

How can OTIS work for you?

If you live, work, worship, or attend school in Franklin County, Canton, Fayette, Hartford, Leeds, Livermore, Livermore Falls, Mount Vernon, Readfield, Turner, Vienna, or Wayne, you’re eligible to be part of OTIS FCU – and we’d love to have you join our community.