Make your plans come to life with the equity in your home.
The Eastern FlexEquity® Account is a smart, flexible borrowing option that helps you use the equity in your home to make home improvements and more. All backed by a great variable or fixed rate.
At any time, you'll have the flexibility to convert your line into up to five separate loans- giving you the predictability of fixed rates and monthly payments. Plus, you'll be able to borrow as often as you like through the draw period as you pay back your line. There's no need to reapply.
Apply online quickly and easily today. Or, call 1-800-EASTERN to contact us directly.
Variable Rate as low as 5.00% APR1
PRIME- 0.50% APR
Minimum draw of $25,000
Fixed-Rate Option 5.50% APR2
Based on 15-year fixed rate
Minimum draw of $70,000
A smart, flexible way to borrow.
Borrow with peace of mind. Get a low rate and flexible borrowing options with the Eastern FlexEquity® Account.
See How Much You Can Borrow
Quickly and easily calculate the maximum amount you're eligible to borrow. Results are based on an 80% loan-to-value ratio, but you can always borrow less.
Note: Total amount owed includes both your mortgage and any additional home loans.
Sorry you do not have enough equity in your home.
Head to your local Eastern Bank or request more information here.
Calculate Your Payments
If you're looking for a fixed rate, we can show you what your monthly payment may be.1 If you'd rather go with a variable rate, we can show you the total amount of interest you'll owe.2
An Eastern FlexEquity® Account offers these benefits, including:
- The flexibility to convert your line into five separate loans, giving you the predictability of fixed rates and fixed monthly payments. View an example of how to put FlexEquity to work for you.
- The ability to borrow as often as you like as you pay back your line. There’s no need to reapply.
- Interest-only payment options on the home equity line* for easier budgeting.
- An easy application process.
- A choice of fixed-rate loan terms when you lock in your line.
- Convenient online access through Eastern Online Banking.
- Potential tax savings.^
- Consolidated monthly statements.
- As the fixed loan principal is paid back, the line builds back up and is available for other uses.
Before applying, we encourage you to carefully read the following important disclosures:
Important Facts About Our Home Equity Lines
What You Should know About Home Equity Lines of Credit
* The interest rate adjusts monthly based on the Wall Street Journal prime rate for the life of the line (5.50% APR on 1/1/2019). Maximum APR is 18%. Minimum line amount is $10,000 and maximum line amount is $2,500,000. Line must be for first or second line, secured by your 1-4 family primary or secondary residence located in MA, CT, NH or RI. Combined loan to value limits apply. Property insurance is required. Flood insurance may be required.Homes on the market or to be sold in the next 12 months are not eligible. Rates are subject to change. FlexEquity lines are subject to $50 annual participation fee (waived for Premier or Select Checking customers) and $350 early cancellation fee if the line is closed or rewritten within the first 24 months.Customer is responsible for trust and power of attorney review ($100 each) and recording fees for power of attorney and for properties held in trust ($75 - $93). Appraisal fees may apply in instances where the line is greater than $250,000. Appraisal fees range from $490 for single family homes to $620 for multifamily properties. Properties with unique characteristics or location may have higher appraisal and/or other fees.Subject to credit application and approval. Speak with a representative or call 1-800-EASTERN (327-8376) for more information or to apply.
^Consult your tax advisor about deductibility of interest.
Applicable for collateral properties located in CT, MA, NH, and RI.
1. APR is variable and based on the Prime Rate (Prime) published in the Wall Street Journal (5.50% as of 1/1/2019) minus 0.50% adjusted each billing cycle. Maximum APR is 18%. Minimum line amount is $10,000 and maximum line amount is $2,500,000. Subject to credit application and approval. Rates are subject to change. Speak with a representative or call 1-800-EASTERN (327-8376) for more information or to apply.
2. The rate of 5.50% for 15 years requires a minimum loan amount of $70,000 and 180 payments of $571.82 as of 1/1/2019. This payment does not include property taxes or insurance which may cause your payment to be higher. Lower borrowing limits are available but other rates and terms may apply.
3. FlexEquity lines are subject to $50 annual participation fee (waived for Premier Checking customers). Appraisal fees may apply in instances where the line is greater than $250,000, appraisal fees range from $490 for single family homes to $620 for multifamily properties. Properties with unique characteristics or location may have higher appraisal and/or other fees. Title Search is paid by the bank as is Title Insurance unless the amount borrowed is greater than $750,000 then customer may incur a Title Insurance fee of $2.50 per thousand.
4. In addition, certain fees could apply depending on your situation. For instance, customer is responsible for trust and power of attorney review ($100 each) and recording fees for power of attorney and for properties held in trust ($75- $93). A $350 early cancellation fee applies if the line is closed or rewritten within the first 24 months. An itemized list of fees is available upon request.
© 2018 Eastern Bank, N.A. Member FDIC. Equal Housing Lender. Nationwide Mortgage Licensing System & Registry. NMLS ID: 451827 .