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 November 30, 2023. All rates are subject to change without notice.
Westfield Bank NMLS ID 439933


Home Equity Line of Credit | 10 Year Draw | 15 Year Repayment Period

Annual Percentage Rate (APR) Index Margin CLTV Monthly Payment Per $1,000 Borrowed Apply
8.500% 8.500% 0.00% Up to 80% Interest Only4,5,6 Apply Now
9.000% 8.500% 0.50% 80.01 - 85%3 Interest Only4,7 Apply Now

The minimum line of credit for the Home Equity Line of Credit is $10,000. An appraisal is required if a loan request is greater than or equal to $400,000.

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%. Homeowners insurance is required on the property securing these loans.

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.

3For Lines >80.01% - 85% CLTV, the maximum loan amount is $50,000. Borrower-paid appraisal required.

4The 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.

5For 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%.

6For 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%.

7The 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) Payment per $1,0002 Apply
5 Years 6.375%1 6.416% $19.51 Apply Now
10 Years 6.625%1 6.647% $11.42 Apply Now
15 Years 6.875%1 6.891% $8.92 Apply Now
20 Years 7.000%1 7.013% $7.75 Apply Now

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

Term Interest Rate1 Annual Percentage Rate (APR) Payment per $1,0002 Apply
5 Years 6.750%1 6.967% $19.68 Apply Now
10 Years 7.000%1 7.119% $11.61 Apply Now
15 Years 7.375%1 7.464% $9.20 Apply Now

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

Term Interest Rate Annual Percentage Rate (APR) Payment per $1,0002 Apply
5 Years 7.375%1 7.589% $19.98 Apply Now
10 Years 7.625%1 7.748% $11.94 Apply Now
15 Years 7.875%1 7.966% $9.48 Apply Now

The minimum Home Equity Loan amount is $5,000. An appraisal is required for loans less than or equal to 80% CLTV if loan request is greater than or equal to $400,000

For loans greater than 80% to 85% CLTV, the maximum loan amount is $50,000 and a borrower paid appraisal is required.

1 Interest rate reflects a 0.25 discount as long as 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.

2The monthly payment does not include taxes and insurance. Your actual payment may be greater.

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. Homeowners insurance is required on the property securing the loan.

Subject to individuals residing or working in Massachusetts, Connecticut.

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