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. And for a limited time, no appraisal fee2.
Introductory rate of 4.24% APR for 12 billing cycles then a variable Rate as low as 5.00% APR1
PRIME- 0.50% APR
Minimum draw of $25,000
Fixed-Rate Option 5.50% APR3
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.3 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
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.
Applicable for collateral properties located in CT, MA, NH, and RI.
1. The introductory Annual Percentage Rate (APR) will be fixed at 4.24% for the first 12 billing cycles with a minimum draw of $25,000 and establishing automatic payments from an Eastern Bank checking account at closing. Thereafter, the APR is variable and based on the Prime Rate (Prime) published in the Wall Street Journal (5.50% as of 6/1/2019) minus 0.50% adjusted each billing cycle. Maximum APR is 18%. To qualify for the promotional introductory rate of 4.24%, your Eastern FlexEquity line (FlexEquity) application must be submitted between June 1, 2019 and July 1, 2019, and must close by August 15, 2019. Offer not available to customers having an existing FlexEquity account [as of June 1, 2019] that was opened after May 31, 2017. Any remaining balances at the end of the introductory period will change to Prime (5.50% as of 6/1/2019) 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 Prime and will adjust for the life of the loan. 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. Offer and rates are subject to change without notice. Speak with a representative or call 1-800-EASTERN (327-8376) for more information or to apply.
2. 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 June 1, 2019 and July 1, 2019 and close by August 15, 2019. 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 ($75-$93).
3. The rate of 5.50% for 15 years requires a minimum loan amount of $70,000 and 180 payments of $572.00 as of 6/1/2019. 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.
4. FlexEquity lines are subject to $50 annual participation fee (waived for Premier Checking customers). 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.
5. 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.