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.