Turn the equity you’ve built in your home into financing for home improvements, debt consolidation, major expenses and more.
Your home may be one of your biggest financial assets. A Home Equity Loan from Town & Country Federal Credit Union can help you put that value to work without refinancing your existing mortgage.
Whether you’re remodeling your kitchen, replacing a roof, adding a room, improving your home’s energy efficiency, consolidating higher-interest debt or paying for another major expense, a Home Equity Loan gives you access to the equity you’ve already built.
With flexible terms, competitive rates and decisions made locally in Southern Maine, Town & Country makes it easier to turn your home’s equity into opportunity.
Why Choose a Town & Country Home Equity Loan?
When you borrow from Town & Country Federal Credit Union, you get more than access to your home’s equity. You get a local lending team that’s here to help from application through closing.
With Maine’s best Home Equity Loan you’ll enjoy:
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No annual fees or early payoff penalties
- Borrow up to 90% of your home’s value
- Loans up to $500,000
- Local, Southern Maine decision-making for faster approvals
- Personalized, friendly service from start to finish
- Apply in just minutes – by phone, online or at a branch
- Convenient online account access
Learn more by checking out our top blog posts about Home Equity loans:
Six Ways to Maximize Your Home’s Equity Now.
Home Equity Loans Become a Popular Alternative with Rising Mortgage Rates.
Know how much you plan to borrow?
Click here to use our Personal Loan Calculator to determine the monthly payment on your 10-year Fixed Rate Home Equity Loan.
Frequently Asked Questions About Home Equity Loans
A Home Equity Loan allows you to borrow money using the equity you’ve built in your home as collateral.
Home equity is generally the difference between your home’s current value and the amount you still owe on your mortgage and other loans secured by the property.
For example, if your home is worth $400,000 and you owe $250,000 on your mortgage, you have approximately $150,000 in home equity.
The amount you may actually be able to borrow depends on factors including your home’s value, existing mortgage balance, creditworthiness and Town & Country’s lending requirements.
With a Town & Country Federal Credit Union Home Equity Loan, qualified borrowers may:
- Borrow up to 90% of their home’s value
- Access loan amounts up to $500,000
- Choose flexible repayment terms designed to fit their budget
- Take advantage of competitive rates and fixed-rate options
Your actual loan amount, rate and terms will depend on your individual financial situation and credit approval.
Want to know how much equity you may have? Talk with our local team today Click here to book a consultation.
Home Equity Loans can provide financing for many of life’s larger expenses.
Home Improvements and Renovations
Put your home’s value back into your home. A Home Equity Loan can help finance projects such as:
- Kitchen renovations
- Bathroom remodels
- New roofs
- Room additions
- Decks and patios
- Pools
- New windows or siding
- Major repairs
Energy-Efficient Home Improvements
Maine weather can put your home to the test. Use your home equity to help finance improvements such as:
- Heat pumps
- Heating system upgrades
- Insulation
- Energy-efficient windows
- Solar improvements
- Generators
- Weatherization projects
Debt Consolidation
Home equity may also provide a way to consolidate multiple higher-interest debts into one monthly payment.
Before using your home to secure debt consolidation financing, consider the costs, loan term and risks associated with converting unsecured debt into debt secured by your home.
Major Expenses
Depending on your needs, home equity financing can also provide funds for other significant expenses.
Talk with a Town & Country lending specialist about your goals and whether a Home Equity Loan is the right financing option for you.
No. A Home Equity Loan allows you to access available equity separately from your existing first mortgage, so you don’t necessarily have to refinance your current mortgage.
Both options allow you to borrow against the equity in your home, but they work differently.
A Home Equity Loan generally provides your approved loan amount at one time. A fixed-rate Home Equity Loan can provide predictable payments, making it a good option when you know approximately how much you need to borrow.
A Home Equity Line of Credit, or HELOC, provides a reusable line of credit. You can access available funds when you need them and generally pay interest only on the amount you’ve used.
A Home Equity Loan may make sense for a large, one-time expense, while a HELOC may be useful when expenses will occur over time.
Applying for a Home Equity Loan with Town & Country Federal Credit Union is simple.
You can apply online, call us or visit a Town & Country branch. Our local lending team will review your application and help you understand the next steps.
Before applying, it may be helpful to have information about:
- Your estimated home value
- Your current mortgage balance
- Your income
- Your existing monthly debts
- The amount you’d like to borrow
- How you plan to use the funds
Home Equity Loans are available for up to $500,000, subject to credit approval, available equity and other lending requirements.
