Home Equity Line of Credit (HELOC)

Tap into your home’s equity to provide funding for what is most important to you. NB HELOCs are available for both primary residences and secondary homes.

First 12 billing cycles
3.00% APR*
Prime minus 0.25%. 

After 12 billing cycles
3.25% APR** 

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Benefits & Features 

Your Money, Your Way

Access the power of your home’s equity without paying any fees and spend your money where it matters instead.

Achieve Your Dream Home 

Tap into your home’s equity to fund your project, whether you’re building a home addition, completing a home renovation, or securing a down payment on a second home.

Consolidate Debt 

Eliminate high-interest debt, including credit cards, student debt, and more, so you have more money to spend doing what’s important to you.

Pay College Tuition

Your NB HELOC is a revolving credit line that can be used for tuition payments, dream vacations or any other worthwhile purpose.

Easy Access with NB Checking

Having your HELOC tied to your free NB Checking Account makes it easy to access or transfer funds, as well as make purchases using your NB Debit Card.




HELOC Highlights

  • 0.25% below Prime for first 12 monthly billing cycles. Prime Rate after that.
  • APR as low as 3.00%
  • No closing costs***
  • No minimum draw
  • $25,000 minimum line
  • No fees to access
  • We also offer alternative income HELOCs with different rates and terms. For options please contact Gail Colella



*Annual Percentage rate (APR) as of October 1, 2021. Maximum APR is 18%. Available to new home equity line borrowers only. Draw on the line for up to 10 years with up to 10 years to repay the funds used. Property insurance is required. Line amounts up to $250,000 are offered with complimentary closing costs. Borrower must reimburse the $500 closing cost credit to Needham Bank if the loan is closed within 24 months. Line amounts over $250,000 or first mortgage liens will require title insurance to be paid by the borrower at closing. Maximum combined loan-to-value of 80%. Borrower is required to open a free NB Checking account to access the HELOC. The NB HELOC is available for primary residences or secondary homes and is subject to credit approval. NMLS #509021.
**After first 12 monthly billing cycles a floor rate of 3.00% APR would apply if the Prime Rate is below 3.00%. Prime Rate as of October 1, 2021 is 3.25%.
***Some restrictions apply. 


Serving Our Clients

Which Mortgage is Right for You?

If you're planning to buy a home in MA, spend time understanding your home loan options. Let Needham Bank help you decide which mortgage is right for you.

Learn more about Which Mortgage is Right for You?


What makes up my credit score?

There are five factors that impact consumer credit scores. They are listed here in order of importance: Payment History has a 35% impact. Paying debt on time and in full has a positive impact, and late payments, judgments and charge-offs have a negative impact. Outstanding Credit Balances have a 30% impact. Debt ratio of outstanding balance to available credit is important. Keeping that below 50% is wise and below 30% even wiser. It is never a good idea to close an account; the debt ratio will go up and the number of seasoned lines will decrease. Pay outstanding debt down as close to zero as possible and evenly redistribute the remaining balance among open lines. The increased interest incurred by moving a balance from a 0% card to a 23% card will be minimal relative to what the increased mortgage debt might be with a low credit score. Hitting the maximums of available credit can be very negative. It may be worth calling and asking the credit company to increase your available credit to lower the debt ratio, provided they can do so without a hard credit history. Credit History has a 15% impact. The length of time a particular credit line has been opened is important. A seasoned borrower is stronger. Type of Credit has a 10% impact. A mix of auto loans, credit cards and mortgages is positive, rather than a concentration in credit cards only. Inquiries have a 10% impact. Hard inquiries for credit negatively impact the score. Auto and mortgage inquiries receive special treatment and 20 inquiries can be made in a 14-day period for auto or mortgage and will be treated as only 1 inquiry. The maximum number of inquiries that will reduce the score is 10. Any inquiries beyond that (11+) in a six-month period will have no further impact on the borrower. Each hard inquiry can cost 2-50 points on a credit score.

The equity in your home can be an extra resource in your journey to upgrade your living space. Learn how we can help you harness that power.

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