Maine Home Equity Loans
Homes with sweeping ocean views in Bangor (04401) or in breathtaking Kennebunk (04043) are being updated and repaired thanks to a healthy home loan program in Maine. From home equity loans to home equity lines of credit (HELOC), homeowners in Maine can tap into their home’s equity for an abundance of projects. Home equity loans in Maine may also be tax deductible. Up to $100,000 in interest from a home equity loan may be deducted for home improvement or repair.
Home loans don’t only cover home repairs and improvement in Maine. Borrowers can also leverage their home’s equity to cover expenses such as paying for school, buying a car or debt consolidation. Rather than having to make payments to several creditors each month, borrowers can use a home equity loan for debt consolidation. The result is only one monthly payment; typically at a lower rate. Home equity lines of credit (HELOC) in Maine can be used to make ongoing payments for college tuition or to cover perpetual medical expenses. The beauty of a HELOC is the steady cash stream and only having to make payments on money draw against the line.