Fixed Rate Home Equity
Ready to get started? Contact our team at (207) 897-0900, and we’ll discuss your options and how to apply.
Interested in refinancing your home with us, or want to take out a second mortgage? An OTIS Fixed Rate Home Equity Loan may be right for you!
Home Equity Loans allow you to borrow a fixed amount for a fixed term (up to 20 years) at fixed rate based on the equity of your home. Your payment and interest rate will not change throughout the term of the loan.
Use the equity in your home to:
- Tackle home maintenance projects or upgrades
- Cover unexpected expenses that exceed your emergency fund
- Consolidate and pay off higher-interest debt at a lower interest rate
- Finance higher education or a wedding
- And more!
Ready to get started? Give one of our experienced Loan Officers a call today at (207) 897-0900, or stop by to see us – no appointment required.
Necessary Documents
- Your current mortgage statement
- Your current deed
- A pay stub (if applying jointly, for both individuals)
- Your insurance policy with premium
- Your property tax bill
More Details about Fixed Rate Home Equity Loans
- We lend up to 80% of the appraised value of your home, minus any other mortgages you may have.
- Interest rates are based on the length of time financed and your credit score. A weekly payment structure can cut your overall interest cost.
- We have no application fee, no credit check fee, and no other processing fees of any kind. Other fees associated with a Home Equity Loan at OTIS are minimal. They include an appraisal, title search, flood determination and recording of the deed. The total cost is approximately $650.
