Home Equity Lines of Credit

Flexible financing to fit your needs.

Our Home Equity Lines of Credit are all about flexibility. Whether planning a vacation, making home improvements, sending someone off to college, or looking for the peace of mind of knowing the funds are there if you need them, we offer a variety of solutions to fit your needs. 

HELOCs let you take advantage of the equity in your home responsibly. Unlike a traditional term loan, a line of credit gives you access to cash when you need it; right away or down the road – you decide. 

Home Equity Lines of Credit offer significant advantages to other forms of financing

  • Typically lower interest rates, as they are secured by your home;
  • Potential tax benefits: The interest may be tax deductible (Consult your tax advisor);
  • Ongoing access to funds that you can pay back or borrow against repeatedly during the draw period.

All HELOCs begin with a set draw period during which you can make advances or pay them back only paying interest on what you use. Following the draw period, your HELOC will go into a repayment period when whatever is outstanding will be paid back in principal and interest payments in the term you select with your HELOC. 

Finally, we offer both fixed rates and variable rates of interest. We'll work with you to help you decide the best fit for your individual situation. 

Benefit Home Equity Flex Apply

  • Fixed rate line of credit  
  • Draw on the line up to three years
  • Ten year repayment period thereafter

The flexibility of a line of credit with the shorter term of a more traditional loan, the Flex Equity is designed to help you get a few things done and pay them off. Add to that a fixed rate that will never increase and you have a powerful tool to help you take care of business. 


Benefit Home Equity Fixed  Apply

  • Fixed rate line of credit  
  • Draw on the line up to seven years
  • Fifteen year repayment period thereafter

A twist on the traditional HELOC, the Benefit Fixed offers a fixed rate that will never increase; not during the 7 year draw period and not during the 15 year repayment; a 22 year fixed rate solution. 


Benefit Home Equity Variable Apply

  • Variable rate line of credit
  • Draw on the line up to ten years
  • Fifteen year repayment period thereafter
  • Competitive interest rates, tied to the prime interest rate
A traditional HELOC offering longer term access to funds, this option is a great fit for someone that needs ongoing access to funds. 

Benefit Home Equity Blend Apply

  • Low-interest rate fixed for three years
  • Draw on the line up to ten years
  • Fifteen year repayment period thereafter
  • Competitive variable rate thereafter, tied to the prime interest rate

A powerful option for someone thinking of an immediate purchase. the Blend offers a 3-year fixed rate option that reverts to a more traditional HELOC following the 3-year fixed period allowing for ongoing access to a line of credit.

For more information about Benefit Home Equity Lines of Credit, contact your local Bangor Savings Bank branch or call us at 1.877.Bangor1 (1.877.226.4671).

*Loans, credit cards, Mortgages, and Home Equity Lines of Credit are subject to credit approval.

Please be aware that email communications are not encrypted or otherwise secure. Please do not use this form to send confidential or personal information.