Achieve more with a
Downeast
Home Equity Line of Credit
Let your home fund your next big dream.
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).
If you are looking for a HELOC on your primary residence and it is stick-built, you may qualify for our "no closing cost" option if you 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 that do not require a full appraisal, additional surveys or title work.*
What can you do with a HELOC?
Debt Consolidation
Combine your other loans and credit cards to make one simple payment each month.
Home Renovations
Put your Weekend Warrior skills to work and tackle that home improvement project you've been dreaming of.
Funding Education
Access funds when you need them for tuition, books, housing and more.
Why choose our HELOC?
Low cost
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.* (A $200 deposit is required, but will be released if you qualify for the no-closing cost option.)
Express closing
Access your funds sooner with our express appraisal service for those that qualify. On average, your HELOC may be available in 2-4 weeks.
Convenience
Simply transfer funds from your HELOC to your own checking account through our free Mobile App or Online Banking, wherever, whenever you need it.
Open your HELOC today
Frequently asked questions
Wondering how home equities work? Learn more here.
What is a HELOC?
Home equity lines of credit (HELOC) allow you to borrow money using the equity or value of your home as collateral. Like credit cards, HELOC’s are an open-end loan, which means instead of borrowing a set amount of funds all at once, you withdraw and repay as needed.Am I eligible for a HELOC?
Because a HELOC is borrowed against the equity in your home, you must be a homeowner to apply for this type of loan. Other application consideration factors include your income, employment status, credit score, history, and how much you’d like to borrow. If you have an existing mortgage or no mortgage at all DECU will hold 1st or 2nd position on your home.How does a HELOC work?
* The interest rate is variable.* The monthly payment amount is based 1.5% of the outstanding balance determined at the time of the most recent advance or $50.00, whichever is greater.
* The term includes a 10-year draw period followed by a repayment period.
What is the Draw Period?
The Draw Period is the period of time that you are allowed to take advances on your Line of Credit. The draw period can be as long as ten years however, the loan reviewed at five years for continued eligibility. At this time, it is determined if the draw period will be extended an additional five years.Do I have to have my Mortgage with Downeast Credit Union?
No, however, if you have a mortgage at another institution, it’s a great time to consider refinancing with DECU!What are the benefits?
* Use what you need, when you need it. Borrow the money you need for home improvements or home repairs and to consolidate high-interest debt.* Reduce your interest payments. Interest rates for a home equity line of credit are generally lower than credit cards and personal loans. By consolidating your debt into a new line of credit, you may be able to lower your interest payments, which will save you more money over time.
* Enjoy potential tax benefits. Interest on home equity lines and loans may be tax deductible. Consult your tax advisor regarding tax deductibility.
How do I access my home equity line of credit?
We make accessing your line of credit easy. You can access funds as follows:* The line of credit appears as an account in your DECU Online Banking and Mobile App, you can easily transfer funds to your deposit accounts same-day.
* You can call 1-800-427-1223 or go to your nearest branch.
Get the Downeast CU Mobile App
With our mobile banking app, you can access your account instantly and securely from anywhere, anytime. Manage your money confidently and download today:
To learn more, speak to the DECU Mortgage Team at 207.454.9007.
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 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, members are 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. Downeast Credit Union NMLS ID# is 531655. Equal Housing Opportunity. Federally Insured by NCUA.