Best HELOC Rates and Lenders in Maine (2024)

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Reviewed byTimothy Manni
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Reviewed byTimothy Manni
Edited byRae Osborn
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Updated: April 30, 2024

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The best HELOC lender in Maine is Lower. It provides services online only and attracts homeowners with its competitive APR range of 8.75% to 13.5%. The lender supports loans between $15,000 and $500,000 without annual fees and is suitable for various home equity projects with a minimum credit score of 580. MoneyGeek considered multiple factors beyond cost to determine the best lender.

MoneyGeek included 13 lenders in its Maine HELOC analysis. While there might be additional lenders in the state, MoneyGeek didn't analyze these. Homeowners in Maine could also consider Maine Savings Federal Credit Union, MidCoast Federal Credit Union and Maine Community Bank for their unique local offerings. These institutions may provide tailored solutions for Maine residents.

Best HELOC Lenders in Maine

Best Overall: Lower

Best for Affordability: Aven

Best for Bad Credit: U.S. Bank

Best for Large Loan Amounts: Bank of America

Best for Debt Consolidation: PNC Bank


    Overall Best HELOC Lender in Maine

  • Lower

    • 8.75% to 13.5%APR Range
    • $15,000 to $500,000Loan Amount Range
    • 580Minimum Credit Score
    • 10-year draw period; undisclosed repayment period Repayment Terms
    • NoneAnnual Fees

    Lower is the standout HELOC lender for Maine homeowners. Its offers include an APR range from 8.75% to 13.5%, appealing to a range of financial situations. Homeowners can access loan amounts between $15,000 and $500,000, allowing for significant financial flexibility. Notably, Lower accepts homeowners with credit scores starting at 580, broadening accessibility. It establishes a transparent and trustworthy lending environment with no annual fee and an A+ BBB rating. This means Maine homeowners can confidently tap into their home equity for financial needs or projects.


    • No annual fee
    • Credit scores from 580 accepted
    • Personalized post-loan support


    • No rate discounts offered
    • No fixed-rate HELOC conversion
    • Unclear repayment period length

HELOC Rates in Maine by Credit Score

Your Home Equity Line of Credit (HELOC) APR isn't set in stone. For Maine homeowners, even with sharp credit and an LTV ratio under 80%, rates may vary by chosen repayment terms. Use the table to see how tweaking parameters can shift your rates.

Data filtered by:Results filtered by:
Credit Score:
Credit Score:680 - 740
LTV Ratio:
LTV Ratio:80% or lower

Comparing APRs from different HELOC lenders in Maine ensures you get a lower cost for borrowing. A slight difference in APR can lead to significant savings over the loan's life. It can also affect monthly payments and the total interest paid, shaping your borrowing experience and financial health.

HELOC Calculator: Do You Qualify in Maine?

If you're a Maine homeowner looking into a HELOC, your home's equity plays a significant role. Higher equity may mean more borrowing power, as indicated by TransUnion's report. Additionally, the average credit score in Maine is 731, says Experian, suggesting that if your score is around this figure, you're likely in a good position for a HELOC.

Eligibility for a HELOC in Maine depends on more than just equity and credit score. Use the HELOC calculator to assess your qualifications by adjusting different factors. This tool simplifies the search for the right HELOC by providing customized insights.


    Best HELOC Lender in Maine for Affordability

  • Aven

    • 7.99% to 15.49%APR Range
    • Up to $250,000Loan Amount Range
    • 620Minimum Credit Score
    • Unlimited draw period; 5 to 10-year repayment period for cash out;Repayment Terms
    • NoneAnnual Fees

    Aven is the top pick for homeowners in Maine looking for a cost-effective HELOC. Notably, it charges no annual fees and offers a 0.25% rate discount for autopay, which can lower overall costs. Aven’s APR ranges from 7.99% to 15.49%, which places it in a competitive position for borrowers aiming to manage expenses effectively. Its product functions as a hybrid HELOC, operating like a credit card but reported as a HELOC to credit bureaus. Offering no origination fees or prepayment penalties and the convenience of cashing out directly to your bank, Aven can benefit Maine homeowners who prioritize affordability.


