Home Equity Loans in Maine - Apply Today | Machias Savings Bank

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Home Equity Loan

Home Equity Landing

What can a heloc do for you?

Are you ready to pay off debt, take on a home improvement project, or take that trip you've been dreaming about?

Our Home Equity Line of Credit (HELOC) might be the "YES!" you've been looking for.

The Home Equity Line of Credit from Machias is the most convenient way to turn the equity in your home into real money that can turn those wants into reality.

Find the "YES!" you need today! **Apply now and earn $250 toward closing costs! You'll even have the chance to win $1000!

Details for Home Equity Line

  • Variable interest rate
  • Advances made electronically
  • May be used at the discretion of the borrower
  • Interest may be tax deductible*
  • Automatic payments available
  • One-time application credit can be paid off and reused without reapplying
  • Variety of payback options
  • Rates are generally lower than other loan options
  • No prepayment penalties

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DETAILS FOR HOME EQUITY Loan

  • Fixed interest rate
  • Fixed monthly payment
  • One lump sum disbursement at loan closing
  • Interest may be tax deductible*
  • Minimal closing costs
  • Minimal processing time
  • Automatic payments available
  • Variety of terms
  • No prepayment penalties 

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Apply Now

*Consult your tax advisor for more information

**Member FDIC. NMLS#: 469539 Subject to credit approval. Limited time offer which could end without notice. An Annual Percentage Rate (APR) of Prime + 0% is available on Home Equity Lines of Credit with an 85% loan-to-value (LTV) or less. Higher rates may apply due to an increase in the Prime Rate, an LTV above 85% and/or a low credit score. The APR is variable and subject to change monthly based upon an index (Wall Street Journal Prime Rate) plus a margin. As of July 28, 2022, Prime Rate (the index) was 5.500% APR. The maximum rate is 18.00% APR. The Home Equity Line of Credit has an interest only payment during the 10 year draw period. Once the draw period ends, your monthly payment will increase, perhaps substantially, because you will be required to pay the outstanding principal balance plus interest based on a 20 year amortization.

New money only and loan amount must be greater than $25,000.00. Lender to pay closing costs except for title insurance and appraisal fee if required. Property insurance is required, and flood insurance will be required if the structure on the real property is located in a Special Flood Hazard Area.

No purchase necessary. Drawing open to all legal residents except employees of the bank and their immediate relatives. Prize from drawing may carry tax consequences; please consult your CPA or tax professional for more information. Open a Home Equity Line of Credit or submit a HELOC Promo Sweepstakes form by 12/15/2022 to be entered into a drawing for $1,000 gift card.

Location: Machias edit my branch location button

4 Center Street
PO Box 318
Machias, ME 04654

(207) 255-3347
Fax: (207) 255-9439

Lobby
Mon - Fri 8:00 am - 5:00 pm

 

Sam Whitney
Manager 

 

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OUR FOCUS

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.

 

© Machias Savings Bank. All rights reserved.

Member FDIC. Equal Housing Lender logo Equal Housing Lender.
Routing Number: 211274531
Wire Instructions for Customers
NMLS Number: 469539

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