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Home Equity Lines

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 branch or call 800-657-3272.
 
  • Available to 1-4 family owner occupied properties in Eastern Massachusetts.
  • 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.
  • Reduce rate by 0.25% (applies to new HELOC's only) with auto-payment from an EBSB Personal Checking Account.*
* If your monthly payment is automatically debited from an East Boston Savings Bank Personal Checking Account, you will receive a 0.25% rate reduction. East Boston Savings Bank Personal Checking Account with auto-payment must be established prior to closing. If you fail to maintain your East Boston Savings Bank Personal Checking Account and the auto-payment, the rate reduction will be terminated. Available for Owner Occupied Properties only.

Introductory HELOC Program

Rates as of August 6, 2020

Product Introductory Annual Percentage Rate (APR) Annual Percentage Rate (APR) Minimum Payment Options Loan to Value Term
Monthly Variable 2.99% for the first 12 months (a) Prime Rate Minus 0.50% with a floor of 4.00% (a) 1% of outstanding balance (P&I) not less than $100 per month (b) 70% (c) 20 yr total term. 10 yr draw & 10 yr repayment of outstanding balance (d)

(a) 2.99% for the first 12 months followed by Prime minus 0.50% with a floor of 4% 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 07/31/2020 was 3.25%) 
(b) An Interest Only payment option is also available with this product.
(c) The maximum CLTV with credit scores of 700 or greater will be 70% if the 1st mortgage is with EBSB and maximum CLTV of 60% if 1st mortgage is elsewhere. The Maximum CLTV with Fico scores between 680- 699 will be 65% if 1st mortgage is with EBSB and 55% if 1st mortgage is elsewhere.
(d) One hundred and twenty substantially equal payments of principal, plus interest during repayment period.

  • Not available to current EBSB HELOC customers.
  • 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.
  • Not available for homes currently for sale. 

HELOC Program

Rates as of August 6, 2020

Product Annual Percentage Rate (APR) Minimum Payment Options Loan to Value Term
Monthly Variable Prime Rate (a) 1% of outstanding balance (P&I) not less than $100 per month (b) 70% (c) 20 yr total term. 10 yr draw and 10 yr 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. (Prime Rate as of 07/31/2020 was 3.25%)
(b) An Interest Only payment option is also available with this product.
(c) The maximum CLTV with credit scores of 700 or greater will be 70% if the 1st mortgage is with EBSB and maximum CLTV of 60% if 1st mortgage is elsewhere. The Maximum CLTV with Fico scores between 680- 699 will be 65% if 1st mortgage is with EBSB and 55% if 1st mortgage is elsewhere.
(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.
  • Not available for homes currently for sale.
  • Bridge loan origination fee of 1.25% will be charged based on the full Home Equity Line of Credit limit

 

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

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