Benefit Home Equity Fixed

A twist on the traditional HELOC.


The Benefit Home Equity Fixed offers a fixed rate that will never increase—not during the 7-year draw period and not during the 15-year repayment. It is a 22-year fixed rate solution.
 
  • Fixed rate line of credit
  • Draw on the line up to 7 years
  • 15-year repayment period thereafter

Benefit Home Equity Fixed

Our Benefit Home Equity Fixed is one of the few equity programs offering a fixed rate for the life of the loan. And because it's a line of credit, not just a loan, you have access to cash whenever you need it. Other advantages include easy terms, fast approval, lines as low as $10,000 and the ability to borrow up to 85% of your home's equity. For additional information, email us at lending@bangor.com, or call 1.877.Bangor1 (1.877.226.4671).

APR: Standard Rate APR: Relationship Rate Line Amount Maximum Loan to Value
6.125% 5.125% 10,000-1,000,000 85%

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. Any applicable origination fee will be waived for borrowers with a Bangor Savings Bank Benefit Plus® Checking 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 between $500 to $1,000. Maximum loan to value is 85 percent of appraised value, including any other existing liens. Loan amounts between $10,000 and $1,000,000. Seven-year advance period followed by a 15-year principal and interest repayment. Available for owner-occupied 1 to 4 family residential properties and second homes. Hazard Insurance is required. 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 September 19, 2019.