Home Equity Credit

Not sure which of our home equity options is right for you? Compare the features and benefits below. 

Home Equity Lines of Credit (HELOCs)

Use the equity in your home to secure a variable-rate home equity line – and draw on the funds only when you need to use them.

Fixed-Rate Home Equity Loans

Receive your funds in one lump sum and enjoy a fixed rate and fixed monthly payments.

Applying for a home equity line or loan is easy!

Our experienced bankers are available to help you every step of the way whether you apply online or at any of our locations. Best of all, you typically can access your funds in just 3-4 weeks after you apply and are approved!

Home Equity Rates & Options

 

  • Low, variable rates*
  • 20-year draw period followed by a 20-year repayment period
  • No application fees, points, or closing costs
  • Interest may be tax deductible (please consult your tax advisor)

 

Rates Effective November 1, 2021

Home Equity Lines of Credit

LINE AMOUNTINDEXMARGINANNUAL PERCENTAGE RATE (APR)
$25,000 to $749,999WSJ Prime-0.25%3.00%
$750,000 to $1,499,999WSJ Prime+0.00%3.25%

Disclosures for Home Equity Lines of Credit

*Rates shown are for 1-4 family, owner occupied residences located in our lending market within MA. Maximum loan-to-value (LTV) of 80% of appraised value. Property insurance required. Accounts subject to individual approval. No closing costs except for cooperatives and properties held in a trust. 

Our Home Equity Lines of Credit have a 20 year draw period followed by a 20 year repayment period for owner occupied properties. A $40 Annual Fee is waived for the first year. Early termination fee of $250 or 2% of the HELOC's credit limit, whichever is less applies if Line terminates within 12 months of closing. The Annual Percentage Rate (APR) varies daily, is based on the Prime Rate as listed in the Wall Street Journal (Prime) plus or minus a margin, and will also depend on the amount of the home equity line of credit that we approve. However, the APR will not be less than 3.00% APR or more than 18% APR. As of 11/1/2021 the Prime Rate is 3.25% APR. Minimum Line of Credit is $25,000. For home equity lines of credit of $25,000 to $749,999, the APR will be Prime minus 0.25%, currently 3.00 APR. For lines of $750,000 to $1,499,999, the APR will be Prime plus 0.00%, currently 3.25% APR. APRs reflect a 0.25% auto-pay discount from a Brookline Bank checking account. Other rates, terms, conditions and restrictions apply. See a personal banker for details. Offer subject to change without notice. Credit approval required.

 

  • 5-year and 10-year terms, fully amortizing*
  • No application fees, points or closing costs
  • Interest may be tax deductible (please consult your tax advisor)

 

Rates Effective November 1, 2021

Fixed-Rate Home Equity Loans

FIXED-RATEBORROWED AMOUNTANNUAL PERCENTAGE RATE (APR)TERM IN MONTHSPAYMENT PER $1,000
5-Year Fixed$50,000 and over4.54%60$18.66
5-Year Fixed$15,000 to $49,9994.54%60$18.66
10-Year Fixed$50,000 and over5.54%120$10.87
10-Year Fixed$15,000 to $49,9995.54%120$10.87

Disclosures for Home Equity Loans

*Rates shown are for 1-4 family, owner occupied residences located in our lending market within MA. Maximum loan-to-value (LTV) of 80% of appraised value. Property insurance required. Accounts subject to individual approval. No closing costs except for cooperatives and properties held in a trust. Other terms, conditions, rates and restrictions may apply. Offers subject to change without notice. Speak with a personal banker for details.

If your loan is a first lien loan, the payment examples do not include taxes or insurance and therefore your payments may be greater. Prepayment penalty fee of $250 or 2% of the Loan's outstanding balance, whichever is less, applies if Loan terminates within 12 months of closing.

Request a call to discuss your home equity options or to get your questions answered.

Home Equity Credit Calculator

Curious how much you might qualify for? Try our Home Equity Credit Calculator. 

To begin, simply input the value of your home and the total amount of all your outstanding home loans.

Please note the approval of your loan or line request and the amount for which you may qualify, will depend on additional factors including your credit history.