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Home Equity Loans

Home Equity Line of Credit Programs

If you need to finance a major purchase such as a new car, home repair, or unexpected expenses, using the equity in your home could be an alternative to using other higher-interest rate financing options. For more information or to apply, visit your local branch office or call 800-657-3272.

Introductory HELOC Program

  • Available to 1-4 family owner occupied properties in Massachusetts and New Hampshire.
  • Loan amount may vary, depending on credit scores, loan to value (LTV), combined loan to value (CLTV) and income.
  • Loan limits; $10,000 to $500,000.
  • The interest you pay on this loan may be tax deductible. Consult your tax advisor.

Introductory HELOC Program

Rates as of October 19, 2017

Product Introductory Annual Percentage Rate (APR) Annual Percentage Rate (APR) Minimum Payment Options Loan to Value Term
Monthly Variable 2.25% for the first 12 months(a) Prime Rate + 0.00% with a floor of 4.00%(a) 1% of outstanding balance (P&I) not less than $100 per month(b) 80% w/EBSB 1st mortgage(c) 20 year total term. 10 year draw & 10 year repayment of outstanding balance(d)

(a) After the first twelve months, the minimum floor rate will be 4.00% and the maximum possible APR is capped at 18%. The APR is based on the Prime Rate as published in the Wall Street Journal on the last business day of the month. (Prime Rate as of 9/30/2017 was 4.25%) 
(b) An Interest Only payment option is also available with this product.
(c) The maximum CLTV is 80% with credit scores 700 or greater.  For credit scores of 680 - 699 the maximum CLTV is 70%.
(d) One hundred and twenty substantially equal payments of principal, plus interest during repayment period.

Property insurance required, which includes Flood Insurance if required.
Rate and terms may change at any time. Minimum draw amount is $500 for each transaction after initial draw.
Not available for homes currently for sale. 

HELOC Program

  • Available to 1-4 family owner occupied properties in Massachusetts and New Hampshire.
  • Loan amount may vary, depending on credit scores, loan to value (LTV), combined loan to value (CLTV) and income.
  • Loan limits; $10,000 to $500,000.
  • The interest you pay on this loan may be tax deductible. Consult your tax advisor.

HELOC Program

Rates as of October 19, 2017

Product Annual Percentage Rate (APR) Minimum Payment Options Loan to Value Term
Monthly Variable 4.25%, Prime Rate as of 9/30/2017(a) 1% of outstanding balance (P&I) not less than $100 per month(b) 80% w/EBSB 1st mortgage(c) 20 year total term. 10 year draw and 10 year repayment of outstanding balance(d)

(a) The maximum possible APR is capped at 18%. The APR is based on the Prime Rate as published in the Wall Street Journal on the last business day of the month. 
(b) An Interest Only payment option is also available with this product.
(c) The maximum CLTV is 80% with credit scores 700 or greater.  For credit scores of 680 - 699 the maximum CLTV is 70%. 
(d) One hundred and twenty substantially equal payments of principal, plus interest during repayment period.

Property insurance required,  which includes Flood Insurance if required.
Rate and terms may change at any time. Not available for homes currently for sale. 

HELOC Program Fees

  • $50 annual fee
  • $500 early termination fee for lines closed within the first 24 months
  • Closing costs may apply and range between $300 and $3,000
  • Additional fee may apply if the loan will be a first lien
  • If property is held in a Trust or there are outstanding discharges, borrower will pay additional recording fees
  • See a residential loan officer for further details

For more information or to apply, visit your local branch office or call 800-657-3272.