Best HELOC Rates and Best HELOC Lenders in Maine (August 2024)

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Updated: August 20, 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

We evaluated each lender in our research against a rubric including APR ranges, annual fees and affordability.

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Our analysis was completed in August 2024 and includes lenders that do business in Maine.

13Lenders Analyzed

    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.

    Pros

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

    Cons

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

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% - 95%
HELOC (10 year)APR6.55%
HELOC (15 year)APR6.55%
HELOC (20 year)APR6.55%

Where does this data come from?

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?

Your eligibility for a HELOC in Maine involves multiple factors, particularly equity in your home and your credit score. Other variables count too. Use the HELOC calculator to see how different figures affect your chances.

With a state average credit score of 731, Maine homeowners with scores near this should fare well in securing a HELOC. Manipulating the HELOC calculator's variables can support your HELOC search.

HELOC Calculator
Discover borrowing capacity, interest rates, and make informed financial choices with confidence!
You may be eligible for a HELOC. Because you have an LTV at or below 85%, you may be approved for a home equity line of credit.
10 Years Payoff Scenario
$732/mo
Eligible to Borrow
$62,500
Loan-to-Value Ratio
80%
Note: Lenders set varying limits on the acceptable Loan-to-Value (LTV) ratio, depending on the property type (owner-occupied or investment). Typically, owner-occupied homes have a higher acceptable LTV, often capped at 85%.

    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.

    Pros

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

    Cons

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

How does MoneyGeek recommend lenders for affordability?


    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.

    Pros

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

    Cons

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

How does MoneyGeek recommend lenders for those with bad credit?


    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.

    Pros

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

    Cons

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

How does MoneyGeek recommend lenders for large loan amounts?


    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.

    Pros

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

    Cons

    • 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 does MoneyGeek recommend lenders for debt consolidation?

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.

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    Define Your HELOC Goals

    Before you pick a HELOC lender in Maine, know why you need the funds. If it's for home renovations, some lenders might offer favorable terms compared to those used for consolidating debt. Clarify your goal to narrow down lenders who cater to your specific needs.

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    Investigate Lender Reputation

    Always check a HELOC lender's standing via the Better Business Bureau and Maine's regulator, the Maine Bureau of Financial Institutions. Positive ratings and regulatory compliance are marks of trustworthy lenders.

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    Compare Rates and Fees

    Don't just look at interest rates; assess each lender's fee structure, including closing costs. Comparing these details can yield long-term savings. Ask lenders for a breakdown of fees to see what you're exactly paying for.

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    Check Community Standing

    A lender with a good community reputation, evidenced by local awards or strong word-of-mouth, may indicate their dedication to customer satisfaction. Inquire locally or attend housing fairs in Maine to gauge their community presence.

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    Assess Lender Flexibility

    Lenders should adapt to your needs. Look for those offering online prequalification, interest-only payments, or the switch from variable rates to a fixed-rate HELOC. These features show a lender willing to work with borrowers' varied circumstances.

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? What are the best HELOC rates in Portland?

A competitive HELOC rate in Maine would be around 6.47%, applicable to an 80% or lower LTV ratio with a credit score of 680 to 740. Rates can fluctuate based on individual creditworthiness and lender policies. The best HELOC rates in Portland typically mirror the best rates available throughout Maine.

Which HELOC lender is best overall in Maine?

Lower is recognized as the best overall HELOC lender in Maine due to its favorable APR range of 8.75% to 13.5%, loan amount range spanning $15,000 to $500,000 and a minimum credit score requirement of 580, making it accessible for a range of homeowners.

Can I still qualify for a HELOC in Maine if I have bad credit?

Yes, you can still qualify for a HELOC in Maine with bad credit. U.S. Bank, for example, offers HELOCs with a minimum credit score requirement of 660. Homeowners should consider lenders that provide HELOCs with lower credit score requirements, a range of APR options and discounts for financial products or automatic payments.

Which HELOC lender in Maine is best for large loans?

Bank of America stands out for large loans, accommodating homeowners needing significant funds for scenarios such as major home renovation or investment opportunities with its loan amount range of $25,000 to $1,000,000 and no annual fees policy.

Can I use a HELOC to consolidate debt?

Homeowners considering a HELOC for debt consolidation should look at lenders like PNC Bank, which provides a favorable APR range of 8.22% to 14.5% and a substantial loan amount range up to $1,000,000, allowing for the consolidation of various high-interest debts. Make sure to throughly understand the HELOC pros and cons before submitting your application.

How can I ensure I find the right HELOC lender in Maine for me?

To find the right HELOC lender in Maine, identify the purpose for which you're securing the HELOC and assess your financial health. Depending on whether you're looking at debt consolidation, home renovations or other financial needs, the optimal lender for you may vary due to differences in APR, loan amounts, fees and credit score requirements.

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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