Best HELOC Rates and Lenders in Massachusetts for 2024

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Reviewed byTimothy Manni
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Updated: April 19, 2024

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The best home equity line of credit (HELOC) lender in Massachusetts is Lower. It provides flexible options with an APR range of 8.75% to 13.5% and offers loan amounts from $15,000 to $500,000 to suit a variety of needs. With no annual fees and its services available online only, it appeals to a broad homeowner base, including those with credit scores starting at 580. MoneyGeek considered a variety of factors to determine the best lender, not just cost.

In Massachusetts, MoneyGeek reviewed 14 HELOC lenders. Homeowners should keep in mind that additional lenders exist beyond this study. For instance, Mass Bay Credit Union, MassMutual Federal Credit Union and Freedom Credit Union are local options with their own unique HELOC offerings, potentially beneficial to Massachusetts homeowners.

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    Overall Best HELOC Lender in Massachusetts

  • Lower

    • 8.75% to 13.5%APR Range
    • $15,000 to $500,000Loan Amount Range
    • 580Minimum Credit Score
    • 10-year draw period; undisclosed repayment period Repayment Terms
    • NoneAnnual Fees

    Lower is the top HELOC lender in Massachusetts. Homeowners looking to access their home's equity will find its APR range of 8.75% to 13.5%, loan amount options from $15,000 to $500,000 and a minimum credit score requirement of 580 appealing. Lower makes details readily available online, ensuring straightforward financial decisions. It also offers no annual fee and personalized support post-application, catering to a diverse clientele seeking flexible solutions for their financial needs.

    Pros

    • Accepts a credit score as low as 580
    • A+ rating from BBB
    • Provides personalized support after closing

    Cons

    • No fixed-rate HELOC conversion
    • Repayment period not disclosed
    • No financial hardship assistance
    Lower
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HELOC Rates in Massachusetts By Credit Score

In Massachusetts, your home equity line of credit (HELOC) APR hinges on various factors. Even homeowners with good credit and a favorable loan-to-value (LTV) ratio below 80% can find varying rates, shaped by their chosen repayment terms. Review the table to see rate shifts aligned with different parameters.

Loan Type
APR

HELOC (10 year)

7.28%

HELOC (15 year)

7.28%

HELOC (20 year)

7.28%

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Comparing APRs from various HELOC lenders in Massachusetts is key to finding lower interest rates. Lower rates can lead to significant savings over the loan's life, affecting your monthly payments and the total cost of borrowing against your home's equity. Thorough comparison ensures you secure a more favorable lending experience.

HELOC Calculator: Do You Qualify in Massachusetts?

Massachusetts homeowners sit on a wealth of opportunity with their home equity, per TransUnion's report. Higher equity may pave the way for a more substantial HELOC. Meanwhile, with an average credit score of 732, based on data from Experian, many homeowners in Massachusetts align well with HELOC lending criteria.

Your HELOC eligibility isn't limited to equity and credit score. The HELOC calculator can aid you by manipulating variables; a strategic step to glean your potential footing with lenders in Massachusetts.

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    Best HELOC Lender in Massachusetts for Affordability

  • Lower

    • 8.75% to 13.5%APR Range
    • $15,000 to $500,000Loan Amount Range
    • 580Minimum Credit Score
    • 10-year draw period; undisclosed repayment period Repayment Terms
    • NoneAnnual Fees

    Lower is the top choice for a HELOC lender in Massachusetts for homeowners focused on saving money. With APRs ranging from 8.75% to 13.5% and no annual fees, Lower offers significant cost benefits. Additionally, potential rate discounts further enhance savings for borrowers.

    Lower provides a credit line from $15,000 to $500,000 for homeowners with credit scores starting at 580, promoting accessibility. Homeowners in Massachusetts will find these features favorable to maintaining affordability while leveraging their home's equity.

    Pros

    • Accepts credit scores from 580
    • A+ rating from BBB
    • Personalized support post-application

    Cons

    • No rate discounts offered
    • No option to convert to fixed-rate
    • Does not disclose repayment period length
    Lower
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    Best HELOC Lender in Massachusetts for Bad Credit

  • U.S. Bank

    • 8.95% to 13.1%APR Range
    • $15,000 to $750,000Loan Amount Range
    • 660Minimum Credit Score
    • 10-year draw period; up to 20-year repayment periodRepayment Terms
    • Up to $75Annual Fees

    U.S. Bank is the preferred option for homeowners in Massachusetts with bad credit seeking a HELOC. Bad credit doesn't shut the door on your chances to get a HELOC, but it might lead to higher interest rates. U.S. Bank caters to this need with a minimum credit score of 660, maximum APR capped at 13.1% and the possibility to lock in a fixed rate.

