Best HELOC Lenders in Massachusetts (December 2024)

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Updated: December 21, 2024

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Key Takeaways

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Bank of America is the best home equity line of credit (HELOC) lender in Massachusetts with a MoneyGeek score of 96 out of 100. The runner-up is Eastern Bank with a MoneyGeek score of 95 out of 100.

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The average HELOC limit in Massachusetts is $153,050. How much you can borrow often depends on your home's equity, outstanding mortgage balance and credit score.

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Comparing rates can help find lenders suited to your needs. MoneyGeek compiled the best HELOC rates in Massachusetts, updated weekly to assist you.

Overall Best HELOC Lender in Massachusetts

Company logo for Bank of America
Bank of America
MoneyGeek Score:
96/ of 100
Minimum Credit ScoreUndisclosed
Average HELOC APR9.22%
Draw Period10 years
Repayment Period20 years
Time to Receive FundsUndisclosed
PROS
  • Borrow up to $1 million
  • Provides rate discounts for autopay and Preferred Rewards
  • No application and annual fees
CONS
  • Minimum line amount is $25,000 online
  • Charges an early closure fee of $450
  • Closing must be done in person

Runner-Up for Best HELOC Lender in Massachusetts

Company logo for Eastern Bank
Eastern Bank
MoneyGeek Score:
95/ of 100
Minimum Credit ScoreUndisclosed
Average HELOC APR7.75%
Draw Period10 years
Repayment Period15 years
Time to Receive FundsUndisclosed
PROS
  • Maximum line amount is $2 million
  • Offers a fixed-rate HELOC option
  • Provides a 0.25% rate reduction for automatic payments
CONS
  • Maximum repayment term is 15 years
  • Charges a $350 early cancellation fee
  • Need to complete loan application at branch location

Calculate Your Monthly Payment

The average HELOC balance in Massachusetts in the third quarter of 2023 was $49,872. This figure is based on data from Experian. Understanding your balance is crucial for managing your debt effectively.

Calculating your HELOC payments helps in planning for any financial adjustments. Use our HELOC payment calculator to estimate your monthly payments based on the amount drawn, APR and loan terms. The full amortization schedule provided will show how much of your payments go toward interest and principal over time.

Massachusetts HELOC Payoff Calculator

This HELOC payment calculator assumes that you take out one lump sum at the start of your interest-only period. Your actual payoff schedule will vary depending on your interest rate and market conditions.

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Credit Line Information

Draw Period Payment

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Repayment Period Payment

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Credit Payoff Schedule for Home Equity Line

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Best HELOC Lender in Massachusetts for Affordability

Company logo for TD Bank
TD Bank
MoneyGeek Score:
94/ of 100
Minimum Credit ScoreUndisclosed
Average HELOC APR8.29%
Draw PeriodUndisclosed
Repayment PeriodUndisclosed
Time to Receive FundsUndisclosed
PROS
  • Option to lock your interest rate
  • Offers a 0.25% relationship discount
  • Provides assistance during financial hardship
CONS
  • Minimum line amount is $25,000
  • Charges an annual fee of $50
  • Charges a $99 origination fee

Best HELOC Lender in Massachusetts for Service Quality

Company logo for First Horizon Bank
First Horizon Bank
MoneyGeek Score:
98/ of 100
Minimum Credit ScoreUndisclosed
Average HELOC APR8.50%
Draw PeriodUndisclosed
Repayment PeriodUndisclosed
Time to Receive FundsUndisclosed
PROS
  • Allows interest-only payments during the draw period
  • Provides a mobile app for 24/7 account access
  • Has a payment assistance program for financial hardship
CONS
  • Charges a $50 annual fee
  • No online application
  • Does not disclose information about HELOC product

What You Can Use a HELOC for in Massachusetts

HELOCs are popular in Massachusetts due to their flexibility and the control they offer homeowners over line amounts and repayment timelines. This financial tool allows you to borrow as needed and repay on your own schedule, making it an attractive option for many.

Here are some common ways you can use a HELOC to manage your finances effectively.

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    Home Improvements or Renovations

    A HELOC is ideal for home improvements, offering flexibility as costs aren't final. You can access funds as needed, making it perfect for projects with variable expenses.

