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
6.875% 5.875% 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. Bangor Savings Bank deposit account and auto-pay required to obtain relationship rate. 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. Interest rates and annual percentage rates are subject to change without notice and are accurate as of November 13, 2018.