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.
“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.
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.
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.
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.
Interact with us and manage your accounts in all the ways that work best for you. Our Digital Banking platform has the same look, feel, and functionality across all of your devices: computer, tablet and mobile device.
It takes just about 10 minutes to apply! Open an account online anytime.
