The Best HELOC Rates and Lenders in Maine

A home equity line of credit (HELOC) uses the equity in your home as collateral in exchange for a revolving line of credit accessible over a period of time. HELOC funds can be used for virtually anything, including repaying credit card debt, paying for home renovations, funding education, etc.

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Homeowners in a financially stable situation can use a home equity line of credit to cover large expenses like education, medical costs and home renovations. To qualify for most HELOCs, borrowers must meet certain requirements like having a good credit score or having at least 15% to 20% of equity in their homes.

HELOC policies vary by lender, but generally, credit limits range from $5,000 to $1,000,000 with APRs between 0.99% and 18%. According to our research, Bank of America offers the best home equity line of credit in Maine.

Home Equity Line of Credit (HELOC) Rates for 2023

To find the best lender for a home equity line of credit, you’ll want to compare rates and terms. MoneyGeek made the process easier for you by including different lender rates and HELOC details in the table below.

These are the latest rates as of May 2022, but it’s important to note that rates can vary over time. We do our best to provide you with the most recent information available, but you should always verify information with your preferred lender.

  • Lender
    APR
    Loan Amount
    Min. Credit Score Requirement
    Repayment Terms
    Annual Fees
    Pre-Approval Time
  • 3.75% to 18%

    $25,000 to $1,000,000

    660

    10-year draw period
    and 20-year repayment period

    None

    N/A

  • Not specified

    Not specified

    Not specified

    Not specified

    Not specified

    Not specified

  • 1.99% special
    introductory variable
    APR for 6 months,
    then as low as
    4.35% variable

    $25,000 to $1,000,000

    Not specified

    10-year draw period,
    20-year repayment period

    Not specified

    Not specified

  • 3.65% to 8.80%

    $15,000 to $750,000

    730

    10-year draw period,
    unspecified repayment period

    $90

    Not specified

  • 4.65% to 9.99%

    $35,000 to $300,000

    620

    10 to 30 years

    None

    1 to 2 weeks

  • Starting at 3.99%

    $10,000 to $500,000

    Not specified

    10-year draw period
    and 20-year repayment period

    $75

    Not specified

  • Starting at 4.64%

    $10,000 to $500,000

    Not specified

    10-year draw period
    and 20-year repayment period

    None

    24 hours

  • Starting at 3.50%

    $15,000 to $400,000

    620

    5 to 30 years

    3% to 4.99%

    24 hours

  • Starting at Prime - 0.50%

    Starting at $17,500

    Not specified

    10-year draw period,
    15-year repayment period

    $50

    Not specified

  • Starting at 3.34%

    Starting at $25,000

    740

    Not specified

    $50

    Not specified

  • 3.49% for 6 months
    (4.08% thereafter)

    Starting at $5,000

    Not specified

    15-year draw period
    with 15-year repayment period

    None

    24 hours

  • 3.75% to 10.63% variable

    $10,000 to $500,000

    Not specified

    10-year draw period,
    and then 20 years for repayment

    None

    Not specified

MoneyGeek’s Picks for Best HELOC Lenders in Maine

To help homeowners find the best lender for their needs, MoneyGeek identified the top home equity line of credit lenders in Maine.

Typically, only large national banks provide home equity lines of credit. These institutions often have strict requirements that may prevent you from qualifying for a HELOC. If you aren’t eligible for a HELOC with a national lender, you should check with your local credit union.

Best Overall HELOC Lender in Maine: Bank of America


  • Bank of America

    Bank of America offers borrowers additional discounts on their rates, saving them money.


    • 1.99% special introductory variable APR for 6 months, then as low as 4.35% variableAPR Range
    • $25,000 to $1,000,000Loan Amount Range
    • 10-year draw period; 20-year repayment periodRepayment Terms
    • NoneAnnual Fees
    • Not specifiedPre-Approval Time

    on Bank of America Website

Best HELOC Lender for Good Credit in Maine: U.S. Bank


  • U.S. Bank

    Borrowers with high credit scores exceeding 730 should consider a U.S. Bank loan.


    • 4.20% to 9.35%APR Range
    • $15,000 to $750,000Loan Amount Range
    • 10-year draw period; unspecified repayment periodRepayment Terms
    • $90Annual Fees
    • Not specifiedPre-Approval Time

    on U.S. Bank Website

Best HELOC Lender for Bad Credit in Maine: Figure


  • Figure

    Figure offers its HELOC product to borrowers with credit scores as low as 620.


    • From 6.55% to 15.54%APR Range
    • $15,000 to $400,000Loan Amount Range
    • 5 to 30 yearsRepayment Terms
    • NoneAnnual Fees
    • 24 hoursPre-Approval Time

    on Figure Website

Best HELOC Lender for Competitive Rates in Maine: PenFed


  • PenFed Credit Union

    Best for borrowers who want to lock in competitive rates in advance.


    • 0.99% for 6 months; 4.25% to 18% thereafterAPR Range
    • $25,000 to $1,000,000Loan Amount Range
    • 10-year draw period; 20-year repayment periodRepayment Terms
    • $99Annual Fees
    • N/APre-Approval Time

    on PenFed Credit Union Website

HELOC vs. Home Equity Loans

Homeowners can borrow money against the value of their homes via a home equity line of credit (HELOC) or through a home equity loan (HELOAN). Though they sound similar, the best option for you will depend on your needs.

A HELOAN has a fixed interest rate and a fixed term. Your funding is disbursed in a lump sum format, after which borrowers immediately begin to make monthly payments.

With a HELOC, your funds function like a credit card. Borrowers are able to withdraw funds on an as-need basis. The interest rate on a HELOC is variable, so you won’t pay the same amount every month.

We’ve included more information about the differences between a HELOC and a HELOAN in the table below.

  • HELOC
    Home Equity Loan
  • Interest Rate

    Adjustable interest rate,
    but fixed-rate options are available

    Fixed interest rate

  • Monthly Payment

    Changes depending on
    the amount of money borrowed

    Fixed monthly payments

  • Repayment Terms

    During the draw period, borrowers pay
    interest on the money they borrowed;
    after the draw period, they repay any
    principal owed in addition to interest

    Repayment starts as soon as
    the money is given to the borrower

  • Fund Disbursements

    Line of credit

    Lump sum delivery

How to Apply for a HELOC

To apply for a HELOC, borrowers only need to provide basic information online. Most lenders have a home equity line of credit calculator that allows you to approximate your rate and credit limit.

1

Determine how much you need

Money borrowed from a HELOC is typically used for home improvement projects, home upgrades, mortgage payments, credit card balances and debt consolidation. Before applying for a HELOC, borrowers should know how much they want to borrow for a particular financial need.

2

Assess your financial standing

Before submitting an application for a HELOC, it’s wise to evaluate your financial situation. Factors like your credit score, income and the existing loan-to-value ratio will determine whether you'll be approved for such a loan.

3

Shop around and compare lenders

Comparing lenders in your state gives you an idea of the rates available for your profile. Make sure to take note of which lenders offer the lowest rates and whether you meet their criteria.

4

Apply

You can typically submit your HELOC application entirely online. To make the process faster, you should gather any necessary documents beforehand, including bank and mortgage bills, tax returns and proof of income.

5

Use funds wisely

Since your home will be used as collateral, you’ll want to carefully monitor your spending with a HELOC. An example of a smart use of a HELOC is for home improvements, whereby you’ll use your funds to increase the value of your home.

Frequently Asked Questions About HELOCs

If you’re a first time borrower, you might be overwhelmed by all the information available about home equity line of credit products. To help make the process easier for you, MoneyGeek answered some of the most commonly asked questions about HELOCs.

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