Benefit Home Equity Variable

A traditional HELOC offering longer-term access to funds.

This option is a great fit for someone that needs ongoing access to funds.
  • Variable rate line of credit
  • Draw on the line up to 10 years
  • 15-year repayment period thereafter
  • Competitive interest rates, tied to the prime interest rate


Benefit Home Equity Variable

Tap into the equity in your home at competitive rates to fund home improvements, vacations, education, investments, taxes, and more with our Benefit Home Equity Variable. Use it over and over again—even if your first mortgage is not with us. For additional information, email us at, or call 1.877.Bangor1 (1.877.226.4671).

APR: Rate Lines with Total Exposure Limits Maximum Loan to Value
7.750% (Prime - 0.75%) $10,000-$1,000,000 Up to 80%
8.250% (Prime - 0.25%) $10,000-$1,000,000 Up to 85%

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 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. If determined to be required, valuation of property and/or title insurance may be obtained. Costs may range from $550 to $1,000. Maximum loan to value is 85 percent of appraised value, including any other existing liens. For loan to value’s greater than 80 percent, a full appraisal is required. Line amounts between $10,000 and $1,000,000 are based on total exposure (all debts on the property) and are limited by the borrower(s) credit score(s). Ten-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. 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. Interest rates and annual percentage rates are subject to change without notice and are accurate as of July 27, 2023.