Your home has a hidden superpower: it can turn your dreams into reality! Tap into your home’s equity with a HELOC to provide funding for what matters most to you.
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We also offer HELOCs with different rates, fees, or terms for consumers with special situations and unique circumstances:
HELOC stands for “home equity line of credit.” It’s a revolving credit line that lets you tap into your home’s equity to provide funding for what is most important to you. It’s similar to a credit card, where you can borrow as much as you need, whenever you need it, as long as you don’t exceed your credit limit.
HELOCs are flexible, so you can use them for all kinds of things! Secure a down payment on a second home, complete a home renovation, consolidate debt, or pay for important life plans like college tuition, dream vacations, and more. When you use a HELOC, it’s on the house.
HELOC interest can sometimes be tax deductible, but that can depend on factors like how you use the funds and your specific tax situation. We recommend checking with your tax advisor for advice!
Yes, you can refinance a HELOC! Refinancing can be a smart move to help you maintain your financial health while pursuing what matters most to you. Get in touch with us to learn more about your options.
A home equity loan gives you a one – time lump sum, while a HELOC is more like a credit card. During your draw period, you can borrow and repay as much of your available equity as you want, as long as you don’t exceed your credit limit.
The most important HELOC requirement: you need to have available equity in your home. This often means meeting a required loan-to- value percentage as well. And, as with any loan, a good credit score is always important!
You can apply for a HELOC online or call us at 781-444-2100. Your Needham Bank experts are here to help you through every step of the process, including throughout the duration of your loan!
A home equity line of credit isn’t the only way to achieve your dream home:
Our Home Equity Specialist, Gail Colella, knows just how to provide a relaxed, straightforward, and convenient borrowing experience. If you have any questions, she’s sure to have answers!
We’re not just your bank. We’re your neighbors, and we’re committed to serving you with the same steadfast community values we were founded on. Let’s conquer your finances together.
*Annual Percentage Rate (APR) as of November 8, 2024. Maximum APR is 18% and minimum APR is 3%. APR is variable and may change monthly. Maximum combined loan-to-value of 80%. Draw on the line for up to 10 years with up to 10 years to repay the funds used. Line amounts up to $250,000 are offered with complimentary closing costs. Additional fees may apply for first lien HELOCs or properties held in trust. Line amounts over $250,000 or first mortgage liens will require title insurance to be paid by the borrower at closing. Additional borrower paid costs in the range of $250-$1,000 is required at closing on property held in trust. Property insurance is required. Borrower is required to maintain a free NB Checking account to access the HELOC. Terms available for primary residences or secondary homes. Alternate terms available for qualified investment properties. An Early Termination Fee of $500 will apply if the HELOC is terminated within 24 months. Subject to credit approval. NMLS #2141744.
**Some restrictions apply.