Eastern FlexEquity HELOC Account

Tackle a home renovation project with a home equity line of credit (HELOC) from Eastern Bank.

The Eastern FlexEquity® Account: A Home Equity Line of Credit

A smart, flexible way to borrow

An Eastern FlexEquity home equity line of credit is perfect for projects indoors and out – remodeling your kitchen, putting on a new roof, installing a patio, repaving your driveway, sprucing up your home office or anything else on your list. Apply today and enjoy a low variable rate of 8.25%2 with a minimum draw of $25,000 and autopay from an Eastern Bank checking account2.

A home equity line of credit (HELOC) from Eastern Bank provides a low interest rate and flexible options that enable you to manage your home equity line the way you want: with interest-only payments or fixed monthly payment options. We provide this flexibility to make borrowing easier for you.

And with an Eastern Bank Premier Checking account, Private Bank Checking account or Select Checking account, the $50 annual fee for your Eastern FlexEquity Account is waived3.

At Eastern Bank, we do good things to help people prosper. See how much you can borrow with the home equity line of credit calculator and calculate your payments with the loan calculators below, and let us help turn your house into a home.

Variable Rate

A low variable rate of 8.25% APR2

PRIME minus 0.25% APR

Minimum draw of $25,000

Autopay from an Eastern Bank checking account

Fixed Rate

Fixed-Rate Option  8.69% APR4

Based on 15-year fixed rate

Minimum draw of $70,000

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.

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.2 This information is for illustrative purposes only.

Rate Type
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.1

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


Apply Now     Or give us a call at 1 (800) EASTERN

Variable-rate or flexible fixed-rate borrowing options

Let us help you by providing flexible lending options that suit your particular circumstances and needs.

Because the variable rate on a home equity line of credit (HELOC) can change and Eastern Bank recognizes that some customers want the peace of mind that comes with knowing what their monthly payments will be, customers can convert their variable rate home equity line of credit (HELOC) into a fixed-rate loan. This enables customers to protect themselves against rising rates that could increase the amount they owe on their outstanding Eastern FlexEquity Line of Credit balances.

To take advantage of this option, customers can convert up to 100% of their variable-rate home equity line of credit (HELOC) into up to five fixed-rate loans with terms of up to 20 years each.


Benefits of an Eastern Bank home equity line of credit (HELOC)

An Eastern FlexEquity Account features:

  • The flexibility to convert up to 100% of your variable-rate home equity line of credit (HELOC) into up to five fixed-rate loans with terms of up to 20 years each to enjoy the peace of mind that comes with consistent monthly loan payments.
    • Minimum loan amount for fixed rate options is $10,000.
Eastern Bank Flex Equity Account line of credit


  • 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 for easier budgeting.
  • An easy application process.
  • A choice of fixed-rate loan terms when you lock in your line of credit.
  • Convenient online access through Eastern Mobile & Online Banking®.
  • Potential tax savings.^
  • Consolidated monthly statements.
  • A rotating line of credit that builds back up and is available for other uses as the fixed loan principal is repaid.

We encourage all potential HELOC applicants to read the following important disclosures:

Important Facts About Our Home Equity Lines of Credit

What You Should know About Home Equity Lines of Credit

^Consult your tax advisor about deductibility of interest.


FAQs about the Eastern FlexEquity home equity line of credit (HELOC) 

1. How is a HELOC from Eastern Bank different from other home 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. 

A home equity line of credit (HELOC) is a variable-rate revolving account with a credit limit established by the bank, which you can use and repay as needed, much like a credit card. Unlike with a loan, the monthly payment on a home equity line of credit can be interest-only making it an affordable way to pay for that dream kitchen.

With an Eastern FlexEquity HELOC account, you decide how you want to use your line of credit and repay what you have borrowed.


2. 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


Draw Period: First 10 years 

Repayment Period: 15 years 

Total Term: 25 years



Prime minus 0.25%**

* The interest rate adjusts monthly based on the Wall Street Journal Prime rate for draw period of the line (8.50% APR as of 7/1/2024). Minimum annual percentage rate (APR) is 3.99%. Maximum annual percentage rate (APR) is 18%.

** Prime minus 0.25% 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

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 Option Term

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











3. What is home equity?

Home equity is the difference between the current value of your home and the total amount owed on your home. For example if your 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)


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, Private Banking Checking account or Select Checking account.


6. When can I use my Eastern FlexEquity home equity line of credit?

Once your credit application has been approved you can complete your loan at any of our branch locations. (All property owners and borrowers must sign these documents.)

Because an Eastern FlexEquity home equity line of credit is secured by a mortgage on your primary 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 can also decide when and whether to change the entire balance or a portion of your home equity line of credit into a fixed-rate loan.


7. How do I access the funds from my Eastern FlexEquity HELOC?

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 of credit and how much is in my fixed-rate loans?

You will receive a monthly statement for your Eastern FlexEquity home equity line of credit 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 of credit.

For example: You open a $100,000 Eastern FlexEquity account and draw $25,000 from your line of credit with your equity checks. You then ask to convert $15,000 of that into a fixed-rate Loan. Your Eastern FlexEquity revolving line of credit 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 HELOC 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 don’t opt for automatic payments, simply use the bill from your monthly statement to make the payment due on your revolving line of credit and the separate billing notices you receive for each fixed-rate loan.

If you use a bill pay service or pay your accounts online, 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, home equity line of credit (HELOC) and loan balances count toward your qualifying Eastern Premier Checking account 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 of credit or second mortgage at another bank?

In most cases we will pay off that line of credit or loan from the proceeds of your new Eastern FlexEquity HELOC.

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 FlexEquity account, we also issue a “discharge” that you are responsible for recording with the appropriate registry of deeds.




Ways to Apply

1Appraisal fees may apply in instances where the line is greater than $400,000. 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 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.

2The Annual Percentage Rate (APR) is variable and based on the Prime Rate (Prime) published in the Wall Street Journal (8.50% APR on 7/1/2024) minus 0.25% APR adjusted after each billing cycle. To qualify for the lowest rate, a minimum draw of $25,000 is required at closing with automatic payments from an Eastern Checking Account. 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.

3FlexEquity lines (Home Equity Line of Credit) are subject to a $50 annual participation fee (waived for Premier, Private Bank or Select Checking account customers). A $350 early cancellation fee applies if the line is closed or rewritten within the first 24 months.

4The rate of 8.69% for 15 years requires a minimum loan amount of $70,000 and 180 payments of $697.02 as of 7/1/2024. 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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