Benefit Home Equity Blend

A powerful option for someone thinking of an immediate purchase.


The Benefit Home Equity Blend offers a 10-year draw period (3-year fixed rate followed by a 7-year variable), allowing for ongoing access to a line of credit.
  • Low-interest rate fixed for 3 years
  • Draw on the line up to 10 years
  • 15-year repayment period thereafter
  • Competitive variable rate thereafter, tied to the prime interest rate

 

Benefit Home Equity Blend

Our Benefit Home Equity Blend gives you a fixed rate for the first 3 years so you don't have to worry about fluctuating interest rates. After the fixed rate period, it will then convert to the applicable Benefit Home Equity Variable rate. Plus, you can draw on the line for up to 10 years. For additional information, email us at lending@bangor.com, or call 1.877.Bangor1 (1.877.226.4671).

Initial 3 Year APR: Relationship Rate Initial 3 Year APR: Standard Rate APR: Current Domestic Prime Rate Lines with Total Exposure Limits Maximum Loan to Value
3.750 4.750% 3.250% $10,000-$1,000,000 80%

Benefit Home Equity Blend rates are fixed for 36 months then convert to variable rates that can change monthly. The maximum annual percentage rate that may be imposed is 18.000%. The variable rate is tied to the highest domestic Prime Rate published in the “Money Rates” section of The Wall Street Journal. Early Termination Fee of $450 if the line is terminated within the first 36 months. Early Termination Fees are not applicable for Vermont properties. Massachusetts properties' Early Termination Fee is ≤ 2% of the line limit, not to exceed $450. APR Relationship Rate for borrowers with a Bangor Savings Bank personal deposit account and auto-pay of monthly payments. If determined to be required, valuation of property and/or title insurance may be obtained. Costs may range from $500 to $1,500. Maximum loan to value is 80 percent of appraised value, including any other existing liens. Line amounts between $10,000 and $1,000,000 are based on total exposure (all debts on the property) and are limited to the borrower(s) credit score(s). Ten-year advance period followed by a 15-year principal and interest repayment. Minimum credit advance $250. Available for owner-occupied 1 to 4 family residential properties and second homes. A Hazard Insurance policy is required and must be approved by the Bank prior to closing. All loans are subject to credit approval by Bangor Savings Bank. Bangor Savings Bank deposit account and auto-pay required to obtain relationship rate. Interest rates and annual percentage rates are subject to change without notice and are accurate as of June 10, 2020.