The Best HELOC Rates and Lenders in Massachusetts

Bank of America is MoneyGeek’s top recommendation for the best overall HELOC lender in Massachusetts. Homeowners who need a large loan amount will stand to gain from its high loan limits of up to $1,000,000. Borrowers who prefer to avoid paying excessive fees will appreciate the lack of additional charges for any application or annual fees. Bank of America also covers closing expenses on lines up to and including $1,000,000.

Bank of America borrowers will receive a 0.25% discount for setting up automatic payments. There are additional discounts if you’re a Preferred Rewards member.

However, borrowers who terminate their HELOC within 36 months of opening will need to pay an early closure penalty of $450.

Pros

• Low introductory APR
• No annual fee
• Autopayment discount of 0.25%
• No closing costs on lines up to $1,000,000
• Up to 1.5% discount for initial withdrawals

• APR: 1.99% for six months; 4.35% after six months
• Loan Amount: $25,000–1,000,000
• Repayment Terms: 10-year draw period; 20-year repayment period
• Minimum Credit Score: Not specified
• Annual Fees: None

U.S. Bank is an excellent option for homeowners in Massachusetts who are planning to open a HELOC. Borrowers with a credit score of 730 or above can qualify for lines of credit of up to $750,000, depending on creditworthiness.

U.S. Bank’s clients who have existing checking or savings accounts may also qualify for a 0.5% interest rate discount by simply signing up for autopayment.

However, borrowers with less than stellar credit standing should consider applying with another lender. Also, if you’re unsure about getting a HELOC, be mindful of the early closure fee that U.S. Bank charges, which is equivalent to 1% of the original credit line amount up to a maximum of $500, if you prepay or close your HELOC within the first 30 months.

Pros

• Has a fixed-rate option
• Low APRs
• High loan maximum of $750,000
• No application fees
• No closing costs

• APR: 4.20%–9.35%
• Loan Amount: $15,000–750,000
• Repayment Terms: 10-year draw period; unspecified repayment period
• Minimum Credit Score: 730
• Annual Fees: $90
• Pre-Approval Time: Not specified

Figure is MoneyGeek’s top pick for homeowners with less than stellar credit in Massachusetts. It offers HELOCs ranging from $15,000 to $400,000 without charging account opening fees, maintenance fees or early payment penalties. You can maximize your savings through discounts for credit union members and for setting up automatic payments. This lender also has generous repayment terms of up to 30 years if you feel the need for an extended loan period. Figure also has a quick application process that allows borrowers to get pre-approved within 24 hours.

Keep in mind that Figure charges a 3% to 4.99% origination fee depending on your creditworthiness and location of the property. Borrowers have the option to pay an origination fee in exchange for reduced APR.

Pros

• Entirely online application process
• No annual fee
• Requires a low minimum credit score of 620
• Low APR starting at 3.24%
• Pre-approval within 24 hours and funding in as few as five days
• Quick online customer service response in as little as 45 seconds

• APR: Starts at 3.24%
• Loan Amount: $15,000–400,000
• Repayment Terms: 5–30 years
• Minimum Credit Score: 620
• Annual Fees: None
• Pre-Approval Time: 24 hours

PenFed is MoneyGeek’s top recommendation for borrowers in Massachusetts who are looking for competitive rates on a HELOC. It provides a promotional six-month 0.99% APR; but after that period, interest rates will range from 4.25% to 18%, even if you switch to the fixed-rate option.

Massachusetts homeowners with fair credit of at least 660 can qualify for a line of credit ranging from $25,000 to $1,000,000 with a repayment period of up to 20 years. Be mindful of the conditional annual fee of $99 that is applied if $99 in interest was not paid during the previous year.

PenFed doesn’t provide the option for online applications, so you’ll need to call or visit the credit union office in your area to check if you are pre-approved.

Pros

• Maximum loan amount of $1,000,000
• Has a fixed-rate option
• Lowest introductory APR of 0.99% for the first six months
• Interest-only payments during the 10-year draw period
• Gives the option to switch from a variable to a fixed rate on all or some of your interest payments

• APR: 0.99% for six months; 4.25% to 18% after that
• Loan Amount: $25,000–1,000,000
• Repayment Terms: 10-year draw period; 20-year repayment period
• Minimum Credit Score: 660
• Annual Fee: $99 conditional
• Pre-Approval Time: Not applicable