    • Provides a credit card backed by home's equity
    • Earns you 2% unlimited cashback for purchases
    • No origination and annual fees or prepayment penalty


    • Line limit only up to $250,000
    • 2.5% fee for bank cash out
    • Card takes 10 days to arrive

    Best HELOC Lender in Maine for Bad Credit

  • U.S. Bank

    • 8.95% to 13.1%APR Range
    • $15,000 to $750,000Loan Amount Range
    • 660Minimum Credit Score
    • 10-year draw period; up to 20-year repayment periodRepayment Terms
    • Up to $75Annual Fees

    U.S. Bank is the best HELOC lender for Maine homeowners with bad credit. A low credit score doesn't shut you out; you need a 660 minimum. You can get a HELOC with an APR as low as 8.95%, maxing out at 13.1%. U.S. Bank offers a 0.5% discount for autopay, lets you start with just a $15,000 line and provides options like interest-only payments during the draw period. This flexibility could help you manage costs while using your home's equity. U.S. Bank is accredited by the BBB, though it currently does not have a rating.


    • No closing costs
    • Offers a fixed-rate option
    • Allows for interest-only payments during draw period


    • Must close in person at a center
    • Early closure fee, max $500
    • $75 annual fee
    U.S. Bank

    Best HELOC Lender in Maine for Large Loans

  • Bank of America

    • Starting at 9.82%APR Range
    • $25,000 to $1,000,000Loan Amount Range
    • UndisclosedMinimum Credit Score
    • 10-year draw period; 20-year repayment periodRepayment Terms
    • NoneAnnual Fees

    Bank of America is the best lender for large HELOCs in Maine. It starts with a competitive introductory rate of 6.99% for the first six months. Homeowners looking to fund high-cost projects, like home renovations or college tuition, can find this beneficial. It offers a maximum loan amount of $1 million, providing ample room for such expenses. This is coupled with a 10-year draw period followed by a 20-year repayment term, giving homeowners enough time to manage their finances without the burden of an annual fee. Bank of America also supports customers during financial hardship, making it a solid choice for Maine homeowners needing substantial funds.


    • Competitive intro rate for six months
    • No fees for application, annual, or closing
    • Assists during financial hardship


    • Must close in person at branch
    • HELOC requirements undisclosed
    • Minimum online loan: $25,000
    Bank of America

    Best HELOC Lender in Maine for Debt Consolidation

  • PNC Bank

    • 8.22% to 14.5%APR Range
    • $10,000 to $1,000,000Loan Amount Range
    • UndisclosedMinimum Credit Score
    • Undisclosed draw period; 5-30 year repayment periodRepayment Terms
    • $50Annual Fees

    PNC Bank is the optimal lender for Maine homeowners looking to consolidate debt using a HELOC. A HELOC might save you money if you have high-interest credit cards or personal loans. The right lender offers lower interest rates, quick fund access and a generous loan cap. PNC Bank's HELOC has a competitive APR range from 8.22% to 14.5%, and you can receive funds as quickly as three days after closing. Homeowners can access up to $1 million, ensuring you have enough to manage your balances. Plus, with the ability to upload documents online and track your application, PNC simplifies the process.


    • Online tracker for document upload and application tracking
    • Offers financial hardship assistance
    • Borrow up to $1 million


    • Charges a $50 annual fee
    • Does not disclose most information, such as minimum credit score and repayment terms
    • Charges a fee each time you lock or unlock your interest rate
    PNC Bank

How to Choose a HELOC Lender in Maine

MoneyGeek showcased top HELOC lenders in Maine tailored for various needs. Yet, if you're looking for different options, the following strategies will guide you through the selection process, ensuring you find a lender that aligns with your financial scenario.


FAQ: HELOC Lenders and Rates in Maine

Searching for HELOC lenders requires understanding key factors that influence your borrowing experience. The following questions shed light on how to assess lenders' offerings, compare rates and identify the most accommodating terms for the best HELOC in Maine.

What's a good HELOC rate in Maine?
Which HELOC lender is best overall in Maine?
Can I still qualify for a HELOC in Maine if I have bad credit?
Which HELOC lender in Maine is best for large loans?
Can I use a HELOC to consolidate debt?
How can I ensure I find the right HELOC lender in Maine for me?