Home Equity Loans or Lines of Credit from Avidia Bank are available for you whenever you have a major home improvement project, need to finance a college education, want a new vehicle or for pretty much just about anything. Depending on your home's available equity and your preferable terms, we offer two Home Equity products to fit your particular need.
Home Equity Loans Massachusetts & Lines of Credit
Home Equity Lines of Credit (HELOC) allow the borrower to take out a line of credit of up to 90% of the home's equity. Once available, the borrower can use the funds available when needed. There is typically a "draw" period when the borrower has to make interest payments. Once this period is over, the borrower then makes combined interest and principal payments until the loan is paid off.
Home Equity Loans are considered "traditional" loans using a home's equity. Upon closing the loan, the borrower is given a lump sum of money to be paid back in set monthly amounts. The amount of equity available to the borrower is dependent on several factors including the value of the property, the amount owed on the property and how much it is worth.