Great rates available now to make home improvements and more.

The Eastern FlexEquity® Account makes it easier to get going on the home improvements you want to make now. It's a home equity line of credit that offers you low rates and flexible options so you can borrow and manage your line the way you want.

Apply Today for an Eastern FlexEquity® Account Or give us a call at 1-800-EASTERN

Variable Rate

Variable Rate as low as 4.25% APR¹

PRIME- 0.50% APR

Minimum draw of $25,000

Fixed Rate

Fixed-Rate Option5.00% 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.

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.

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

Rate Type

Fixed

Variable

Desired Loan Amount

You cannot borrow less than $10,000.

Auto deduct is required, please see the more about rates section for details.

Loan Period (in years)

5^yrs

10^yrs

15^yrs

20^yrs

Other terms available upon request.

Fixed % Rates will vary based on loan amount and loan period.

Monthly Payment $/mo 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 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

^{^Consult your tax advisor about deductibility of interest.}

More About Rates

Eastern FlexEquity Account^®

	Term	APR
Revolving Line of Credit	Draw Period: First 10 years Repayment Period: 15 years Total Term: 25 years	• Prime¹ • Prime - 0.50%²

Term

APR

Revolving Line of Credit

Draw Period: First 10 years

Repayment Period: 15 years

Total Term: 25 years

• Prime¹

• Prime - 0.50%²

The interest rate adjusts monthly based on the Wall Street Journal prime rate for the life of the line (4.75% APR on 12/1/2019). Maximum annual percentage rate (APR) is 18%.
Prime - 0.50% APR requires a minimum draw of $25,000 and establishing automatic payments from an Eastern Bank personal checking account.

Flex Account Fixed Rate Options
You have the flexibility to convert your line into as many as five separate loans, giving you the predictability of fixed rates and fixed monthly payments. Below are fixed rate option payment examples for various terms. Minimum loan amount for fixed rate options is $10,000.

	Term Draw Period: First 10 years Repayment Period: 15 years Total Term: 25 years	APR (Loan Amount <$70,000)	APR (Loan Amount >=$70,000)
Fixed Rate Option ¹	5 Year	5.50%	4.50%
Fixed Rate Option ²	10 Year	5.75%	4.75%
Fixed Rate Option ³	15 Year	6.00%	5.00%
Fixed Rate Option ⁴	20 Year	6.50%	5.50%

1. A $50,000 loan at 5.50% APR for 5 years requires 60 monthly payments of $954.91.
A $70,000 loan at 4.50% APR for 5 years requires 60 monthly payments of $1,304.85.

2. A $50,000 loan at 5.75% APR for 10 years requires 120 monthly payments of $548.76.
A $70,000 loan at 4.75% APR for 10 years requires 120 monthly payments of $733.84.

3. A $50,000 loan at 6.00% APR for 15 years requires 180 monthly payments of $421.86.
A $70,000 loan at 5.00% APR for 15 years requires 180 monthly payments of $553.48.

4. A $50,000 loan at 6.50% APR for 20 years requires 240 monthly payments of $372.72.
A $70,000 loan at 5.50% APR for 20 years requires 240 monthly payments of $481.45.

Questions About FlexEquity®

1. What is home equity?
Home equity is the difference between the current value of the home and the total amount owed on the home. For example if a house is worth $400,000 and there is a mortgage of $300,000 the home equity is $100,000. ($400,000 value - $300,000 owed = $100,000 home equity)

2. How is an Eastern FlexEquity^® account different from other equity products?
At most banks you must choose either a revolving line of credit OR a fixed-rate loan. With a fixed-rate loan, you receive all your funds when you obtain your loan and make monthly payments of a fixed amount until the loan has been paid off. An equity line is a revolving account with a credit limit established by the bank, and you can use and repay your line as needed. Unlike with a loan, the minimum monthly payment on an equity line can be as little as the interest owed on the outstanding balance. With Eastern Bank's FlexEquity^® account, you decide how you want to use your line and repay what you have borrowed.

3. What is the interest rate for an Eastern FlexEquity^® account?
The Eastern FlexEquity^®account revolving line has a variable interest rate that can change monthly. Each fixed-rate loan associated with the account has a rate equal to an Index plus a Margin. Specific information about rates and pricing can be found in the “Important Facts About Our Home Equity Lines."

4. Will I need a home appraisal?
Generally an appraisal is required for most requests, however lower loan amounts and/or strong equity positions may allow the use of tax assessments or automated appraisals to determine property value.

5. Are there any fees for the Eastern FlexEquity^® account?
Yes, there is a $350 early cancellation fee if you close your account within two years of opening it. If you simply pay off your balance (revolving and/or fixed loans) and leave your account open, there is no cancellation fee. There is also a $50 annual participation fee that is waived if you have an Eastern Premier Checking account.

6. When can I use my Eastern FlexEquity^® account?
Once your credit application has been approved (which is often in just a few days), you can complete your loan at any of our banking offices. (All property owners and borrowers must sign the documents.) Because an Eastern FlexEquity^®account is secured by a mortgage on your residence, a three-day right to cancel is required, and then you can draw on your line as often as you like through the draw period up to your credit limit. You decide when and whether to change the entire balance or a portion of your balance into a fixed-rate loan.

7. How do I access the funds from my Eastern FlexEquity^® line?
Simply use one of the checks that you receive when you open your Eastern FlexEquity^®account. Or sign up to access your account through Eastern Online Banking, where you can view all your accounts as well as make payments and transfers.

8. How will I know how much I have available on my revolving line and how much is in my fixed-rate loans?
You will receive a monthly statement for your Eastern FlexEquity^® account that contains details on each portion of your account – the revolving line of credit and any fixed-rate loans. The transactions for each portion of your account, including advances, payments, and interest rate, will be itemized on this combined statement so you can keep track of exactly how much you owe and how much you still have available on your line.

For example: You open a $100,000 Eastern FlexEquity^®account and draw $25,000 from your line with your equity checks. You then ask to fix $15,000 of that in a fixed-rate Loan. Your Eastern FlexEquity^®revolving line will show a $10,000 balance and $75,000 available. Your fixed-rate loan will show a $15,000 balance.

9. How do I make payments to my line or loan(s)?
Each month you will receive a convenient Eastern FlexEquity^® account statement. If your payments are set up for autopay, they will be made automatically and you won’t receive additional billing notices.

If you do NOT authorize automatic payments, simply use the bill from your monthly statement to make the payment due on your revolving line and the separate billing notices you receive for each fixed-rate loan.

If you use a bill pay service or pay your accounts on-line, you must set up each portion of your account separately, including the complete account number and note number for each portion.

10. Can I link my Eastern FlexEquity^® account with my Eastern Premier Checking account for balance purposes?
Yes, equity line and loan balances count toward your qualifying Eastern Premier balances. And with an Eastern Premier Checking account, the $50 annual participation fee for your Eastern Flex Equity^® account is waived.

11. What if I have another line or second mortgage at another bank?
In most cases we will pay off that line or loan from the proceeds of your new Eastern FlexEquity^®. We will obtain and process the payoff. If you receive a “discharge” document from the bank we paid off, it should have instructions regarding how to record that document. When you pay and close an Eastern Bank Equity account, we also issue a “discharge” that you are responsible for recording with the appropriate registry of deeds.

Ways to Apply

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 (4.75% as of 12/1/2019) 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 5.00% for 15 years requires a minimum loan amount of $70,000 and 180 payments of $553.48 as of 12/1/2019. 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 $610 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.

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