A Home Equity Line of Credit (HELOC) can be a fast and convenient way to get the money you need for large and small expenses. You can borrow now - or later - without having to reapply. And unlike personal loans or credit cards, the interest on your home equity line may be tax deductible (please consult your tax advisor).
Loyal Members who are looking for a HELOC on your primary residence may qualify for our "no closing cost" option! Loyal members just need to have an active checking account at DECU with at least $1,000 per month in direct deposits and 10 debit card transactions per month at the time of the HELOC closing! The no closing cost option is available on HELOCs under $100,000 on stick-built homes that do not require a full appraisal, additional surveys or title work.*
Combine your other loans and credit cards to make one simple payment each month.
Put your Weekend Warrior skills to work and tackle that home improvement project you've been dreaming of.
Access funds when you need them for tuition, books, housing and more.
Since HELOCs are secured, rates are typically lower than credit cards or personal loans. We have low to no closing costs and your interest may be tax deductible.*
Access your funds sooner with our express appraisal service for those that qualify. On average, your HELOC may be available in 2-4 weeks.
Simply transfer funds from your HELOC to your own checking account through our free Mobile App or Online Banking, wherever, whenever you need it.
Wondering how home equities work? Learn more here.
With our mobile banking app, you can access your account instantly and securely from anywhere, anytime. Manage your money confidently and download today:
Downeast Credit Union NMLS ID# is 531655. To access this service please visit nmlsconsumeraccess.org
*Disclosures: Terms and closing costs may vary. Additional financing and loan terms available. All loans subject to credit approval. Rates are based on credit worthiness subject to change without notice. The Credit Union makes real estate loans without regard to race, religion, or other discriminatory factors.
The Credit Union pays closing costs on home equity lines of credit for Loyal Members up to $100,000 on primary residence and must be stick-built homes only; mobile and double-wide homes do not qualify. To qualify for no closing costs, member must have an active DECU checking account with at least $1,000/month in direct deposits and 10 debit card transactions/month at the time of the HELOC closing. The Credit Union will not pay any fees associated with surveys or any curative title work that may be required in order to perfect a lien, nor will the Credit Union pay the costs of a full appraisal if required; all such fees and costs are the client’s responsibility. Fees associated with opening a DECU home equity line of credit generally range from $0-$1,056.
As of 8/23/23, the variable APR for home equity lines of credit ranges from 8.50% to 12.50%. This interest rate is subject to change with the Wall Street Journal Prime Rate but will not be less than 4.00% or exceed 18.00%APR. Payment is 1.5% of outstanding balance for example a $20,000 HELOC would cost $300 per month. Upon application, some members may be required to place a $200 deposit on hold in their savings account that may go toward any services requested during the application process; funds will be released back to the member if they are eligible for the no-closing cost HELOC option. Draw period is up to 6-years but will be reviewed at 3 years with a soft credit pull to qualify for an additional 3-year term. Property Insurance is required. Consult your tax advisor regarding the deductibility of interest. Some additional restrictions may apply.
Equal Housing Opportunity. Federally Insured by NCUA.