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. 

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. 

Figure

Best Overall

4.9 _/5

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Why we picked it

Figure is our top pick for a HELOC due to its blend of competitive fixed rates, quick funding, and flexible terms. 

Advanced technologies such as blockchain and AI ensure a fast and efficient approval process, with funds available in as few as five days. This makes Figure ideal for borrowers seeking quick and reliable access to home equity without the traditional banking hassle.

• 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

Fixed Rates (APR)	6.55% – 15.54%
Loan amounts	$20,000 – $750,000
Draw period	2 – 5 years
Repayment term	10, 15, 20 or 30 years
Funding time	As few as 5 days
Properties	Primary home, second home, or investment property
Minimum Credit score	640

Figure Disclosures

1. The Figure Fixed Rate Home Equity Line is an open-end product where the full loan amount (minus the origination fee) will be 100% drawn at the time of origination. The initial amount funded at origination will be based on a fixed rate; however, this product contains an additional draw feature. As the borrower repays the balance on the line, the borrower may make additional draws during the draw period. If the borrower elects to make an additional draw, the interest rate for that draw will be set as of the date of the draw and will be based on an Index, which is the Prime Rate published in the Wall Street Journal for the calendar month preceding the date of the additional draw, plus a fixed margin. Accordingly, the fixed rate for any additional draw may be higher than the fixed rate for the initial draw.
2. Approval may be granted in five minutes but is ultimately subject to verification of income and employment, as well as verification that your property is in at least average condition with a property condition report. Five business day funding timeline assumes closing the loan with our remote online notary, and where loan amounts are under $400,000 which would not require an appraisal. Funding timelines may be longer for loans secured by properties located in counties that do not permit recording of e-signatures or that otherwise require an in-person closing, or that require a waiting period prior to closing, or where loan amounts exceed $400,000.
3. To check the rates and terms you qualify for, we will conduct a soft credit pull that will not affect your credit score. However, if you continue and submit an application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
4. A Figure HELOC is secured with your home as collateral, whereas personal loans and credit cards are not.
5. Our loan amounts range from a minimum of $15,000 to a maximum of $750,000. For properties located in AK, the minimum loan amount is $25,001 and for properties located in TX, the minimum loan amount is $35,000. Your maximum loan amount may be lower than $750,000, and will ultimately depend on your home value, lien position, credit profile, verified income amount, and equity available at the time of application. We determine home value and resulting equity through independent data sources and automated valuation models or appraisal. Loan amounts above $400,000 are subject to appraisal.
6. Available initial APRs range from 6.65% to 15.25%, which includes the payment of a higher origination fee in exchange for a reduced interest rate, which is not available to all applicants or in all states. The lowest APRs are only available to the most qualified applicants, depending on credit profile and the state where the property is located, and those who also select ten year loan terms; APRs will be higher for other applicants and those who select longer loan terms. Your actual rate will depend on many factors such as your credit, combined loan-to-value ratio, loan term, occupancy status, and whether you are eligible for and choose to pay a higher origination fee in exchange for a lower rate. Rates change frequently so your exact APR will depend on the date you apply. Additionally, for the variable rate HELOC, the APR is based on an interest rate index and the credit agreement margin, and an increase or decrease of the index value will cause a corresponding increase or decrease in the variable APR after account opening subject to a rate floor and rate cap, and your monthly payments may increase or decrease as the APR changes. APRs for home equity lines of credit do not include costs other than interest. You will be responsible for an origination fee of up to 4.99% of your initial draw, depending on the state in which your property is located and your credit profile. You may also be responsible for paying the costs of valuation if an AVM is not available for your property ($180), or an appraisal if your loan amount exceeds $400,000 ($500-$2,000, depending on property type, property value, and state), manual notarization if your county doesn’t permit eNotary ($350), and recording fees ($0 – $315) and recording taxes, which vary by state and county ($0-$1,400 per one hundred thousand dollars borrowed). Property insurance is required as a condition of the loan and flood insurance may be required if your property is located in a flood zone.
7. You should consult a tax advisor regarding the deductibility of interest and charges to your Figure Home Equity Line.
8. The Figure Variable Rate Home Equity Line is an open-end product where the full loan amount (minus the origination fee) will be 100% drawn at the time of origination. The initial amount funded at origination will be based on the selected rate at application and will be based on an Index, which is the Prime Rate published in the Wall Street Journal for the calendar month preceding the date of the initial draw, plus a stated margin; however, the rate and payment will adjust monthly based on the market and the fluctuation of the Index subject to a Rate Cap and Rate Floor. As the borrower repays the balance on the line, the borrower may make additional draws during the draw period. If the borrower elects to make an additional draw, the interest rate for that draw will be set as of the date of the draw and will be based on an Index, which is the Prime Rate published in the Wall Street Journal for the calendar month preceding the date of the additional draw, plus a fixed margin. The index can change at any time and the unpaid balance of all draws are subject to the monthly variable rate. Accordingly, variable rates are based on the market and may change after account opening. This product is not available in: MA, VA, MS, IL, WI, VT, DC, OK, TX, NY, CO, WY, WV, SC.

Aven

Best Customer Reviews

4.8 _/5

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Why we picked it

Customers praise Aven’s HELOC for its easy-to-understand terms and excellent customer service. It’s ideal for homeowners who want a transparent borrowing experience with ongoing support. Aven’s focus on customer satisfaction is reflected in its positive reviews, making it a strong option for anyone looking to tap home equity without hassle.

• Lowest rate guarantee
• Optional foreclosure protection program
• Approval in as little as 15 minutes
• Excellent Trustpilot reviews from thousands of customers
• 100% digital application process
• Increases credit line for select customers
• Automated appraisals
• High maximum loan-to-value ratio (LTV)
• Fast funding after signing
• Fixed interest rates from start to finish
• Check your rate with no credit impact

• Short draw period
• First-draw fee of 4.90%
• Only available in 32 states*

HELOC details

Rates (APR)	6.99% – 15.49%
Loan amounts	$5,000 – $400,000 ($100,000)
Draw period	5 years
Repayment terms	5, 10, 15, or 30 years
Funding time	As little as 3 days after signing
Properties	All types
Credit score	640

FourLeaf

Best Credit Union

4.7 _/5

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Why we picked it

Thanks to its generous loan limits and flexible terms, FourLeaf is the ideal choice for Mainers seeking HELOCs. Known for its exceptional customer service and competitive rates, FourLeaf 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

HELOC details

Rates (APR)	6.99% for 12 months, then variable starting at 6.75%ⓘ
Loan amounts	$10,000 – $1 million
Draw period	10 years
Repayment term	Up to 20 years
Funding time	6 to 10 weeks on average
Properties	Primary homes, second homes, or condos
Credit score	670

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. 

Company	Rates (APR)	Location
Bangor Savings Bank	7.50% – 10.50%	Bangor
Maine Community Bank	Starting at 6.870%	Westbrook
Maine State Credit Union	5.99% introductory rate	Augusta
Coast Line Credit Union	Starting 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 FourLeaf 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. 

FAQ 

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