Services/Applications

Homeowner Services

More information on our homeowner products are listed below, as well as a Frequently Asked Questions section that may help answer some of your initial questions about financing. For more detailed information, or to set up an appointment with one of our loan officers, please call 800-365-LOAN (5626).

Mortgages & Refinancing

Your house is the biggest purchase you'll make in your lifetime, so making the right decisions about financing is critical.

Our mortgages and refinancing programs offer the following features:

• Low down payments
• Competitive rates
• Simple, member-friendly pre-approvals

Through your membership with Maine State CU you can take advantage of some of the lowest mortgage rates available. One of our Homeowner Services Representatives will meet with you and explain our broad array of mortgage products and assist you in selecting the one that's right for you.

Re-financing your home may allow you to save money by taking advantage of lower interest rates. A Homeowner Services Representative can help you determine in person or on the phone whether you are a good candidate for refinancing.

Are you a first time home buyer? In addition to the features of our traditional mortgages, we also offer special benefits to the first-time home buyer. Ask your Homeowner Services Representative for more information.

Home Equity Loans and Lines of Credit

If you are thinking about making home improvements or consolidating debt, then you'll want to talk to us about our home equity products.

Our home equity products feature:

• The ability to borrow up to 90% of your home's appraised value
• Interest rates that may be tax deductible
• Flexible payment schedules
• Competitive rates

We offer either open-ended lines of credit or regular closed-end loans with a fixed payback period. The advantages of the open-ended loan include:

• Access to funds via an easy-to-use checking account
• The ability to access the money only as-needed
• More flexibility by allowing you to complete home repair at your leisure, or use the money for multiple items.
• No closing costs

Frequently Asked Questions

If you have questions about how home equity works or whether you should refinance your house, you're not alone. Please read some of our most frequently asked questions.

Q.Do I have to use a home equity loan to fix up my house?

A.While home equity loans are traditionally utilized for home improvements, they have a myriad of other uses as well. Examples of how our members have used home equity include paying off high interest credit card balances, consolidating debt, and even taking vacations.

Q.Is the interest on my home equity loan tax deductible?

A.This is a question for your tax preparer, but often it is. This is a great advantage for those who use the loan or line of credit to pay off credit card bills. Not only is the home equity interest rate typically lower than the credit card's, but there can be additional savings at tax time.

Q.What's the difference between a home equity loan and a home equity line of credit?

A.A home equity loan involves borrowing a specific amount of money for a fixed period of time. For example you might borrow $10,000 with five year terms. At the closing you will receive a check for $10,000 and then you pay it off in monthly installments, for 60 months. However, a line of credit allows you to establish a credit account up to the maximum amount of your home's equity, and then you have the flexibility to only use what you need when you need it by writing checks from the account. Payments are still made monthly, but since you are only borrowing what you need, the monthly payment may be lower. One of our Homeowner Services Representatives will be able to walk you through each process and help you determine which product is better for you.

Q.How much money will I be able to borrow for a mortgage?

A.There are many factors that go into the approval process, including credit history and debt to income ratio, but as a good guideline is 2.5 times your income. For example if your income (or joint income) is $100,000 a year, a ballpark would be $250,000. This will fluctuate depending on your individual situation.