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.
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 Term||Annual Percentage Rate||Sample Payments per $10,000 borrowed|
|1-5 years as low as||2.50% APR*||$178.00 for 60 months|
|5-10 years as low as||3.40% APR*||$99.00 for 120 months
|11-15 years as low as||4.35% APR*||$76.00 for 180 months
|16-20 years as low as||4.75% APR*||$65.00 for 240 months
Home Equity Line of Credit
Rates effective 4/1/2022
|Variable Rate as low as||3.50% 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.