Borrowing from the equity in your home is a great way to pay off high-interest debt, make home improvements, pay tuition, or provide a source of funds for unforeseen or emergency expenses.
Featuring low interest rates, little or no closing costs, and potential tax advantages, a Home Equity Line of Credit or a Home Equity Loan are both great options for homeowners. Which option works best for you?
Home Equity Borrowing Options

Accessed as needed, a Home Equity Line of Credit provides a 10-year window to draw funds for use as needed, followed by a 15-year repayment period. During the 10-year draw period, borrowers are required to make interest only payments, which is helpful for cash flow and budgeting.
- Flexibility to access line as needed
- Interest-only payments
- Potential tax advantages*
View Current HELOC Rates & Apply >
Contact Our Residential Lending Team >
*Consult a tax advisor to determine your situation

A Home Equity Loan is a fixed rate, fixed-term installment loan. Regular principal and interest payments are required each month. Home Equity Loans are a great way to refinance a higher interest first mortgage given the low rates and little or no closing costs.
- Fixed rate and fixed monthly payments ideal for budgeting
- Great option for refinancing a first mortgage
- Potential tax advantages*
View Current Home Equity Loan Rates & Apply >
Contact Our Residential Lending Team >
*Consult a tax advisor to determine your situation

Westfield Bank is celebrating our 170th birthday with a present to our customers. Right now, enjoy a special anniversary rate on our Home Equity Line of Credit. It could be the right time and the right way for you to finance home improvements, pay off high interest debt, or free up emergency funds. Plus, closing is fast and easy from Westfield Bank—your regional community bank.
Special Offer: 1.70% APR* for the first 3 months then Prime -1% for an average daily balance of $25,000+, or Prime +0% for an average daily balance of $24,999 or less
*Account must be opened prior to closing. After the initial 3 month introductory period, the interest rate on an average daily balance of $24,999 or less for the monthly statement period will be Prime rate as published in the Wall Street Journal, currently 8.50% as of 7/27/2023 and the interest rate on the average daily balance of $25,000 or more for the monthly statement period will be Prime rate -1.00%, currently 7.50% as of 7/27/2023 with a blended APR between 7.50% and 8.50%. After the initial 3 months, the interest rate will be variable and may increase. The maximum APR is 18%. The minimum interest rate is 3.75% with an APR of 3.75%. Rates are for owner-occupied properties only. Maximum loan-to-value (LTV) is 80%. Processing fee of $99 will apply if line of credit is approved and closed. Borrower-paid appraisal required for loans equal to or greater than $400,000 or for loans less than $400,000 where the bank is unable to determine a value using the standard method. Appraisal costs are $580 for a single family property or $780 for a 2-4 family property. Other closing costs may vary based on the HELOC amount requested. Property insurance is required. Offer may be rescinded by Westfield Bank at any time without notice.