Best HELOC Rates and Lenders in Massachusetts

According to our findings, homeowners in Massachusetts take out some of the country’s largest home equity lines of credit (HELOCs).

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. 

Best online HELOCs in Massachusetts

Residents in the Bay State have several options when it comes to HELOCs. We’ve performed hours of research to find the best HELOCs in Massachusetts.

Company	Rates (APR)	Our rating
Figure	8.80% – 17.45%	4.9/5
LendingTree	Starting at 6.99%	4.7/5
Bethpage FCU	Starting at 8.50%	4.5/5

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

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Editorial rating: 4.9 out of 5

• Fully digital application process
• Funding in as little as 5 days
• No 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.

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LendingTree – Best for comparison shopping

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NMLS #1136 Terms and Conditions apply.

Editorial rating: 4.7 out of 5

• Online marketplace
• Borrow up to $2 million
• No impact on your credit score

LendingTree lets homeowners compare multiple lenders with just one online application. There are no fees, and checking your offers doesn’t impact your credit score.

The lenders in its network let you tap up to 95% of your home’s equity with a borrowing limit of $2 million. Repayment terms can range between five and 30 years, with funds available in as little as five days.

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Bethpage FCU – Best credit union

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Editorial rating: 4.5 out of 5

• Competitive interest rates and terms
• Member-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.

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Best local HELOC lenders in Massachusetts

Consider these Massachusetts HELOC providers if you’re looking for a local lender. 

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Mass Bay Credit Union

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• Introductory 3.49% APR* for 6 months
• Rates start at 7.75%* after intro period
• Minimum $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.

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Third Federal

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• Competitive variable rates from 7.49%* APR
• Rate guarantee program beats competing offers
• No 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. 

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Worcester Credit Union

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• Intro 4.95%* APR for 12 months
• Ongoing variable rate from 7.50%* APR
• Borrow 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.

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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 

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 higher
• Debt-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.

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.