Best HELOC Lenders in Maine (November 2024)

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Key Takeaways

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The best home equity line of credit (HELOC) lender in Maine is Mascoma Bank with a MoneyGeek score of 94 out of 100. The runner-up is Bank of America with a MoneyGeek score of 94 out of 100.

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The average HELOC limit in Maine is $91,168. How much you can borrow often depends on your home's equity, outstanding mortgage balance, and credit score.

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Comparing rates can help you find lenders suited to your needs. MoneyGeek compiled the best HELOC rates in Maine, updated weekly to assist your journey.

Overall Best HELOC Lender in Maine

Company logo for Mascoma Bank
Mascoma Bank
MoneyGeek Score:
94/ of 100

Minimum Credit ScoreUndisclosed
Average HELOC APR7.75%
Draw Period10 years
Repayment Period15 years
Time to Receive FundsUndisclosed
PROS
  • Interest-only payments available
  • May pay up to $600 in closing costs
  • Has a mobile app for account management
CONS
  • Maximum repayment term is 15 years
  • Charges an annual fee of $59
  • Other HELOC information not disclosed on website

Runner-Up for Best HELOC Lender in Maine

Company logo for Bank of America
Bank of America
MoneyGeek Score:
94/ of 100

Minimum Credit ScoreUndisclosed
Average HELOC APR9.75%
Draw Period10 years
Repayment Period20 years
Time to Receive FundsUndisclosed
PROS
  • Borrow up to $1 million
  • Accepts co-applicants
  • Provides rate discounts for autopay and Preferred Rewards
CONS
  • Minimum line amount is $25,000 online
  • Charges an early closure fee of $450
  • Closing must be done in person

Calculate Your Monthly Payment

The average HELOC balance in Maine for the third quarter of 2023 is $31,019, according to Experian. It's important to calculate your HELOC payments to manage this type of debt effectively and plan for any financial adjustments.

Use our HELOC payment calculator to estimate your monthly payments based on the amount drawn, APR, and loan terms. The full amortization schedule provided will show how much of your payments go toward interest and principal over time.

Maine HELOC Payoff Calculator

This HELOC payment calculator assumes that you take out one lump sum at the start of your interest-only period. Your actual payoff schedule will vary depending on your interest rate and market conditions.

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Credit Line Information

Draw Period Payment

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Repayment Period Payment

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Credit Payoff Schedule for Home Equity Line

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Best HELOC Lender in Maine for Affordability

Company logo for NBT Bank
NBT Bank
MoneyGeek Score:
92/ of 100

Minimum Credit ScoreUndisclosed
Average HELOC APR9.00%
Draw PeriodUndisclosed
Repayment PeriodUndisclosed
Time to Receive FundsUndisclosed
PROS
  • Offers a rate discount of 0.50% for automatic payments
  • Allows interest-only payments during the draw period
  • Option to switch from variable to fixed rate
CONS
  • Required to reimburse bank for closing costs within 36 months
  • Charges a $50 fee for switching to fixed rate
  • Title insurance required for lines over $250,000

Best HELOC Lender in Maine for Service Quality

Company logo for Camden National Bank
Camden National Bank
MoneyGeek Score:
99/ of 100

Minimum Credit ScoreUndisclosed
Average HELOC APR8.50%
Draw PeriodUndisclosed
Repayment PeriodUndisclosed
Time to Receive FundsUndisclosed
PROS
  • Has a HELOC calculator for determining qualification
  • Provides 24/7 phone banking support
  • Provides a mobile app for account management
CONS
  • No rate discounts available
  • No fixed-rate HELOC option
  • Doesn't offer hardship assistance for HELOC

What You Can Use a HELOC for in Maine

HELOCs are popular in Maine due to their flexibility and control over line amounts and repayment timelines. These features make HELOCs an attractive option for homeowners looking to manage their finances effectively.

Some of the ways you can use a HELOC to meet your financial needs are detailed below.

