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Home Equity HELOCs

Maine HELOC Rates and Lenders

A home equity line of credit (HELOC) allows you to borrow money based on the equity in your home. It’s a revolving line of credit similar to a credit card; you only repay what you use. Rates may be lower than other loans or lines of credit, making it a solid choice for homeowners in Maine. Lower rates mean you pay less for interest, so the loan costs less.

Maine HELOCs offer maximum flexibility for homeowners in the Pine Tree State. Here are the best online lenders with the most competitive rates. 

Best for…
Rating (0-5)
Best overall
Best for large HELOCs
Best marketplace

Reviews of the best online HELOCs in Maine 

Borrowers in Maine can choose between two types of HELOC lenders: online or in-person. Online lenders work with borrowers across the country, making it an accessible option for many homeowners. These lenders also allow you to borrow from the comfort of your home.  

The following online lenders offer the best rates for a HELOC in Maine. 


Best overall

4.9 /5
LendEDU Rating

Why we picked it

Figure is our top pick for HELOCs in Maine due to its innovative online platform, which caters to the unique needs of Maine homeowners. With competitive interest rates and rapid access to funds, Figure’s streamlined application process is perfect for those looking for efficiency and convenience in the Pine Tree State.

  • Fixed interest rates
  • No in-person appraisal is needed
  • Option to redraw up to 100% of funds
  • Funding can be available in as few as 5 days
  • Check your rate without affecting your credit score
Loan details
Rates (APR)6.55%15.54%
Loan amounts$15,000 – $400,000
Draw period5 years
Repayment term5, 10, 15, or 30 years
Funding timeAs few as 5 days
PropertiesPrimary and secondary homes
Credit score640


Best for large HELOCs

4.7 /5
LendEDU Rating

Why we picked it

Thanks to its generous loan limits and flexible terms, Bethpage is the ideal choice for Mainers seeking large HELOCs. Known for its exceptional customer service and competitive rates, Bethpage is perfect for those with substantial home equity in Maine, providing tailored solutions to meet their financial goals.

  • Borrow $10,000 – $1 million
  • No application, origination, or appraisal fees
  • Convert part of your HELOC to a fixed-rate option
  • 12-month fixed introductory rate for qualified borrowers
  • $0 closing costs
Loan details
Rates (APR)6.99% for 12 months, then variable
Loan amounts$10,000 – $1 million
Draw period10 years
Repayment term5, 10, or 20 years
Funding time39 days, on average
Credit score670


Best marketplace

4.5 /5
LendEDU Rating

Why we picked it

LendingTree is the best marketplace for HELOCs in Maine due to its extensive network of lenders. This platform enables homeowners to compare multiple offers, empowering borrowers to find the best rates and terms tailored to their specific needs. This makes financing home projects or managing debt easier in the diverse Maine real estate landscape.

  • Access to a wide network of lenders
  • Ability to compare multiple offers
  • Competitive interest rates
  • Easy online application process
  • Personalized loan offers based on credit profile
  • Resources and tools specific to Maine homeowners, including local lender options and regional housing market insights
Loan details
Rates (APR)Starts at 6.99%
Loan amountsVary by lender
Draw periodVaries by lender
Repayment termVaries by lender
Funding timeVaries by lender
PropertiesVary by lender
Credit score620

Local HELOCs in Maine 

Local banks and credit unions in Maine also offer HELOCs for state residents. It can be helpful to work with a local lender that knows the market and can provide more personalized attention as you complete the application process. You might also get a lower rate with a local lender due to more flexibility with underwriting. 

The following local lenders in Maine offer competitive HELOC rates, including promotions and introductory rates for new borrowers. 

CompanyRates (APR)Location
Bangor Savings Bank7.50% – 10.50%Bangor
Maine Community BankStarting at 6.870%Westbrook
Maine State Credit Union5.99% introductory rateAugusta
Coast Line Credit UnionStarting at 6.125%South Portland

A benefit of working with a local lender is having access to in-person help. As you search for the best local lender, start with banks and credit unions in your town. Call or visit a nearby branch and ask about current rates for HELOCs, including promotions. 

Here are a few other factors to consider when deciding between lenders.

  • Closing costs and fees: Most lenders charge closing costs as a percentage of the loan, and you might also pay other fees. As you shop for the right lender, ask about potential changes to make an informed decision. 
  • Variable or fixed rates: Most HELOCs have variable rates that change throughout the repayment term. Some lenders, including Bethpage and Bangor Savings Bank, offer a fixed rate at the beginning and then a variable rate later. Figure features a fixed rate for the full length of repayment.
  • Branch locations: Some lenders in Maine are hyperlocal and have only one or two branches in the state. When choosing a bank, consider whether you can access in-person support. 

What’s the difference between online and local HELOCs in Maine?

Determining whether an online or local HELOC lender is a better fit can take time. Here’s how to decide. 

When to work with an online lender

An online lender might be better if one or more of the following statements applies to you. 

