Home Equity Line of Credit (HELOC)
Tap into your home’s equity for what matters most—renovations, education, debt consolidation, or unexpected expenses. Flexible, affordable, and ready when you are.
OFCU HELOC Benefits
Great Rates
Get the cash you need
at some of the lowest
rates around.
Interest-Only Payments
Pay as little or as much as
you wish each month during your HELOC’s draw period.
We’ll Pay Your Closing Costs
We’re doing our best to
keep your borrowing costs
as low as possible.
Home Equity Line of Credit
Gain access to a reusable line of credit you can tap into anytime—ideal for planned expenses or unexpected costs. Access funds easily by check.
Features:
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Variable interest rate
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Interest-only monthly payments
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Closing costs paid by Oxford Federal Credit Union*
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Money may be used for any purpose
-
Interest paid may be tax-deductible**
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Apply online!
Click below to check out our great rates or to get started on your loan. For more information, call (800) 991-9219, email mortgages@ofcu.org or send us a message in digital banking if you are a member.
Get a HELOC in 3 Easy Steps!
Step
1 |
Apply for a Home Equity Line of Credit
Apply easily for a HELOC online by clicking the button below, calling us, or visiting a branch. |
Step
2 |
Loan Approval
We’ll review your HELOC application and reach out to you with a quick loan decision. |
Step
3 |
Finalize the Loan
Sign your loan documents electronically or schedule an appointment to finalize your HELOC. |
★★★★★
“The customer service is top tier. Everyone was so helpful and
kind to me. So happy I opened an account here.”
- Emily J., Norway, ME
HELOC FAQ
What is a HELOC?
A Home Equity Line of Credit (HELOC) is a revolving line of credit that lets you borrow against the equity in your home. During an initial draw period, you can borrow funds as needed up to a set credit limit and repay them over time. Interest is usually variable, and you only pay interest on the amount you use. After the draw period ends, your loan resets to a conventional loan. Payments need to be made on both the principal and interest of any outstanding balance at a higher, variable interest rate.
What loan terms are available?
HELOCs at OFCU have a 5-year draw, at which time we will review for potential renewal. If not renewed for another 5-year draw, the loan balance is expected to be paid in 10 years.
How much can I borrow with a HELOC?
The total amount you can borrow on a credit union HELOC depends on the value of your home and how much equity you hold in it. Limits vary between lenders, but at OFCU you can borrow up to 90% of the value of your home, less what you still owe on your mortgage.
Is the interest on a HELOC tax-deductible?
Interest on payments made to a HELOC may be tax deductible if the funds were used to upgrade, repair, or substantially improve a primary or secondary residence. Check with your tax advisor for more details.
How do I access funds from my HELOC?
At OFCU, you can access the funds you need when you need them by making use of a book of checks.
Do I need to be a member to apply for a HELOC at OFCU?
Yes, you do need to be an OFCU member to apply for a Home Equity Line of Credit. Membership is open to anyone who lives, works, worships or goes to school in Androscoggin, Cumberland, Franklin, Kennebec, Knox, Lincoln, Oxford, Sagadahoc, Somerset, and York counties in Maine. You're also eligible if you're an immediate family member or share a residence with someone who is already an OFCU member. You only need a $5 minimum deposit to open a Share Savings account
Have a Question?
Members can request additional information through digital banking messaging, and anyone can email mortgages@ofcu.org or call us at 800.991.9219
More Ways to Borrow
Home Improvement Loans
Planning smaller updates or quick renovations? Our Home Improvement Loans offer the necessary flexibility, without using your home as collateral.
Personal Loans
Whether you aim to consolidate debt, cover major expenses, or make a large purchase, our personal loans can help you get the funds you need quickly.
Home Equity Loans
With a home equity loan from OFCU, you get a lump sum at a fixed rate and predictable monthly payments, backed by the value of your home.