Make home sweet home even sweeter with $200 when you qualify1.
Apply today for our home equity line. You could save hundreds with no appraisal fee for a limited time3. Rates as low as 2.75%2.
A home equity line of credit (HELOC) from Eastern Bank – the Eastern FlexEquity® Account – provides a low-interest rate and flexible options that make it easier to get started on your home improvement project.
Manage your home equity line the way you want with interest-only payments or fixed monthly payment options. We provide the flexibility to make borrowing easier for you.
And with an Eastern Premier Checking Account or an Eastern Select Checking Account, the $50 annual participation fee for your Eastern FlexEquity® Account is waived4.
At Eastern Bank, we do good things to help people prosper. Whether you’re planning to renovate your bathroom, overhaul your kitchen or are ready to tackle a much larger home renovation project, Eastern Bank is here to help.
See how much you can borrow with the home equity line of credit calculator and calculate your payments with the loan calculators below.
Variable Rate as low as 2.75% APR2
PRIME minus 0.50% APR
Minimum draw of $25,000
Fixed-Rate Option 4.50% APR5
Based on 15-year fixed rate
Minimum draw of $70,000
Ways to Apply
1. To receive the $200 cash incentive, you must qualify for the rate of Prime minus 0.50% Annual Percentage Rate (APR), your equity line application must be submitted between 3/14/2020 and 5/4/2020, it must close by 7/3/2020, you must draw a minimum of $25,000 at closing, and you must establish automatic payments from an Eastern Bank checking account. This offer applies to new customers only. New customers are classified as not having an existing Eastern FlexEquity® Account as of 1/1/2018. Incentives for qualified accounts will be deposited into the customer’s Eastern Bank checking account by 7/31/2020 if the account is open and has a positive balance. One incentive per household. Customers will receive a 1099 form for this incentive. Please consult your tax advisor regarding the tax implications of this offer. Other qualifications and restrictions may apply. Offer is subject to change at any time without notice.
2. The Annual Percentage Rate (APR) is variable and based on the Prime Rate (Prime) published in the Wall Street Journal (3.25% APR on 4/1/2020) minus 0.50% adjusted after each billing cycle. Minimum APR is 2.75%. 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 lien, secured by your 1-4 family primary or secondary residence located in MA, NH, RI and CT. Combined loan to value limits apply. Property insurance is required. Flood insurance may be required. Homes currently on the market are not eligible. Subject to credit application and approval. Rates are subject to change without notice. Speak with a representative or call 1-800-EASTERN (327-8376) for more information or to apply.
3. For a limited time, Eastern Bank will pay for appraisal fees when required by the Bank. To qualify for a free appraisal, you must submit your application between 3/14/2020 and 5/4/2020. 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 Eastern 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. 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 ($105-$123). An itemized list of fees is available upon request.
4. FlexEquity lines are subject to a $50 annual participation fee (waived for Premier or Select Checking account customers). A $350 early cancellation fee applies if the line is closed or rewritten within the first 24 months.
5. The rate of 4.50% for 15 years requires a minimum loan amount of $70,000 and 180 payments of $535.49 as of 4/1/2020. 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.
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