Fixed Rate Home Equity

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

Interested in refinancing your home with us, or want to take out a second mortgage? An OTIS Fixed Rate Home Equity Loan may be right for you!

Home Equity Loans allow you to borrow a fixed amount for a fixed term (up to 20 years) at fixed rate based on the equity of your home. Your payment and interest rate will not change throughout the term of the loan.

Use the equity in your home to:
  • Tackle home maintenance projects or upgrades
  • 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!

Ready to get started? Give one of our experienced Loan Officers a call today at (207) 897-0900, or stop by 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 Fixed Rate Home Equity Loans

  • We lend up to 80% of the appraised value of your home, minus any other mortgages you may have.
  • Interest rates are based on the length of time financed and your credit score. A weekly payment structure can cut your overall interest cost.
  • We have no application fee, no credit check fee, and no other processing fees of any kind. Other fees associated with a Home Equity Loan at OTIS are minimal. They include an appraisal, title search, flood determination and recording of the deed. The total cost is approximately $650.

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 4/1/2022
Variable Rate as low as3.50% 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.