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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 Line of Credit

A Home Equity Line of Credit (HELOC) allows you to borrow up to a certain limit, which you access when needed, giving you more flexibility. If you end up needing less money than expected, you can borrow less and only pay interest on that lesser amount rather than the full amount you qualified for.

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Fixed or Variable Rate Variable
How do I receive my funds? Withdraw funds as needed during the draw period
  • Only pay interest on amount borrowed
  • Can draw additional amounts during draw period
  • No early repayment penalty
Combined Loan to Value (LTV) 70%
Draw Period (pay only the interest and withdraw additional amounts) 10 years
Repayment Period (pay principal and interest) 10 years
Loan ranges $10,000 to $750,000 on primary residence
Lien Position First, Junior

Home Equity Loan Rates

Term APR Payment per $1,000
60 Months 6.00% $19.33
120 Months 6.25% $11.23
180 Months 6.50% $8.71

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 11/1/2022

Equity Line of Credit

Term APR
Equity Line of Credit
120 month draw period followed by 120 month repayment period. Prime Rate*, Variable

LTV is determined as (1st Mortgage + Equity Loan)/Property Value.

Higher APRs apply unless payment is automatically deducted from your Lowell Five Deposit Account. All APRs subject to change at any time without prior notice.

*Variable rates calculated monthly tied to the Wall St. Journal Prime Rate, currently Prime is 7.00%.

Payments of interest only for the draw period, then payments of principal and interest for the 120 month repayment period. $25.00 inactivity fee will apply if account is not used during any twelve-month period. Maximum APR is 18%. Minimum APR is 3%. Property insurance and Flood Insurance (if applicable) is required.

Home Equity Loans and Lines of Credit are subject to approval.



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