  • You’re comfortable online. When you work with an online lender, almost every part of the loan process takes place online. Most lenders offer phone support, but you can only apply online. 
  • You don’t mind talking on the phone. When you work with an online lender, you’ll likely need to speak with a team member on the phone at some point.
  • You can research information. Some online lenders don’t share current rates or other details about HELOCs online. You might need to search for that information on your own. For example, Figure’s origination fee is in small print at the bottom of the page. 

When to work with a local lender

You might prefer a local lender in Maine if the following statements apply to you.

  • You want to support a local business. Most in-person HELOC lenders in Maine are local businesses. If you want to shop local and support your town, an in-person lender is the best fit. 
  • You already have a relationship with a local lender you’re happy with. If you already bank with a local lender, start the process there. Having a relationship can make the application process faster. 
  • You prefer in-person support. Local banks and credit unions have branches you can visit for support. A local lender is better if you like working one-on-one with a representative. 

How do Maine HELOC rates compare to other states?

Maine’s HELOC rates are similar to those of other states. Most borrowers can expect a rate between 8% and 10%, depending on their credit score and other factors. 

The Federal Reserve sets the federal funds rate, which is the rate at which banks can lend money to other banks. The rate affects other lending rates, including mortgages, HELOCs, personal loans, and credit cards. When the federal rate increases, other types of rates increase, and the reverse is also true—rates decrease with the federal rate. 

The prime rate is the lowest rate lenders offer the most qualified borrowers. It determines the rates for HELOCs. The typical formula for the prime rate is the federal funds rate plus 3%. So if the federal rate is 6%, you can expect a prime rate of 9% for HELOCs. 

How to get the best HELOC rates in Maine

Your credit score has the most significant impact on your HELOC rate. Borrowers with lower scores can expect higher rates, and those with high scores can expect lower rates that cost less. You can take steps to improve your score before applying, such as paying down outstanding debt, making all payments on time, and checking your credit report for errors so you can dispute any inaccuracies. 

Regardless of your score, comparing lenders is the most effective way to get the lowest rate for a HELOC in Maine. Prequalify with multiple lenders to view sample rates and find the best deal on a loan. Most lenders allow you to prequalify without damaging your credit score. It’s a quick process that only takes a few minutes.

It’s also important to consider the total cost of the loan, including fees, closing costs, and variable rates that can change. 

Are there any Maine-specific requirements or regulations? 

Maine has consumer lending laws to protect consumers, but the laws don’t specifically apply to HELOCs. To qualify for a HELOC in Maine, you need proof of homeowners insurance, equity in your home, proof of income, a low debt-to-income ratio, and a solid credit score. Your lender can answer specific questions about your home’s eligibility if you have any. 


What credit score do you need for a Maine HELOC?

To qualify for a HELOC in Maine, lenders may look for a credit score of at least 620. However, a higher credit score (above 700) can help you secure more favorable interest rates and terms. Improving your credit score before applying can lower the cost of your loan. Steps to boost your credit score include paying down debt, making all payments on time, and correcting any errors on your credit report.

What are the typical fees for a Maine HELOC?

Fees for a HELOC can include application fees, appraisal fees, annual fees, and closing costs. Application and appraisal fees might range from $100 to $500, and annual fees can be around $50 to $75. Closing costs typically range from 2% to 5% of the total loan amount. Some lenders may also charge fees for maintaining the HELOC, such as inactivity fees if you do not use the line of credit. Consider keeping a spreadsheet with all the different fees so it’s easier to compare which lender will be best suited for you.

Are there any special programs or incentives for Maine HELOCs?

Maine offers several programs that may provide incentives or assistance for homeowners looking to access home equity. The Maine State Housing Authority (MaineHousing) offers various home repair and improvement loans that might complement a HELOC. 

Local credit unions and community banks may offer special rates or terms for HELOCs to support local homeowners. It’s worthwhile to check with local lenders for any state-specific programs or incentives that might be available

What happens if I move to another state with a HELOC in Maine?

If you move to another state while you have a HELOC on your property in Maine, the terms of your loan typically remain the same. You will continue to be responsible for making payments according to the original agreement. 

However, relocating might complicate certain aspects, such as accessing loan services or managing your account. It’s important to communicate with your lender about your move to eliminate disruptions in your payment process. If you plan to sell the property, you’ll pay off the HELOC as part of the sale transaction.

How we chose the best Maine HELOCs

Since 2018, LendEDU has evaluated home equity companies to help readers find the best home equity loans and HELOCs. Our latest analysis reviewed 850 data points from 34 lenders and financial institutions, with 25 data points collected from each. This information is gathered from company websites, online applications, public disclosures, customer reviews, and direct communication with company representatives.

These star ratings help us determine which companies are best for different situations. We don’t believe two companies can be the best for the same purpose, so we only show each best-for designation once.

Recap of Maine HELOC rates and lenders

Best for…
Rating (0-5)
Best overall
Best for large HELOCs
Best marketplace