Flexible financing to fit your needs.
When you need flexible financing, you need a home equity line of credit (HELOC). We all run into those situations where we wish we had a little bit more money:
- A much-needed vacation
- Some home improvements
- Paying off those high-interest credit cards
- Sending someone off to college
- Peace of mind for unexpected expenses
A home equity line of credit with Bangor Savings Bank lets 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; it may be 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
- Easy access both through Bangor Online and via checks
- 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.
Looking to purchase a new home or refinance your current mortgage?
Learn more about our variety of home financing solutions. We have a team of local mortgage loan officers who will work closely to find the solution to fit your needs.