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 or Home Equity Line of Credit 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.
We’ve constructed a loan that meets your needs:
- Utilize the equity you’ve built in your home as collateral
- Competitively low rates
- Flexible terms that fit your budget
- No annual fees or early cancellation penalties
- Discounted rates with automatic payment and other services
- 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
- Refinancing available
What Is a Home Equity Loan?
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.
How Much Can I Borrow With a Home Equity Loan?
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.
What Can You Use a Home Equity Loan For?
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.
Home Equity Loan vs. HELOC: What’s the Difference?
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.
How Do I Apply for a Home Equity Loan in Maine?
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
Ready to put your home’s equity to work?
Frequently Asked Questions About Home Equity Loans
A Home Equity Loan allows you to borrow against the equity you’ve accumulated in your home. Your home serves as collateral for the loan, and you repay the amount borrowed according to the terms of your loan agreement.
Town & Country offers qualified borrowers the ability to borrow up to 90% of their home’s value, subject to credit approval and other lending requirements.
Home Equity Loans are available for up to $500,000, subject to credit approval, available equity and other lending requirements.
Yes. Town & Country offers fixed-rate Home Equity Loan options, providing predictable payments based on your loan terms.
Yes. Home Equity Loans are commonly used for renovations and major home improvements, including kitchens, bathrooms, additions, roofing, heating systems, heat pumps and other projects.
Home equity can be used for debt consolidation. Because a Home Equity Loan is secured by your home, it’s important to compare the costs, terms and risks before using home equity to pay unsecured debts.
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.
A Home Equity Loan typically provides money as a lump sum and is repaid according to an established schedule. A HELOC is a revolving line of credit that allows you to borrow available funds as needed.
Town & Country Home Equity Loans have no annual fees.
Town & Country does not charge an early payoff penalty on its loans.
Town & Country Federal Credit Union can provide Home Equity Loan financing for eligible homes located in Maine.
