Home Equity Line of Credit

Home Equity Loans

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.

Home equity lines of credit are a great way to pay for expenses as you need to. Use a home equity credit line to pay for house projects, tuition, medical expenses and more. You can also use a home equity line of credit for debt consolidation – so you’ll have just one payment each month, often with lower interest rates.

Introductory HELOC Program

  • Available to 1-3 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.

Rates as of January 17, 2017

Product Introductory Annual Percentage Rate (APR) Annual Percentage Rate (APR) Minimum Payment Options Loan to Value Term
Monthly Variable  1.99% for the first 12 month(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 Yr total term. 10 Year Draw and 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 12/31/2016 was 3.50%) 
(b) An Interest Only 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.

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. 

Fees

  • $50 annual fee
  • $500 early termination fee for lines closed within the first 24 months
  • Closing costs may apply and range between $300.00 and $3,000.00
  • 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 

HELOC Program

  • Available to 1-3 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.

Rates as of January 17, 2017

Product Annual Percentage Rate (APR) Minimum Payment Options Loan to Value Term
Monthly Variable 3.50%, Prime Rate as of 12/31/2016(a) 1% of outstanding balance (P&I) not less than $100 per month.(b) 80% w/EBSB 1st mortgage (c) 20 Yr 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 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.

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

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  

Interested in speaking with a lender?

Meet our experienced NMLS lenders. They will meet you where and when it is convenient for you. Call 978-977-7100 or visit your nearest branch.