Home Equity Loans & HELOCs for Home Projects in MA
If you have equity in your home, a home equity loan or line of credit usually delivers the lowest rates available outside the 0% Mass Save HEAT Loan — a smart fit for larger, whole-home projects like combined water treatment, plumbing, and HVAC work.
HELOC (Line of Credit)
A revolving credit line secured by your home — draw what you need, when you need it, during a draw period (commonly 10 years), then repay.
- Flexible — great if your project has phases (water treatment now, HVAC later)
- Usually a variable rate tied to Prime, so payments can move
- Interest-only draw options keep early payments low
Home Equity Loan
A lump sum at a fixed rate and fixed term — predictable payments for a single, well-defined project cost.
- Rate certainty for the life of the loan
- Best when you know the full project cost up front
- Typically priced slightly above a HELOC’s intro rate
HELOC rates have recently averaged around 7% (with a wide range by credit and loan-to-value), and fixed home equity loans in roughly the 8% range. Strong New England options for rate and service include DCU (Digital Federal Credit Union) and Rockland Trust, along with national lenders worth comparing. Rates change often — confirm current numbers before you commit.
Things to weigh
- Secured by your home — the trade-off for the low rate is that your house is collateral.
- Interest may be tax-deductible when funds are used to improve the home (ask your tax advisor — we’re not tax professionals).
- Watch the end of a HELOC’s draw period, when payments can step up.
Let’s Find the Right Fit
Tell us about your project and we’ll help you compare financing side by side — including whether you qualify for the 0% Mass Save HEAT Loan — with zero pressure.