Eastern FlexEquity® Account

Make your plans come to life with the equity in your home.


Apply now for an Eastern FlexEquity® Account and you could qualify for a low fixed introductory rate of 3.99% 1APR for the first 12 billing cycles when you meet promotion requirements. Then, any remaining balance will revert to a variable rate based on Prime1.

It's our way of getting you off to a good start.


The Eastern FlexEquity® Account helps you use the equity in your home with a smart, flexible borrowing option. All backed by a great variable or fixed rate.


Following the first 12 billing cycles, you'll have the flexibility to convert your line into up to five separate loans- giving you the option for 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

Introductory Rate of 3.99% APR for 12 billing cycles1

Then a variable rate as low as 4.50% APR1

PRIME- 0.50% APR             

Minimum draw of $25,000

Fixed Rate

Fixed-Rate Option2  4.75% APR

Based on 15-year fixed rate

Minimum draw of $70,000

Apply Now  Or give us a call at 1-800-EASTERN

 

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.

Estimated Home Value
$
Total Amount Owed

Note: Total amount owed includes both your mortgage and any additional home loans.

$
Estimated Loan Amount
$

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.2 If you'd rather go with a variable rate, we can show you what your monthly payment may be for 12 billing cycles with the promotional introductory rate.1

Rate Type
Fixed
Variable
Desired Loan Amount
$
You cannot borrow less than $10,000.
Amounts below $25,000 are not eligible for the introductory rate promotion. Auto deduct is required, please see disclosure for details.
Loan Period (in years)
5 yrs
10 yrs
15 yrs
20 yrs
Fixed Rate % For 12 billing cycles, then a variable of prime rate -0.50%. Rates will vary based on loan amount and loan period.
Monthly Payment $/mo Monthly payment only reflects introductory fixed rate for 12 billing cycles.1 These estimates do not include insurance or property taxes.3

Apply Now for a FlexEquity® Account      Or give us a call at 1-800-EASTERN

 

See The Benefits

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 line1 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.2
  • 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

 

  1. The interest rate adjusts monthly based on the Wall Street Journal prime rate for the life of the line (5.00% APR on 7/1/2018).  Maximum annual percentage rate (APR) is 18%.  Minimum line $10,000; maximum line $2,500,000.  Lines are available for owner-occupied primary or secondary residences only (1-4 family or condo) in first or second lien position only.  Combined loan to value limits apply.  Property insurance is required.  Flood insurance may be required.  Homes on the market or to be sold are not eligible.  Equity lines are subject to $50 annual participation fee (waived for Premier Checking customers) and $350 early cancellation fee if the line is closed or rewritten within two years of opening.  Customer is responsible for trust review and recording fees when properties are held in trust, and for appraisal fees for lines $250,000 or higher.  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. Consult your tax advisor about deductibility of interest. 

Applicable for collateral properties located in MA and NH only.

1. The introductory rate will be fixed at 3.99% for the first 12 billing cycles with a minimum draw of $25,000 at closing and automatic payments established from an Eastern Bank account. Thereafter, the APR is variable and based on the Prime Rate published in the Wall Street Journal (5.00% APR as of 7/1/18), minus 0.50% adjusted each billing cycle. Maximum annual percentage rate (APR) is 18%. To qualify for the promotional introductory rate of 3.99%, your equity line application must be submitted between June 4 and July 31, 2018 and it must close by September 15, 2018. This offer applies to new customers only. New customers are classified as not having an existing Eastern Flex Equity account as of June 4, 2018. Any remaining balances at the end of the introductory period will change to the Prime Rate published in the Wall Street Journal (5.00% APR as of 7/1/18) minus 0.50% adjusted each billing cycle. Both the introductory rate and the subsequent variable rate at the end of the promotional period assumes continued automatic payments from an Eastern Bank checking account. If you cancel automatic payments your interest rate will revert to the Wall Street Journal prime rate and will adjust for the life of the loan. Minimum line $10,000; maximum line $2,500,000. Lines are available for owner-occupied primary or secondary residences only (1-4 family or condo) in first or second lien position only. 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. 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. Equity lines are subject to $50 annual participation fee (waived for Premier Checking customers). 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; Appraisal fees may apply in instances where the line is $250,000 or higher, is a multifamily or complex property in which case customer will incur an appraisal fee up to $675. In addition, certain fees could apply depending on your situation. For instance, customer is responsible for trust and power of attorney review ($100 ea) and recording fees when properties are held in trust ($75- $93). A $350 early cancellation fee applies if the line is closed or rewritten within two years of opening. An itemized list of fees is available upon request.

2. The rate of 4.75% for 15 years requires a minimum loan amount of $70,000 and 180 payments of $544.47 as of 7/1/2018. 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. Equity lines are subject to $50 annual participation fee (waived for Premier Checking customers). The bank pays title Search and Title Insurance unless the amount borrowed is greater than $750,000, then customer may incur a Title Insurance fee of $2.50 per thousand; Appraisal fees may apply in instances where the line is $250,000 or higher, is a multifamily or complex property in which case customer will incur an appraisal fee up to $675.

4. In addition, certain fees could apply depending on your situation. For instance, customer is responsible for trust and power of attorney review ($100 ea) and recording fees when properties are held in trust ($75- $93). A $350 early cancellation fee applies if the line is closed or rewritten within two years of opening. An itemized list of fees is available upon request.

Eastern Bank is a member of the Nationwide Mortgage Licensing System & Registry (NMLS) NMLS ID#451827.