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.
Variable Rate as low as 4.75% 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
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 (5.25% as of 8/1/2019) 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 $571.90 as of 8/1/2019. 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.
© 2019 Eastern Bank, N.A. Member FDIC. Equal Housing Lender. Nationwide Mortgage Licensing System & Registry. NMLS ID: 451827.