BY MARGARET MURRAY, CHIEF LENDING OFFICER, BANK OF EASTON
“I’m here to help you do the math, not give you a sales pitch.”
Thinking about tapping into the equity you have in your home?
Whether you are planning home improvements, covering a major expense, or reviewing your current HELOC, it helps to understand how a HELOC works before you make a decision.
At Bank of Easton, we walk homeowners through their options in plain English. That includes typical rates and fees, real borrowing examples, and what to expect if you already have a mortgage or HELOC elsewhere. No pressure. Just clear, local guidance to help you decide what makes sense for you.
What Is a HELOC?
A Home Equity Line of Credit (HELOC) is a revolving line of credit secured by the equity you have built in your home.
Unlike a traditional loan, you do not receive one lump sum all at once. Instead, you draw funds as needed, up to your approved limit. That makes a HELOC useful when expenses are spread out over time or when you want flexible access to funds without borrowing everything all at once.
A HELOC can be a practical option for:
Because your home is used as collateral, HELOC rates are often lower than credit cards or unsecured loans. But that also means it is important to borrow thoughtfully and have a clear repayment plan.
HELOC vs. Traditional Loan
A traditional home mortgage loan and a HELOC both allow you to borrow against your home’s equity, but they work differently.
| Feature | Traditional Loan | Bank of Easton EquiFlex HELOC |
| Payout | One-time lump sum | Access funds as needed |
| Interest | Paid on the full amount | Paid only on what you use |
| Repayment | Monthly payment includes principal and interest | Interest only during the draw period calculated on the amount you have advanced on your line |
| Timing | Typically 45-60 days to close your loan | Typically less than 30 days to close your HELOC |
| Flexibility | Minimal | Higher, with ability to re-borrow as you repay |
This flexibility is one reason many homeowners prefer obtaining a HELOC rather than refinancing their home mortgage loan.
What Can You Use a HELOC For?
Many homeowners use a HELOC for real-life needs where flexibility matters.
Common uses include:
Our EquiFlex HELOC is designed to give borrowers flexibility without pressure to borrow more than they really need.
EquiFlex Examples
Sometimes the best place to start is with a simple example.
Here is an illustration based on a $50,000 HELOC at 4.99%* APR over a 20-year term, assuming you advance the entire amount of your line:
These examples are for illustration only. Actual payment amounts may vary based on the amount borrowed, the length of time funds are outstanding, and the repayment terms.
What About Fees and Closing Costs?
Before opening any HELOC, it is worth understanding the full cost.
With EquiFlex, estimated closing costs are significantly lower than a traditional mortgage loan, and typically range from $95 to $1,000, including:
At Bank of Easton, we explain the numbers clearly, including rates, payments, and closing costs, so you can review your options with confidence.
Can I Get a HELOC if My Mortgage Is With Another Lender?
Yes.
One common misconception is that your mortgage and HELOC must be at the same institution. That is not necessarily the case.
Like many people, you may have a low rate on your home mortgage with another institution, making refinancing an unappealing option. Exploring our EquiFlex HELOC with clearer guidance, more flexibility, and local lending experience, you may be able to keep your current mortgage where it is and open an EquiFlex HELOC with Bank of Easton.
Already Have a HELOC? It May Be Worth Reviewing
If you already have a HELOC, it may be worth taking a fresh look. Rates, terms, and flexibility can vary, and many homeowners have not reviewed their HELOC in years.
A Bank of Easton advisor can help you review:
If you decide to move forward, we can also guide you through the payoff process with your current lender so you understand what to expect.
Why Work With a Local Lender?
For many homeowners, this is not just about access to credit. It is also about getting answers they can trust. At Bank of Easton, you can expect:
We believe the process should begin with understanding, not pressure..
Start With a Conversation, Not a Commitment
You do not need to have all the answers before you reach out. We can help you understand:
Take the Next Step
Every home and every budget is different. If you’re wondering how much equity you can access or whether a HELOC beats a personal loan for your specific project, let’s talk it through.
With our EquiFlex HELOC, qualified borrowers will receive an introductory fixed rate of 4.99% for the first 12 months. After the introductory period, your rate will be variable and may adjust monthly based on an industry-best rate of Prime Rate minus 1% for the remaining term of your loan.
Contact our Senior Lender:
Margaret Murray Chief Loan Officer, Bank of Easton, NMLS #486427
508-205-8392 | mmuray@bankofeaston.com
*Introductory 4.99% Annual Percentage Rate (APR) effective 4/10/26, is fixed for 12 months from the date of closing. Thereafter, the APR becomes a variable rate adjusted monthly based on the Prime Rate, as published in the Wall Street Journal on the last business day of each month, minus 1.0% for the remainder of the line. The offer is available to new credit line borrowers and for owner-occupied properties only. Payments must be auto-deducted from the Bank of Easton Advantage Checking account to participate in this program; otherwise, the rate will be based on the Prime Rate minus .25%, currently 6.50%. After the first 12 months, rates are subject to change monthly and may increase after consummation. Prime Rate is 6.75% as of March 31, 2025. The minimum APR is 4.00% and the maximum APR of 16%. As of 04/10/26 Prime Rate was 6.75% which would result in an APR of 5.75%. Minimum credit line is $20,000, and the maximum is $300,000. Early Termination Fee of $550.00 if closed within 36 months. Interest only payments for the initial 10-year draw period, with additional 10-year payback of principal and interest. Standard closing costs are waived unless a full appraisal is required. Fees for trust and condominium document review are the borrower’s responsibility. This offer is subject to change without notice. Property insurance required and flood insurance may be required. Annual maintenance fee of $50. Additional terms and conditions may apply.
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508-238-1000
Robert Drive Office:
508-238-2092
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