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Home Equity Lines of Credit & Loans

If you are a homeowner, the equity in your home is a valuable asset. It can help provide you with the money to get what you want today. We encourage using the equity in your home wisely and responsibly. Doing so will enable you to maintain or grow your equity as the value in your home appreciates. Plus, home equity financing may offer tax benefits that may save you money so consult your tax advisor about your specific situation.

Androscoggin Bank offers several different home equity borrowing options; one of which will surely meet your specific situation. Please refer to the chart below to determine whether an equity line or an equity loan is the best solution for you.

EZ Choice Comparison Chart
	Home Equity Line of Credit	Home Equity Loan
*It's for you if…*	You want the flexibility to access your line anytime for any type of expense now and in the future	You want to borrow once and want the predictability of a fixed monthly payment and term
Interest Rate	Variable interest rate tied to the prime rate	Fixed interest rate set at closing
Payments	You can choose interest only; or a percentage of your outstanding balance	Fixed Monthly Payment Auto-Payment from an Androscoggin Bank checking or savings account
Fees & Closing Costs	Charges may apply	Charges may apply
Maximum Term	Inquire at branch to find a term that is right for you.	Inquire at branch to find a term that is right for you.
Access to Funds	Home Equity Line Checks	Bank Check

View Home Equity Products and Rates to select the product that best meets your needs. Apply online it’s fast, easy and you can be approved in minutes.

Have questions? Call 1-800-927-3344 during normal business hours to speak with a branch loan officer or send an email anytime.

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Home Equity Lines of Credit & Loans

EZ Choice Comparison Chart