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Home Equity Options

Home Equity Loans allow you to borrow against the equity in your home.  Because your home is such a valuable asset, you can often qualify more easily for a Home Equity Loan and benefit from a lower interest rate than financing with a Personal Loan or a credit card.

There are two options for Home Equity Loans. Our experienced mortgage lending team is here to advise and guide you on the best financing option for your situation.

Home Equity Loan

Also referred to as a Second Mortgage, a Home Equity Loan (HE) is a fixed-term loan where you borrow cash upfront and pay it back on a regular schedule with a fixed interest rate, much like a standard fixed mortgage.

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Home Equity Loan Rates

Term Annual Percentage Rate Payment per $1,000
60 Months 7.250% $19.92
120 Months 7.375% $11.81
180 Months 7.625% $9.34

Rates shown are with automatic payment from your Lowell Five deposit account.  All APRs are subject to change at any time without prior notice.  Rates effective 5/23/2024.


Fixed or Variable Rate Fixed
How do I receive my funds? Full loan amount provided at closing.
  • Fixed rate and fixed term means predictable repayment schedule
  • No early repayment penalty
Combined Loan to Value (LTV) 70%
Draw Period (pay only the interest and withdraw additional amounts) n/a
Repayment Period (pay principal and interest) 5, 10, or 15 years
Loan ranges $10,000 to $750,000 on primary residence
Lien Position Junior

How do I calculate my equity?

Your equity is the difference between what your home is worth and how much you owe on your home.  For example, if your home is worth $400,000 and you owe $250,000, your equity is $150,000.

How much can I borrow?

How much you can borrow depends on factors such as how much equity you have, how much other debt you have, your income and employment situation, and your credit rating. Our experienced mortgage lending team is here to advise and guide you. Call us at 978.452.1300 or visit any Lowell Five branch to speak with an advisor today.

More questions?

Our Mortgage Web Resource Center provides a glossary of mortgage-related terms, information on rates and fees, and financial calculators to assist you with your planning.

Connect with a Lowell Five Advisor