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    Home Improvements or Renovations

    A HELOC is ideal for home improvements, offering flexibility as costs aren't final. It allows you to access funds as needed, making it perfect for projects with evolving budgets.

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    Consolidating High-Interest Debt

    With average 2023 consumer debt in Maine at $87,920, a HELOC can simplify debt consolidation. It combines multiple debts into one manageable payment, potentially lowering interest rates.

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    Funding Education Expenses

    Using a HELOC for education expenses is better than other debts. It can cover tuition, books and housing, offering lower interest rates and flexible repayment options.

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    Investment Properties

    A HELOC can finance investment properties, providing funds for purchase or renovation. Shop around for the best HELOC lenders for investment property to secure favorable rates and terms.

How to Apply for a HELOC in Maine

Knowing the steps to apply for a HELOC in Maine can make the process smoother and more manageable. We've broken down this journey into six steps below.

  1. 1
    Review your financial health

    Start by checking your credit score, which can influence your approval chances. The average credit score in Maine is 731, based on Experian data for the third quarter of 2023. A higher score may improve your chances of approval. Additionally, evaluate your debt-to-income ratio and home equity to gauge your financial health and readiness for a HELOC.

  2. 2
    Compare rates in Maine

    Comparing rates from different lenders in Maine can help you secure the best HELOC deal. Look beyond interest rates and consider other features such as repayment terms, fees and the option to apply for a fixed-rate HELOC to ensure you choose a lender that aligns with your financial needs and goals.

  3. 3
    Prepare required documentation

    Preparing the necessary documents in advance can streamline your HELOC application process. Commonly required documents include proof of income, recent tax returns and mortgage and home value information.

  4. 4
    Submit an application

    When you're ready to apply for a HELOC, most lenders offer the convenience of online applications. If your lender has a physical branch, you can also apply in person. Ensure all information is accurate and complete to avoid errors or omissions that could delay the process.

  5. 5
    Undergo a home appraisal

    Some lenders may require a home appraisal to determine your property's current market value. A home appraisal involves a professional assessment of your home's value, which helps the lender decide on the loan amount you qualify for.

  6. 6
    Wait for approval and closing

    The approval process for a HELOC can take anywhere from two to six weeks. Once approved, you'll proceed to the closing process, which involves signing documents and potentially paying closing costs. Some lenders may offer to cover part of these costs, so it's worth inquiring about any available options.

Know How Much You Can Borrow in Maine

The average HELOC limit in Maine is $91,168 for the third quarter of 2023, according to Experian. The maximum amount you can borrow with a HELOC is typically tied to the equity you have in your home. The more equity you have, the higher your potential credit limit may be.

Check out the table below to see the range of credit lines offered by Maine lenders in our database.

Bank of America$15,000 to $1,000,000
NBT Bank$10,000 to $500,000
TD BankFrom $25,000
Ask the experts:

How do lenders handle changes in home value, and can that impact HELOC terms down the road?

Credit & Mortgage Expert

As with any line of credit, the lender can increase or decrease the limit at any time for any reason. With a HELOC, if the value of your home drops significantly, the lender can choose to decrease your line or even freeze it, making it unusable until you pay it down to the amount that aligns with their guidelines.

FAQ: Best HELOC Lenders in Maine

Who is the best HELOC lender in Maine?

How to find the best HELOC lenders for bad credit in Maine?

What factors should I consider when choosing a HELOC lender in Maine?

What are common fees associated with HELOCs that I should compare in Maine?

What is the typical draw period for HELOCs, and does it vary between lenders in Maine?

How can I find a lender with flexible repayment options in Maine?

MoneyGeek's scoring system offers a comprehensive overview of how each lender performed in areas that matter most to borrowers. Scores were allocated based on the inclusion or exclusion of certain desirable features in various critical categories.

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Our analysis was completed in November 2024 and considered different banks and credit unions in California from S&P Global's SNL Depository Rates dataset.

101Lenders Analyzed

About Zachary Romeo, CBCA


Zachary Romeo, CBCA headshot

Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.

Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.


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