    Its autopay discount, which reduces the rate by 0.5%, stands out. This lender provides flexible options like interest-only payments during the draw period and no closing costs, making it more accessible for those with less-than-perfect credit. U.S. Bank is accredited by the BBB, though it currently does not have a rating.

    Pros

    • Offers a fixed-rate option
    • Minimum line amount is $15,000
    • No closing costs

    Cons

    • Closing must be in-person
    • Early closure fee max $500
    • Annual fee of $75
    U.S. Bank
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    Best HELOC Lender in Massachusetts for Large Loans

  • Bank of America

    • Starting at 9.82%APR Range
    • $25,000 to $1,000,000Loan Amount Range
    • UndisclosedMinimum Credit Score
    • 10-year draw period; 20-year repayment periodRepayment Terms
    • NoneAnnual Fees

    Bank of America is the top pick for Massachusetts homeowners seeking large HELOCs. With a $1 million max loan amount, owners can access substantial funds. It provides a 10-year draw period, allowing borrowers ample time to use funds as needed. Plus, a 20-year repayment period ensures payments are manageable.

    Bank of America also has no annual fees, application fees or closing costs. These features ensure homeowners can tap into their equity without worrying about extra charges over time. Bank of America's A- BBB rating reflects its strong customer service reputation.

    Pros

    • Max loan amount: $1 million
    • Competitive initial rate: 6.99%
    • No hidden fees

    Cons

    • Must close in person at a center
    • $450 early closure fee
    • No online minimum HELOC specifics
    Bank of America
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    Best HELOC Lender in Massachusetts for Debt Consolidation

  • PNC Bank

    • 8.22% to 14.5%APR Range
    • $10,000 to $1,000,000Loan Amount Range
    • UndisclosedMinimum Credit Score
    • Undisclosed draw period; 5-30 year repayment periodRepayment Terms
    • $50Annual Fees

    PNC Bank is the top pick for Massachusetts homeowners looking to consolidate debt using a HELOC. A HELOC can serve as a tool to manage high-interest debts like credit cards and personal loans. PNC Bank offers competitive features such as an APR range of 8.22% to 14.5% and the ability to borrow up to $1 million, aligning with a borrower's need for a substantial loan limit to cover their balances.

    PNC Bank promotes quick access to funds, usually within three days after closing, making it a swift solution for debt management. Homeowners benefit from the flexibility to switch between variable and fixed rates and a reduction in rate for using autopay. These features ensure efficient, cost-effective debt consolidation opportunities.

    Pros

    • Allows switching between rate types.
    • Borrow up to $1 million.
    • Online application tracking available.

    Cons

    • Charges a $50 annual fee
    • Does not disclose important information
    • Charges a late fee
    PNC Bank
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How to Choose a HELOC Lender in Massachusetts

MoneyGeek has presented the top picks for HELOC lenders in Massachusetts. To expand your search, a few strategic moves can guide you to the right lender for your needs, assuring a smarter decision for your HELOC:

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FAQ: HELOC Lenders and Rates in Massachusetts

Navigating the options for a HELOC lender in Massachusetts can be tricky. The questions below are designed to clarify the selection process, offering insights into interest rates, fees and lender reputation to empower borrowers in making thoughtful financial choices for their home equity line of credit.

A competitive HELOC rate in Massachusetts is approximately 7%. Such rates typically apply to situations with a loan-to-value (LTV) ratio of 80% or less and a credit score ranging from 680 to 740. However, rates may vary depending on an individual's creditworthiness and the chosen lender.

Lower is recognized as the best overall HELOC lender in Massachusetts due to its advantageous APR range of 8.75% to 13.5%, a loan amount range between $15,000 and $500,000 and a minimum credit score requirement of just 580. These factors greatly benefit homeowners in Massachusetts seeking flexible HELOC options.

Yes, homeowners with bad credit can still qualify for a HELOC in Massachusetts. U.S. Bank, for instance, offers HELOCs with a minimum credit score requirement of 660. When choosing a lender, consider factors like minimum credit scores, potential discounts, and the highest APR offered.

For substantial loans, Bank of America stands out, offering a loan amount range up to $1,000,000. Homeowners may need large loans for significant expenses such as extensive home renovations or investing in property.

Yes, a HELOC can be a strategic way to consolidate debt. When selecting a HELOC for debt consolidation, consider APR Range, Time to Receive Funds, and Loan Amount Range to find terms suitable for repayment. MoneyGeek’s pick for this purpose is PNC Bank.

To find the right HELOC lender in Massachusetts, assess your intended use for the HELOC and understand your financial standing. Lenders vary in specialties, terms, and benefits, so aligning your needs and priorities with a lender’s offerings will help you find the best match.

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