Many or all companies we feature compensate us. Compensation and editorial research influence how products appear on a page. Home Equity Massachusetts HELOCs Updated Feb 01, 2024   |   6-min read   |   This article has been reviewed by a Certified Financial Planner™ for accuracy. Written by Cassidy Horton Written by Cassidy Horton Expertise: Banking, insurance, home loans Cassidy Horton is a finance writer passionate about helping people find financial freedom. With an MBA and a bachelor's in public relations, her work has been published more than a thousand times online. Learn more about Cassidy Horton Reviewed by Erin Kinkade, CFP® Reviewed by Erin Kinkade, CFP® Expertise: Insurance planning, education planning, retirement planning, investment planning, military benefits, behavioral finance Erin Kinkade, CFP®, ChFC®, works as a financial planner at AAFMAA Wealth Management & Trust. Erin prepares comprehensive financial plans for military veterans and their families. Learn more about Erin Kinkade, CFP® According to our findings, homeowners in Massachusetts take out some of the country’s largest home equity lines of credit (HELOCs). HELOCs allow you to borrow against the equity in your home at an interest rate that’s often lower than high-interest debt. You can use this equity for almost anything—to fund home improvements, consolidate debt, or access cash for other needs. If you’re a homeowner in the Bay State, you may be looking for good HELOC recommendations. You have several options to consider. Read on to discover the best places to find HELOCs in Massachusetts. Table of Contents Skip to Section Can you get HELOC loans in Massachusetts?HELOC rates in MassachusettsBest online HELOCs in MassachusettsBest local HELOC lenders in MassachusettsHow to get the lowest HELOC rates in MassachusettsFAQ Can you get HELOC loans in Massachusetts? Yes, most national and local lenders offer home equity lines of credit in Massachusetts. You can find these loans at most major banks, credit unions, and online lenders. Criteria vary by lender, but you generally need to meet these main requirements: Maximum loan-to-value ratio of 85% (meaning you need at least 15% equity in your home)Credit score of 620 or higherDebt-to-income ratio no higher than 43% (meaning no more than 43% of your monthly earnings go toward debt payments) Some HELOC lenders in Massachusetts may have stricter or looser eligibility requirements than you see here. But as long as your home and credit meet these basic guidelines, you should have multiple providers to choose from. HELOC rates in Massachusetts Residents in the Bay State have several options when it comes to HELOCs. We’ve performed hours of research to round up the best HELOC in Massachusetts from online and local lenders alike. Based on our research, these are the best loans you’ll find. Click the lender’s name in the table below to see more about its HELOC in Massachusetts. LenderStarting APR in MABest forFigure7.75% fixedBest overallBethpage FCU6.99% fixed (12 mos.)Then 8.50% variable Credit unionMass Bay Credit Union3.49%* fixed (6 mos.)Then 7.75%* variableIntro rateThird Federal7.49%* variableRate guaranteeWorcester Credit Union4.95%* fixed (12 mos.)Then 7.50%* variableCompetitive rates*Rates as of January 2024. Best online HELOCs in Massachusetts Massachusetts homeowners seeking flexible home equity financing have several quality options available. We’ve verified that the following lenders offer HELOCs in the state and are popular among residents for their competitive rates, terms, and overall customer satisfaction. Figure – Best HELOC View Rates Editorial rating: 4.9 out of 5 Fully digital application processFunding in as little as 5 daysNo in-person appraisal required Figure offers an innovative and efficient approach to HELOCs. Its digital process allows for quick approvals and funding in as little as five days. This makes Figure a suitable option for those who value time and convenience. Figure’s competitive rates and high loan limits are appealing in Massachusetts, where property values can be high. Its process, which eliminates the need for in-person appraisals, streamlines accessing home equity. Borrowers can redraw up to 100% of the funds and borrow up to $400,000. Bethpage FCU – Best credit union View Rates Editorial rating: 4.2 out of 5 Competitive interest rates and termsMember-focused service Bethpage FCU is known for its member-focused approach. It offers competitive rates and terms, making its HELOC products an attractive option for homeowners. Its introductory offer for the first 12 months means creditworthy borrowers can enjoy a fixed rate before switching to a variable rate for the remainder of the term. Massachusetts residents