Why choose a HELOC with NBM?

Tap in to your home’s equity

There are infinite possibilities for what you can do with a HELOC. Take advantage of your home’s equity to finance your dream projects and ideas!

Better rate and terms

Get a better rate and terms compared to an unsecured loan.

Your mortgage doesn’t have to be with us

It doesn’t matter whether your mortgage is with NBM or another financial institution, you can still get your HELOC here and take advantage of your home’s equity.

Key features of our HELOC program

  • A HELOC is a revolving line of credit with a variable interest rate.
  • A mortgage is held against your property to secure the loan. If you have a first mortgage, a HELOC can be written as a second mortgage.
  • You can borrow 70% to 80% of the value of the property. Generally, the value is determined by a property valuation completed by the bank. An appraisal may be required if sufficient data isn’t available.
  • The minimum credit limit is $20,000 and the maximum is $250,000 depending on the equity in your home.
  • You borrow as needed by drawing the funds from the line of credit. You have the flexibility to pay back the principal balance as you see fit and then you can borrow again.
  • The expected monthly payment is interest only on the funds drawn. You have access to draw on the line of credit for 10 years or until the home is sold. If you have a balance after 10 years, the balance of the line of credit will go into repayment for 15 years.
  • Unlike many HELOCs available in the market place, we do not charge a draw fee, annual fee or early closure fee.
  • You apply for a HELOC just like any other loan. We consider all underwriting factors to determine eligibility.

Meet our mortgage team

NBM community lenders go above and beyond

Our lenders live and work in Vermont. They are not only experts on real estate values, but also the communities they serve. They know about local education, health, employment, social services, and safe environments. They know they are not merely selling a home, they are selling a community and a lifestyle, and they are dedicated to providing you with the right loans and tools to live the life you want.

Meet Our Mortgage Team

group of lenders at an office

Get started!

Did you know you can complete the entire application process online for most home loans? Get started today using the Apply Now button below. If you have any questions at all during the application process, just contact us at [email protected] or call 877-508-8455. We are happy to help!

Apply Now

To complete your NBM loan application, we will need the following information.

  • Social Security number and date of birth for all individuals on the account
  • Phone number and email address
  • Physical address and mailing address (if different)
  • Debit card or account for funding the initial deposit for your new account
  • License or passport information for all individuals on the account

Mortgages to fit your needs

Hometown Advantage Mortgage

Our most popular conventional mortgage

Conventional mortgage for primary home purchases that are sold on the secondary market but service by NBM for the life of the loan

Hometown Mortgage

No Nonsense Mortgage

No Nonsense Mortgage keeps your loan local.

A No Nonsense Mortgage is held in our in-house loan portfolio and serviced by us. Options include primary and second homes, investment properties, jumbo mortgages and construction loans.

No Nonsense Mortgage

Purchase & Renovate Mortgage

Buy and renovate all at once!

If you are purchasing a home that requires rehabilitation, this program allows you to do a small-scale purchase and renovation loan in one.

Purchase & Renovate

Convenient ways to pay your NBM loan

Online Banking
Within our Online Banking, you can transfer money from your deposit account to pay your loan online. Or, you can set up recurring payments. Current Online Banking users: Log in here to pay your loan. Not yet enrolled? Enroll now.

Recurring automated funds transfer
With this service, you can set up a monthly payment of your loan that will be automatically withdrawn from your deposit account on a date you choose. Visit any NBM location, call 877-508-8455 for assistance or submit this secure form: Recurring Loan Payment Transfer to set up recurring payments.

Recurring automated funds transfer from another institution
With this service, you can set up a monthly payment of your loan that will be automatically withdrawn from your deposit account at another institution on a date you choose. Visit any NBM location, call 877-508-8455 for assistance or submit this secure form: Recurring Loan Payment Non-NBM Account Transfer to set up recurring fund transfers.

One-time payment for non-deposit account customer
Make a one-time payment withdrawn from your deposit account at another financial institution by submitting this secure form: One Time Payment Non-NBM Account Transfer.

In person
You can make a payment by cash or check at any of our branch locations with a teller or at an ATM.

By mail
You can mail us a check to pay your loan. Just write your loan account number on the memo line and then mail it to:

National Bank of Middlebury
ATTN: Loan Department
PO Box 189
Middlebury, VT 05753-0189

Frequently asked questions

In many cases, your home is one of your largest assets. Having a HELOC in place allows you to borrow money against your asset for various reasons. The most common reason is to improve your home. You may need a new roof, siding or furnace. You may want to remodel your kitchen or bath or perhaps finance energy improvements. Funding college education is another top reason to secure a HELOC. You could buy a car, recreational vehicle, invest in a business or another property. Some homeowners consolidate other debts such as credit cards. Others establish a HELOC for emergency purposes or to have a “cash reserve”.

If you use the available funds for purposes other than improving your home, make sure that it is a wise move for you financially. It is expensive to maintain a home. Consider reserving equity for improvements first before you borrow for other reasons.

No! It doesn’t matter what financial institution your mortgage is with. You can finance your HELOC with us!

A Home Equity Line of Credit (or HELOC) is a line of credit with a variable interest rate and a maximum amount that you can draw from as needed. A Home Equity loan is a loan with a fixed interest rate for a fixed amount. Our lenders can help you determine which would work best for your situation.

* Certain restrictions apply. Autopay 0.25% savings on interest is only available to consumers using autopay from an NBM personal checking account.

**Home Equity Flex revolving home equity line of credit loan program. Applications are subject to credit approval and this offer is subject to change. Available for primary and second year-round 1-4 family homes. $20,000 minimum, up to a maximum of $250,000, loan-to-value ratio will not exceed 80% for primary residences and 70% for year round second homes. Customary closing fees are $430. An appraisal may be required at the owner’s expense. 10 year draw period followed by a 15 year repayment period. Interest Rates are subject to change. The maximum APR is 18% under this variable interest rate loan. The APR will equal the Wall Street Journal Prime Rate plus a margin of 0% to .75% depending on amount borrowed. Refinance of existing National Bank of Middlebury home equity lines of credit must increase credit limit by at least $20,000. Fixed rate conversion option available. Property insurance is required. No draw fee, no annual fee.