Home Equity

Home Equity Line of Credit

Planning home improvements, consolidating debt, or preparing for a major purchase? A Home Equity Line of Credit (HELOC) provides a revolving source of funds secured by your home. Borrow as needs arise, subject to your available credit, and repay and reuse your line during the draw period.

Why Choose Our Home Equity Line of Credit?

• Flexible Access to Funds: Borrow from your available credit when you need it.
• Up to 90% of Your Home’s Value: Financing may be available up to 90% of your home’s appraised value, including existing liens.
• Straightforward Application Process: Our friendly, local lending team will guide you through the application process.
• Local Loan Servicing: Your loan is serviced by our local lending team, providing personalized, in-house support.

How the HELOC Works

Our HELOC has a 20-year term consisting of a 10-year draw period followed by a 10-year repayment period. During the draw period, you may borrow against your available credit and make required interest-only monthly payments. You may also make additional principal payments without a prepayment penalty. If you make only the required interest-only payments, your principal balance will not decrease.

When the repayment period begins, the line closes to new advances and the outstanding balance is repaid through principal-and-interest payments over 10 years. The APR remains variable and may change monthly during the repayment period. Monthly payments will generally increase when the repayment period begins.

Flexible Financing for Your Needs

A HELOC may be used for home improvements, debt consolidation, education expenses, unexpected costs, and other major purchases. Because your home secures the line of credit, it is important to consider your borrowing needs and repayment ability carefully.

Get Started Today

Connect with one of our local lending specialists to learn more about a Home Equity Line of Credit from Aroostook Savings & Loan—Your Home Bank.

Important HELOC Terms: As of September 8, 2026, the Annual Percentage Rate (APR) is 6.75%. The APR is variable and may change monthly. The APR is based on the Prime Rate published in The Wall Street Journal plus a margin of 0.00 percentage points. The APR will not be less than 2.50% or exceed 18.00%. To qualify for the advertised APR, Aroostook Savings & Loan must hold the first mortgage on the property, or the property must have no existing mortgage. A title certification fee of 0.50% of the credit limit (line amount) applies, subject to a $100 minimum and a $2,000 maximum. Estimated additional fees to open the HELOC range from $300 to $1,200. Property insurance is required. All loans are subject to credit approval.