who join Bethpage can benefit from a more personalized banking experience. Its range of HELOC products caters to various financial needs, whether for home improvement, debt consolidation, or other significant expenses. With Bethpage, members can expect competitive terms and attentive customer service. Best local HELOC lenders in Massachusetts Consider these Massachusetts HELOC providers if you’re looking for a local lender. Mass Bay Credit Union View Rates Best HELOC introductory rate Introductory 3.49% APR* for 6 monthsRates start at 7.75%* after intro periodMinimum $10,000 draw required at closing *As of January 2024 Mass Bay offers competitive HELOC rates and flexible terms as a local credit union serving the Greater Boston area. The intro APR is one of the lowest introductory HELOC rates available. After the introductory period ends, it converts to a variable rate. This allows you to capitalize on initial low rates. You’ll benefit from a 10-year draw period to access funds, followed by 15 years to repay the balance. To become a member, you must live, work, or attend school in certain Massachusetts counties. Third Federal – Best for HELOC rate guarantee View Rates Editorial rating: 3.8 out of 5 Competitive variable rates from 7.49%* APRRate guarantee program beats competing offersNo closing costs or minimum draw requirements *As of January 2024 Third Federal stands out for its lowest rate guarantee on HELOCs for Massachusetts homeowners. If another lender offers you a lower rate for similar terms, Third Federal will beat it or pay you $1,000. To get the guarantee, just provide documentation of the competitor’s offer. This rate guarantee means Massachusetts residents can feel confident getting a Third Federal HELOC. The bank lets you borrow up to 80% of the equity in your home and has no closing costs, minimum draw requirements, or prepayment penalties. Worcester Credit Union View Rates Best for competitive rates Intro 4.95%* APR for 12 monthsOngoing variable rate from 7.50%* APRBorrow up to $250,000 *As of January 2024 Worcester Credit Union offers Massachusetts homeowners a terrific introductory rate on HELOCs. The intro period makes it easy and affordable to access funds for projects. To qualify, you must become a credit union member by opening a Share Savings account with at least a $5 balance. Then you can apply for a HELOC from $10,000 to $250,000. The maximum loan-to-value ratio is 80%. Worcester Credit Union membership is available to anyone who lives, works, attends school, or is retired from certain positions in Worcester or surrounding towns. It’s also open to family members of members. How to get the lowest HELOC rates in Massachusetts The two key requirements you’ll need to meet to snag the lowest HELOC rates in your state are good to excellent credit and sufficient home equity. Some lenders accept scores as low as 620, but you’ll qualify for the best rates if your credit score is at least 700. You also need sufficient equity in your home (typically at least 15%). So if your home is worth $500,000 and you owe $425,000 left on your mortgage, you must have 15% equity ($75,000). The more equity you have and the better your credit, the lower rate you can qualify for. To improve your credit, pay down balances on credit cards and other revolving debt to boost your credit utilization ratio. Also, avoid applying for new credit ahead of your HELOC application. Shopping around is crucial. Compare rates and terms from local banks, credit unions, and online lenders. When applying, get preapproved to minimize the credit score impact. It can take two to six weeks from application to funding. You’ll need to submit documents verifying your income and assets. Expect to undergo an appraisal, credit check, and underwriting. FAQ What is the lowest HELOC rate in Massachusetts? The lowest HELOC rate in Massachusetts varies depending on the lender, the borrower’s creditworthiness, and market conditions. Compare rates from different lenders to find the most competitive offer that aligns with your financial profile. What HELOC has the highest rates in Massachusetts? The HELOC with the highest rates in Massachusetts is often associated with lenders that cater to borrowers with lower credit scores or offer higher loan-to-value ratios. These rates are influenced by the perceived risk and the lender’s policy. Are any lenders’ HELOCs not available in Massachusetts? Some lenders don’t offer HELOC products in Massachusetts due to state-specific regulations, licensing limitations, or operational scope. Two such lenders are Hitch and Spring EQ. Homeowners interested in a HELOC should verify the availability of the lender’s product in Massachusetts before proceeding with an application.