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    Consolidating High-Interest Debt

    With average 2023 consumer debt in Massachusetts at $127,277, a HELOC can simplify debt consolidation, reducing interest rates and streamlining payments.

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    Funding Education Expenses

    Using a HELOC for education expenses is smarter than other debts. It can cover tuition, books and fees, offering lower interest rates and flexible repayment options.

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    Investment Properties

    A HELOC can fund investment properties, offering liquidity. Shop around for the best HELOC lenders for investment property to secure favorable rates and terms.

How to Apply for a HELOC in Massachusetts

Understanding the steps to apply for a HELOC in Massachusetts is key to making informed financial decisions. Below, we have outlined this journey in six clear steps to help guide you through the process.

By breaking it down into manageable parts, you can approach each stage with confidence and clarity.

  1. 1

    Review Your Financial Health

    Evaluating your credit score, debt-to-income ratio, and home equity is essential before applying for a HELOC. The average credit score in Massachusetts is 732, based on Experian data for the third quarter of 2023. A higher score can improve your chances of approval, making it a key factor to consider.

  2. 2

    Compare Rates in Massachusetts

    Exploring different rates in Massachusetts can help you secure the best HELOC deal. It's also wise to consider other lender features, such as repayment terms, fees and the option for a fixed-rate HELOC. These factors can significantly impact your overall borrowing experience and financial outcomes.

  3. 3

    Prepare Required Documentation

    Gathering the necessary documents ahead of time can streamline your HELOC application. Commonly required documents include proof of income, recent tax returns and information about your mortgage and home value. Being prepared can make the process smoother and more efficient.

  4. 4

    Submit an Application

    Most lenders offer the convenience of online applications, but you can also apply in person if a branch is available. Ensure all information is accurate and complete to avoid delays. Double-check for any errors or omissions before submission to keep the process moving smoothly.

  5. 5

    Undergo a Home Appraisal

    Some lenders may require a home appraisal to assess your property's current market value. This appraisal helps determine how much you can borrow through a HELOC. Understanding this process can help you prepare for any potential requirements from your lender.

  6. 6

    Wait for Approval and Closing

    The approval process for a HELOC can take between two to six weeks. Once approved, you'll proceed to closing, which involves signing documents and possibly paying closing costs. Some lenders may offer to cover part of these costs, so it's worth inquiring about this option.

Know How Much You Can Borrow in Massachusetts

The average HELOC limit in Massachusetts for the third quarter of 2023 is $153,050, according to Experian. The maximum HELOC amount you can borrow is often tied to the equity you have in your home. Generally, the more equity you have, the higher your potential credit limit can be.

Check out the table below to see the range of credit lines offered by Massachusetts lenders in our database. This can help you compare different options and find the best fit for your financial needs.

Bank of America$15,000 to $1,000,000
Eastern Bank$10,000 to $2,000,000
KeyBank$10,000 to $500,000
TD BankFrom $25,000
Webster Bank, N.A.$10,000 to $500,000
Ask the experts:

What factors should homeowners prioritize when comparing HELOC lenders?

Credit & Mortgage Expert

When shopping for a HELOC, most people focus only on the interest rate. Instead, you should focus on the annual percentage rate (APR) as that is the true cost of what you are paying back. Also consider any fees the lender may be charging you. A lower rate with higher fees can be deceptive.

FAQ: Best HELOC Lenders in Massachusetts

Who is the best HELOC lender in Massachusetts?

How to find the best HELOC lenders for bad credit in Massachusetts?

What factors should I consider when choosing a HELOC lender in Massachusetts?

What are common fees associated with HELOCs that I should compare in Massachusetts?

What is the typical draw period for HELOCs, and does it vary between lenders in Massachusetts?

How can I find a lender with flexible repayment options in Massachusetts?

MoneyGeek's scoring system offers a comprehensive overview of how each lender performed in areas that matter most to borrowers. Scores were allocated based on the inclusion or exclusion of certain desirable features in various critical categories.

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Our analysis was completed in December 2024 and considered different banks and credit unions in Massachusetts from S&P Global's SNL Depository Rates dataset.

101Lenders Analyzed

About Zachary Romeo, CBCA

Zachary Romeo, CBCA headshot

Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.

Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.

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