Best HELOC Rates and Best HELOC Lenders in Massachusetts (2024)

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Updated: July 26, 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.

Best HELOC Lenders in Massachusetts

Best Overall: Lower

Best for Affordability: Lower

Best for Bad Credit: U.S. Bank

Best for Large Loan Amounts: Bank of America

Best for Debt Consolidation: PNC Bank

We evaluated each lender in our research against a rubric including APR ranges, annual fees and affordability.

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Our analysis was completed in July 2024 and includes lenders that do business in Massachusetts.

14Lenders Analyzed

    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

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.

Data filtered by:Results filtered by:
Credit Score:
Credit Score:680 - 740
LTV Ratio:
LTV Ratio:80% or lower
HELOC (10 year)APR7.16%
HELOC (15 year)APR7.16%
HELOC (20 year)APR7.16%

Where does this data come from?

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.

HELOC Calculator
Discover borrowing capacity, interest rates, and make informed financial choices with confidence!
You may be eligible for a HELOC. Because you have an LTV at or below 85%, you may be approved for a home equity line of credit.
10 Years Payoff Scenario
$732/mo
Eligible to Borrow
$62,500
Loan-to-Value Ratio
80%
Note: Lenders set varying limits on the acceptable Loan-to-Value (LTV) ratio, depending on the property type (owner-occupied or investment). Typically, owner-occupied homes have a higher acceptable LTV, often capped at 85%.

    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

How does MoneyGeek recommend lenders for affordability?


    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

How does MoneyGeek recommend lenders for people with bad credit?


    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

How does MoneyGeek recommend lenders for large loan amounts?


    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

How does MoneyGeek recommend lenders for debt consolidation?

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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    Clarify Your HELOC Purpose

    Knowing why you want a HELOC shapes your lender choice. For renovations, lenders with flexible repayment terms are ideal. Debt consolidation might require higher credit limits. In Massachusetts, align your loan purpose with the lender’s offerings for a smoother borrowing experience.

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    Assess Lender Reputation

    Check lender credibility with the Better Business Bureau and the Massachusetts Division of Banks. These agencies maintain lender accountability and customer satisfaction metrics, guiding your decision.

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    Compare Loan Features

    Don't just look at rates. In Massachusetts, delve into loan specifics like closing costs and repayment terms. This comparison ensures you're not surprised by hidden fees or unfavorable payment schedules.

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    Evaluate Community Standing

    A lender's local recognition in Massachusetts reflects its service quality. Scout for local awards or community endorsements, suggesting a positive impact and customer satisfaction, making your choice more informed.

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    Consider Lender Flexibility

    Flexibility matters. In Massachusetts, find lenders offering online prequalification, interest-only payments and conversion from variable rates to a fixed-rate HELOC. Such options provide adaptability to your financial changes.

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.

What's a good HELOC rate in Massachusetts? What are the best HELOC rates in Boston?
Which HELOC lender is best overall in Massachusetts?
Can I still qualify for a HELOC in Massachusetts if I have bad credit?
Which HELOC lender in Massachusetts is best for large loans?
Can I use a HELOC to consolidate debt?
How can I ensure I find the right HELOC lender in Massachusetts for me?

About Zachary Romeo

Zachary Romeo headshot

Zachary Romeo is the Head of Loans and Banking at MoneyGeek, with over 10 years of experience and forthcoming certification as a Commercial Banking and Credit Analyst (CBCA). Previously, he led production teams for some of the largest online informational resources in higher education.

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

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