Home Equity Line & Loan Rates

You've put a lot of hard work into your home. And because of that, you've accumulated equity in your investment. Why not put that equity to work for you to help finance additional home improvements, pay off high interest debt, or provide yourself with an emergency source of funds should a need arise?

Questions? Call us at 413.568.1911, 860.838.3766, or 800.995.5734, or visit one of our convenient offices.

Rates are accurate as of May 23, 2024. All rates are subject to change without notice.
Westfield Bank NMLS ID 439933

*Annual Percentage Rate (APR) is blended between 7.50% and 8.50%. The interest rate on an average daily balance of less than $25,000 for the monthly statement period will be Prime Rate as published in the Wall Street Journal, currently 8.50% as of 5/3/2024 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 5/3/2024. 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 $150 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. Other closing costs may vary based on the HELOC amount requested. Property insurance is required.

Home Equity Line of Credit - 10 Year Draw, 15 Year Repayment Period - Up to 80% CLTV

Interest Rate Annual Percentage Rate (APR) Index Margin Monthly Payment Per $1,000 Borrowed* Apply
Prime Rate minus 1.00%
7.50%
(For average daily balances $25,000 and above)¹
Blended 7.50% - 8.50% 8.50% -1.00% Interest Only Apply Now
Prime Rate plus 0.00%
8.50%
(For average daily balances less than $25,000)²
Blended 7.50% - 8.50% 8.50% 0.00% Interest Only Apply Now

Home Equity Line of Credit | 10 Year Draw, 15 Year Repayment Period - 80.01-85.00% CLTV†

Annual Percentage Rate (APR) Index Margin CLTV Monthly Payment Per $1,000 Borrowed* Apply
9.000%³ 8.500% 0.50% 80.01 - 85.00% Interest Only Apply Now

The minimum Home Equity Line of Credit amount is $10,000. The index is Prime Rate as published in the Wall Street Journal, currently 8.500% and can change monthly after remaining fixed for 1 day. An increase in the interest rate will result in a higher monthly payment. The maximum APR is 18%. The Home Equity Line of Credit is subject to an early termination fee of $550.00 if prepaid in full and closed within 24 months. The 10-year draw period is interest only and the remaining 15-year repayment period will be the principal balance remaining at the end of the draw period divided by the number of months in the repayment period, plus interest. ¹For average daily balances $25,000 and above on the day the monthly statement is issued, the interest rate will be Prime Rate minus 1.00% with a minimum interest rate of 3.750%. ²For average daily balances less than $25,000 on the day the monthly statement is issued, the interest rate will be Prime Rate with a minimum interest rate of 3.750%. ³The interest rate will be Prime Rate Plus 0.50% with a minimum interest rate of 4.250%.

Home Equity Loan (First Lien) | 80% CLTV

Term Interest Rate Annual Percentage Rate (APR) Monthly Payment Per $1,000 Borrowed* Apply
5 Years 6.500%5 6.563% $19.57 Apply Now
10 Years 6.750%5 6.784% $11.48 Apply Now
15 Years 7.000%5 7.024% $8.99 Apply Now
20 Years 7.125%5 7.144% $7.83 Apply Now

Home Equity Loan (Second, Subordinate, Junior Liens) | 80% CLTV

Term Interest Rate Annual Percentage Rate (APR) Monthly Payment Per $1,000 Borrowed* Apply
5 Years 6.875%5 7.138% $19.74 Apply Now
10 Years 7.125%5 7.269% $11.68 Apply Now
15 Years 7.500%5 7.607% $9.27 Apply Now

Home Equity Loan (Second, Subordinate, Junior Liens) | > 80% to 85% CLTV†

Term Interest Rate Annual Percentage Rate (APR) Monthly Payment Per $1,000 Borrowed* Apply
5 Years 7.500%5 7.759% $20.04 Apply Now
10 Years 7.750%5 7.898% $12.00 Apply Now
15 Years 8.000%5 8.109% $9.56 Apply Now

The minimum Home Equity Loan amount is $5,000. ⁵Interest rate reflects a 0.25% discount if you maintain an automatic payment withdrawal from a new or existing Westfield Bank checking account. The account must be opened prior to the settlement of your loan.



General Disclosures Applicable to All Home Equity Loans and Lines

Home Equity Loan and Home Equity Line of Credit products are available for one-to-four-unit owner occupied primary residences including condominiums. Subject to individuals residing or working in Massachusetts or Connecticut. CLTV = Combined Loan to Value. An appraisal is required for a loan request greater than or equal to $400,000 or CLTV is >80%-85%. Homeowners insurance is required on the property securing the loan. You must pay certain third-party fees for loans greater than or equal to $250,000. These fees total between $0.00 and $2,457.00. If you ask, we will give you an itemization of the fees that you will have to pay to third parties. *The monthly payment does not include taxes and insurance. Your actual payment may be greater. For Home Equity Loans and Lines of Credit >80%-85% CLTV, the maximum loan amount is $50,000.

Rates are subject to change without notice. These program descriptions are not an offer to extend credit. The extension of credit is dependent upon your credit history, loan-to-value ratio, and other factors.