young couple planning home improvement projects

Home Equity Loan/HELOC

So many possibilities under one roof – yours!

What can you do with home equity funds? Well, you could take a trip to that other Mexico. Send your kid to UMaine (or another fine school). Finally get that kitchen you always wanted – or maybe pay down high-interest debt. Almost anything is possible when you cash in on the equity in your home.

Home Equity Loan

  • Loan size depends on the equity you have in your home (Equity is the current market value minus any outstanding mortgage balance)
  • Receive your money in one lump sum
  • Low, fixed rates
  • Flexible repayment terms - up to 15 years
  • No pre-payment penalty
  • Closing costs paid by Oxford Federal Credit Union*
  • Annual interest payments may be tax-deductible.**
  • Funds may be used for any purpose
  • Apply online!

Home Equity Line of Credit (HELOC)

  • Get access to a line of credit that you can tap into time and again over a number of years
  • Access funds as needed through checks
  • Variable interest rates
  • Interest-only payments required monthly, allowing flexible repayment terms
  • Closing costs paid by Oxford Federal Credit Union*
  • Interest paid may be tax-deductible**
  • Money may be used for any purpose
  • Apply online!
For more information, visit a branch, give us a call at 800.991.9219, send us a message in digital banking or use this form.

Oxford Federal Credit Union is a full-service financial institution serving members in Androscoggin, Cumberland, Franklin, Kennebec, Knox, Lincoln, Oxford, Sagadahoc, Somerset and York counties in Maine.

*Loan must remain open for three years. Estimated closing costs $600. Membership eligibility is required, included $5 minimum share account balance. Additional disclosures will be sent to you upon application submission. Property insurance required. Flood insurance required where applicable.  **Consult your tax advisor about the deductibility of home equity interest.

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