A non-traditional HELOC for someone who has their home listed for sale.


The Bridge Line of Credit is a great fit for anyone needing to use funds from their existing home to purchase another.
 
  • Variable rate line of credit
  • Draw on the line up to 12 months
  • Due and payable at the end of the 12-month period or when the home is sold—whichever is first 
  • Competitive interest rate tied to the Prime interest rate
  • 1% Origination Fee (Minimum $500)
  • No termination fee or prepayment penalty

 

 

Bridge Line of Credit

Our Bridge Line of Credit gives you access to funds from your existing home to purchase another. With a variable rate and a 12 month draw you can find the right home to fit your needs. For additional information, email us at lending@bangor.com, or call 1.877.Bangor1 (1.877.226.4671).

APR: Standard Rate APR: Relationship Rate Lines with Total Exposure Limits Maximum Loan to Value
5.75% 4.75% $10,000-$750,000 80%

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, plus or minus a margin. Early Termination fee does not apply. An applicable origination fee of 1% of the approved loan amount will be charged (Minimum $500). 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 $750,000 are based on total exposure (all debts on the property) and are limited by the borrower(s) credit score(s). One-year draw period then due and payable. 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 January 14, 2020.