Eastern FlexEquity® HELOC Account

A family sits outside of their newly renovated home enjoying time together in their new space

Eastern FlexEquity® Home Equity Line of Credit (HELOC)

A Low Variable Rate of:
6.99%  APR1

PRIME minus 0.51% APR1

Apply by April 30, 2025 to take advantage of this offer. 

• No application fees2
• No appraisal fee2
• No closing costs2

It's easy to apply online in minutes!

Apply Now

1The Annual Percentage Rate (APR) is variable and based on the Prime Rate (Prime) published in the Wall Street Journal (7.50% APR on 4/1/2025) minus 0.51% APR adjusted after each billing cycle. To qualify for the lowest rate an application must be submitted between April 1, 2025 and April 30, 2025 and a minimum draw of $25,000 is required at closing with automatic payments from an Eastern Checking Account. This offer is not available to customers having an existing FlexEquity account [as of April 1, 2025] that was opened after February 1, 2023. Minimum APR is 3.99%. Maximum APR is 18%. Minimum line amount is $10,000 and maximum line amount is $2,000,000. 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. Investment properties are not eligible to be used to secure the line. Combined loan to value limits apply. Property insurance is required. Flood insurance may be required. Properties on the market or planned for sale within one year 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.

2For a limited time, Eastern Bank will pay for appraisal fees when the appraisal is required by the Bank. To qualify for a free appraisal, you must submit your application between 4/1/2025 and 4/30/2025. 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 Eastern Bank as is Title Insurance unless the amount borrowed is greater than $750,000 then customer will incur a title Insurance fee, the fee varies by loan amount and state (CT, MA, NH & RI). In addition, certain fees could apply depending on your situation. For instance, the 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. A $350 early cancellation fee applies if the line is closed or rewritten within the first 24 months. FlexEquity lines are subject to a $50 annual participation fee (waived for Premier, Private Bank or Select Checking account customers).

A smart, flexible way to borrow.

An Eastern FlexEquity home equity line of credit (HELOC) is perfect for home improvement projects and remodels, consolidating high-interest debt, major purchases and more.

If an Eastern FlexEquity Account is the right option for you, our team will guide you through it step by step.

 It's easy to apply online in minutes!

Apply Now

Why choose an Eastern FlexEquity HELOC?

  • Maintain a rotating line of credit that builds back up and is available for other uses as the principal balance is repaid. No need to reapply! 
  • Interest-only payment options for easier budgeting.
  • Flexibility to convert up to 100% of your variable-rate HELOC into up to five fixed-rate loans to enjoy the peace of mind that comes with consistent monthly loan payments.

HELOC Explained: Frequently Asked Questions for Homeowners

 

 

6.99% APR1

Enjoy a low variable rate now.

  • PRIME minus 0.51% APR1
  • With a minimum $25,000 draw and autopay from an Eastern Bank checking account
     

Apply Now

Option to convert to more predictable payments with a fixed rate option.

Fixed rate option

7.39% APR3

Based on 15-year fixed rate
Minimum draw of $70,000

How does the fixed rate option work?

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.

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. If you'd rather go with a variable rate, we can show you the total amount of interest you'll owe.1 This information is for illustrative purposes only.

Rate Type
Variable
Fixed
$
Note: You cannot borrow less than $10,000.
Auto deduct is required, please see more about rates section for details.
Loan Period (in years)
5 yrs
10 yrs
15 yrs
20 yrs
Payment & Rate
Fixed % Rates will vary based on loan amount and loan period.
Monthly Payment $/mo This estimated monthly payment is only for illustrative purpose. Your actual monthly payment might vary and does not include insurance or property taxes.2

Calculator is for information purposes only and may not reflect current rates.

 

Apply Now 

 

HELOC Explained: Frequently Asked Questions for Homeowners

Important Facts About Our Home Equity Lines of Credit

What You Should know About Home Equity Lines of Credit


Frequently Asked Questions

What is the interest rate for an Eastern FlexEquity HELOC Account?

The Eastern FlexEquity revolving line of credit has a variable interest rate that can change monthly. Please see the chart below for current rates for an Eastern FlexEquity HELOC account.

Eastern FlexEquity Account Variable-Rate Option

 

Revolving Line of Credit

Term 

Draw Period: First 10 years 

Repayment Period: 15 years 

Total Term: 25 years

APR

Prime*

Prime minus 0.51%**

*The interest rate adjusts monthly based on the Wall Street Journal Prime rate for draw period of the line (7.50% APR as of 4/1/2025). Minimum annual percentage rate (APR) is 3.99%. Maximum annual percentage rate (APR) is 18%.

**Prime minus 0.51% APR requires a minimum draw of $25,000 and establishing automatic payments from an Eastern Bank personal checking account.

Eastern FlexEquity Account Fixed-Rate Options

During the draw period, you have the flexibility to convert your Eastern Bank FlexEquity 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.

Fixed Rate OptionTerm

Draw Period: First 10 years
Repayment Period: 15 years
Total Term: 25 years
APR
(Loan amount is less than $70,000)
APR
(Loan amount is greater than or equal to $70,000)

Fixed Rate Option

Fixed Rate Option

Fixed Rate Option

Fixed Rate Option

5 year

10 year

15 year

20 year

7.29%

7.49%

7.59%

7.69%

6.99%

7.29%

7.39%

7.49%

 

Ways to Apply

1The Annual Percentage Rate (APR) is variable and based on the Prime Rate (Prime) published in the Wall Street Journal (7.50% APR on 4/1/2025) minus 0.51% APR adjusted after each billing cycle. To qualify for the lowest rate an application must be submitted between April 1, 2025 and April 30, 2025 and a minimum draw of $25,000 is required at closing with automatic payments from an Eastern Checking Account. This offer is not available to customers having an existing FlexEquity account [as of April 1, 2025] that was opened after February 1, 2023. Minimum APR is 3.99%. Maximum APR is 18%. Minimum line amount is $10,000 and maximum line amount is $2,000,000. 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. Investment properties are not eligible to be used to secure the line. Combined loan to value limits apply. Property insurance is required. Flood insurance may be required. Properties on the market or planned for sale within one year 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.

2For a limited time, Eastern Bank will pay for appraisal fees when the appraisal is required by the Bank. To qualify for a free appraisal, you must submit your application between 4/1/2025 and 4/30/2025. 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 Eastern Bank as is Title Insurance unless the amount borrowed is greater than $750,000 then customer will incur a title Insurance fee, the fee varies by loan amount and state (CT, MA, NH & RI). In addition, certain fees could apply depending on your situation. For instance, the 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. A $350 early cancellation fee applies if the line is closed or rewritten within the first 24 months. FlexEquity lines are subject to a $50 annual participation fee (waived for Premier, Private Bank or Select Checking account customers).

3The rate of 7.39% for 15 years requires a minimum loan amount of $70,000 and 180 payments of $644.61 as of 4/1/2025. This payment does not include property taxes or insurance which may cause your payment to be higher. Only Eastern Bank FlexEquity lines are eligible for the fixed rate option during the draw period, lower borrowing limits are available but other rates and terms may apply.

 

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