A HELOC gives borrowers access to extra funds to help finance considerable expenses such as college education, home renovations, medical bills and vacations. It can also be used to consolidate debt.

In Massachusetts, HELOC rates range from about 0.99% to 18%. Bank of America is MoneyGeek’s top pick for the best overall HELOC lender in the state.

Before applying for a HELOC, make sure to shop around and use our HELOC guide to find the best lenders and deals to suit your needs.

Home Equity Line of Credit (HELOC) Rates for 2023

If you’re looking to apply for a HELOC, it’s important to compare rates and terms from multiple lenders to find the one for you.

The table below provides an overview of home equity line of credit rates and other pertinent lender information as of May 2022. Because rates and other information may change in the following months, MoneyGeek will continue to update the data presented in this table.

Loan Amount
Min. Credit Score Requirement
Repayment Terms
Annual Fees
Pre-Approval Time

3.75% to 18%

$25,000 to $1,000,000


10-year draw period and 20-year repayment period



Not specified

Not specified

Not specified

Not specified

Not specified

Not specified

1.99% special
introductory variable
APR for 6 months,
then as low as
4.35% variable

$25,000 to $1,000,000

Not specified

10-year draw period, 20-year repayment period

Not specified

Not specified

3.65% to 8.80%

$15,000 to $750,000


10-year draw period, unspecified repayment period


Not specified

Starting at 3.99%

$10,000 to $500,000

Not specified

10-year draw period and 20-year repayment period


Not specified

Starting at 4.64%

$10,000 to $500,000

Not specified

10-year draw period and 20-year repayment period


24 hours

Starting at 3.50%

$15,000 to $400,000


5 to 30 years

3% to 4.99%

24 hours

Starting at Prime - 0.50%

Starting at $17,500

Not specified

10-year draw period, 15-year repayment period


Not specified

Starting at 3.34%

Starting at $25,000


Not specified


Not specified

3.49% for 6 months
(4.08% thereafter)

Starting at $5,000

Not specified

15-year draw period with 15-year repayment period


24 hours

3.75% to 10.63% variable

$10,000 to $500,000

Not specified

10-year draw period, and then 20 years for repayment


Not specified

MoneyGeek’s Picks for Best HELOC Lenders in Massachusetts

Our mission at MoneyGeek is to help our readers make the most informed and data-driven financial decisions.

To help you find the best home equity line of credit lenders, we rounded up our top picks in Massachusetts to help you select one that matches your needs and situation.

Not many lenders offer HELOCs, and those that do are usually national banks. If a national lender declines your HELOC application, MoneyGeek recommends that you check with your local credit unions for alternative options.

Best Overall HELOC Lender in Massachusetts: Bank of America

  • Bank of America

    Bank of America offers a 1.99% introductory variable APR for six months and as low as 4.35% variable after.

    • 7.49% (introductory rate) then 9.90%APR Range
    • Generally $25,000 to $1,000,000Loan Amount Range
    • 10-year draw period; 20-year repayment periodRepayment Terms
    • NoneAnnual Fees
    • UndisclosedPre-Approval Time

    Bank of America

Best HELOC Lender for Good Credit in Massachusetts: U.S. Bank

  • U.S. Bank

    Borrowers with good credit can benefit from fixed rates from U.S. Bank.

    • 8.95% to 12.70%APR Range
    • $15,000 to $750,000 ($1 million in California)Loan Amount Range
    • 10-year draw period; up to 30 years repayment periodsRepayment Terms
    • Up to $75Annual Fees
    • UndisclosedPre-Approval Time

    U.S. Bank

Best HELOC Lender for Bad Credit in Massachusetts: Figure

  • Figure

    Borrowers with fair credit are eligible for Figure’s HELOC.

    • 6.10% to 14.74%APR Range
    • $20,000 to $400,000Loan Amount Range
    • 5 to 30 yearsRepayment Terms
    • NoneAnnual Fees
    • 24 hoursPre-Approval Time


Best HELOC Lender for Competitive Rates in Massachusetts: PenFed

  • PenFed Credit Union

    PenFed has the lowest introductory APR of 0.99%.

    • Starting at 8.625%APR Range
    • $25,000 to $500,000Loan Amount Range
    • 10-year draw period; 20-year repayment periodRepayment Terms
    • $99Annual Fees
    • UndisclosedPre-Approval Time

    PenFed Credit Union

HELOC vs. Home Equity Loans

HELOCs and home equity loans (HELOANs) are the most popular options to finance large expenses using your home as collateral. Although these two financial products may look similar at first glance, there are certain differences and features that you should consider when choosing one.

A home equity loan has fixed interest rates and fixed repayment terms and is given as a lump sum to the borrower. On the other hand, a home equity line of credit is a revolving credit line that functions similarly to a credit card; you can withdraw money as often as needed up to a specified limit and pay back your loan slowly over time. HELOC rates are variable and are based on market conditions.

Read the table below to learn more about the key differences between HELOCs and HELOANs.

Home Equity Loan

Interest Rate

Adjustable interest rate,
but fixed-rate options are available

Fixed interest rate

Monthly Payment

Changes depending on
the amount of money borrowed

Fixed monthly payments

Repayment Terms

During the draw period, borrowers pay
interest on the money they borrowed;
after the draw period, they repay any
principal owed in addition to interest

Repayment starts as soon as
the money is given to the borrower

Fund Disbursements

Line of credit

Lump sum delivery

How to Apply for a HELOC

It is easy and convenient to apply for a home equity line of credit in Massachusetts. Most lenders allow online applications, which only require basic personal and financial information. Borrowers can also be approved within a few minutes.


Determine how much you need

Before applying for a HELOC, you must already have an idea of your preferred loan amount and how you intend to use it. A HELOC can be used for various financial purposes, but is generally recommended for debt consolidation and funding large expenses like home renovations and college education. This is because HELOCs often have lower APRs compared to other loan types.


Assess your financial standing

Be honest with yourself in evaluating your current financial situation and do some simple number crunching to determine if you have the capacity to repay what you’ll owe. Determine if your income is enough to make the regular payments and still have some left over for your monthly living expenses. Additionally, you should check that you meet the lender’s minimum requirements for borrowing and debt-to-income ratio.


Shop around and compare lenders

By comparing HELOC lenders and their offerings, you’ll be able to identify the one that best matches your financial needs and situation. Carefully read multiple lenders’ offerings, rates and terms and check if there are any associated costs and fees.



Most HELOC applications can be done entirely online, but some lenders also have the option for in-branch or over-the-phone applications. Generally, the process will require you to provide information about your income, employment and financial assets like bank statements and proof of investments. Use MoneyGeek’s guide for helpful and practical tips in applying for a HELOC.


Use funds wisely

Once you start withdrawing from your HELOC, you must use the funds for their original intended purpose and make regular payments to avoid falling into considerable debt. Keep in mind that you run the risk of losing your home if you default on your HELOC.

Frequently Asked Questions About HELOCs

Navigating the topic of home equity lines of credit may be quite a challenge, especially for first-time borrowers. To help you decide if this is the best option for you, MoneyGeek provided answers to some commonly asked questions.