Home equity line of credit
Keep your low first mortgage and borrow only what you use
A revolving line of credit secured by your home, ideal for phased renovations and tuition paid over time.
Home equity line of credit: how it works
A HELOC works like a credit card secured by your home. You are approved for a limit, draw what you need during a 10-year draw period, and pay interest only on the balance you use. After the draw period, the balance converts to a repayment schedule.
The biggest advantage for many Boston homeowners is that a HELOC sits behind your existing mortgage. If you locked a 3% rate in 2021, you keep it, and only the new borrowing carries today's rate.
Rates are variable and tied to the prime rate, so we also offer an option to fix the rate on portions of your balance, for example once a kitchen project is complete and the cost is known.
What's included with Harborview
- No closing costs on lines up to $250,000 (sample offer)
- Online and check access to your line
- Fixed-rate lock on portions of your balance
- Interest-only payments during draw period
- No prepayment penalty
- Appraisal waiver options for smaller lines
The process, step by step
Your loan officer stays with you the whole way, and you get status updates by text at every milestone.
Quick equity check
We estimate your available line in one conversation.
Application
Credit, income and property review, often without a full appraisal.
Approval
Most HELOCs are approved within 10 business days.
Draw as needed
Access funds after the 3-day rescission period.
Benefits worth knowing
Keep your first rate
Protect a low existing mortgage rate while you borrow.
Pay for what you use
Interest accrues only on the balance you draw.
Flexible timing
Draw for each phase of a renovation or each tuition bill.
Qualifying guidelines
General guidelines only. Exceptions and overlays apply, and your loan officer will review your situation.
| Factor | Guideline |
|---|---|
| Combined loan-to-value | First mortgage plus line up to 85% of value |
| Credit score | 680 minimum |
| Debt-to-income | Up to 43%, qualified at the fully drawn payment |
| Occupancy | Primary residences and second homes |
| Rate | Variable, based on prime plus a margin |
Related programs
Use your equityCash-out refinance
Refinance for more than you owe and take the difference for renovations, tuition or paying off high-interest debt.
Learn more
RefinanceRate-and-term refinance
Replace your current mortgage with one that fits where you are now, with a break-even analysis before you commit.
Learn more
Use your equityReverse mortgage
An FHA-insured Home Equity Conversion Mortgage for homeowners 62 and older, with no required monthly mortgage payment.
Learn more
HELOC questions
More answers in our full FAQ.
Yes, it is variable and moves with the prime rate. You can fix portions of your balance to protect against increases.
No. You can leave the line unused and pay nothing if the balance is zero.
Yes, for most owner-occupied condos in good standing with their association.
Ready to see your HELOC numbers?
A pre-approval takes about 10 minutes online and does not affect your credit score. A local loan officer follows up the same day.
- Soft credit check
- 24-day average close
- 4.9 from 1,284 reviews
