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 annual percentage rate 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.