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At Machias Savings Bank, we know that buying a home is the biggest financial investment most Mainers will ever make. That’s why we have worked so hard to make sure every Maine family gets the most out of their home—personally and financially—for over 150 years. And a home equity line of credit, or a HELOC loan, can be a temporary lifeline in times of crisis, monies to invest in a small business, or funding for value-building home improvements.
Most monthly mortgage payments include interest on the loan, and a payment toward the principal of the loan—the amount you borrowed from the bank to buy your house. As your monthly payments chip away at the principal, you begin to build home equity: the difference between what your house is worth and what you currently still owe.
A home equity line of credit is a pot of money a bank sets aside for you to borrow from for a set period of time called your “draw period.” During the draw period, which can range from 5-10 years, you take money when and as you need it. You have the added flexibility of paying down the principal and can repeatedly draw from this line of credit as additional needs arise and opportunities present. When the draw period ends, you can no longer borrow from your HELOC loan and you begin making payments on the principal and the interest. If you sell your home before your HELOC loan is fully paid off, you must pay the HELOC loan in full from the proceeds of your home sale.
“Home equity loans in Maine pay for new kitchens and additions, green energy solutions, college educations, small business capital, and big vacations,” explains Lisa Holmes, VP and Mortgage Specialist at Machias Savings Bank.
“And interest-only HELOC payments can be more manageable in certain situations,” adds Leann Beal, VP, Mortgage Specialist. “We are here to help you review options.”
● Get your money FAST
“If you have been through the HELOC application process before with a big national bank, you are in for a big surprise,” says Lisa Holmes. “You won’t believe how fast we can approve a Maine HELOC loan and put your money in your pocket.”
The sooner you start, the faster you get the funds. Log on to https://machiassavings.mymortgage-online.com/ to start the online application process today!
● Low interest rates
Mortgage interest rates in Maine are hovering at or near historic lows and HELOC loan rates are no different. For qualified borrowers, a HELOC loan is a much more affordable way to borrow money than using a high interest consumer credit card.
● Borrow only what you need
Many homeowners are surprised by how a HELOC is calculated and find they are approved to borrow more money than they need to re-roof their home or take their dream vacation.
“The HELOC formula offers a lot of financial flexibility,” explains Leann Beal. “You borrow only what you need and you are only charged interest on what you spend. And during the draw period, your payments can be interest-only. Particularly for projects that require multiple payments over time, like home renovations, HELOC loans can be a much better deal than a traditional term loan that pays out in one lump sum.”
The flip side? One of the biggest HELOC risks and disadvantages of a HELOC is the temptation to spend the money unwisely. Our relationship bankers are always available to talk through a potential expenditure with you so you can make critical financial decisions with confidence.
“The HELOC formula can create a significant financial reserve for families,” says Leann Beal. “It can be tempting to dip into it for reasons that don’t align with your financial goals. But if you can avoid splurges and leave a portion of the HELOC loan unspent, a home equity line of credit can be there to get you through unexpected emergencies and life events.”
● Flexible repayment terms
Machias Savings Bank works with many self-employed Mainers or Mainers who have seasonal income. While most HELOC lenders want to avoid making these types of loans, Machias Savings Bank mortgage specialists love it.
“I tell clients all the time—bring me your toughest applications!” says Lisa Holmes. “I live here in Maine and I know what it’s like for my friends and neighbors and I live for the challenge, I really do.”
● Apply and close online
For snowbirds, out-of-staters, or homeowners who are simply super-busy, the ability to apply for and close a Maine home equity line of credit completely online is a game-changer. Online applications and closings let you live your life on your schedule.
● Convert a HELOC to a mortgage
When the draw period ends and you begin paying the loan principal alongside the interest, you may decide to convert your HELOC to a mortgage or fixed interest term loan. In fact, for some borrowers nearing the end of their personal home mortgage term, taking out a HELOC loan can be a faster way to refinance or even pay off their home mortgage.
● Personal service
Making it possible for Mainers to reach their financial goals faster is the personal passion of every Machias Savings Bank relationship banker. From structuring your HELOC Loan to better fit your financial situation to coming up with creative solutions to get to closing, we work hard to find a way to get to “yes.”
You’ve worked hard to own your home. Let us show you how fast, easy, and affordable it can be to put your home to work for you!
*Subject to credit and property approval. The loan is a variable rate loan based on the Prime Rate as published in the Wall Street Journal plus a margin. The maximum Annual Percentage Rate (APR) is 18%. Closing costs range between $0.00-1,968.58. NMLS#469539. Equal Housing Lender.
As a customer of Machias Savings Bank, the focus is on you. We will enhance your banking relationship by working with you to discover your banking needs. We will be there when you need us.
Member FDIC. Equal Housing Lender.
Routing Number: 211274531
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NMLS Number: 469539
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