For most homeowners, over time your home’s equity has increased. With a North Shore Bank Home Equity Line of Credit or HELOC, you choose how to put your home’s equity to use. Ready to tackle that home improvement project or buy a new vehicle or boat? Whether you use it to make a large purchase or as a source of funds in case of emergency, you’ll find that a Home Equity Line of Credit provides you flexibility in accessing your funds while giving you options for affordable payments.

North Shore Bank offers you competitive HELOC rates and the ability to access up to 80% of your home’s value. To use your line of credit, you can easily transfer funds anytime within Online Banking to your North Shore Bank checking account.

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Flexibility When you Need It

Our HELOC products also offer a range of flexible options for how pay down your balance. Like a credit card but without all the additional hidden fees, HELOC customers can choose to make the minimum payment, set a regular payment amount that fits their budget, or pay the balance in full.

You can always make interest-only payments, too. While this helps keep your monthly expenses lower and cash flow higher, it’s important to keep in mind paying interest only will leave you a balance when your HELOC term ends. Our knowledgeable bankers at your nearby branch is always happy to help customers determine whether it makes sense to convert some or all of an existing HELOC to a fixed rate loan through what is commonly referred to as a conversion loan.

HELOC Conversion Loans - Lock in Low Rate and Fix Your Payment

You can convert the balance of your HELOC and lock it into a fixed rate for a specific length of time such as 5 or 10 years. In choosing this option, your HELOC remains open for future use. You have a regular monthly payment plan for the conversion loan, like you would with any typical fixed rate/term loan.

An important difference with conversion loans is that each time a payment is made on the fixed rate loan, available credit is regained on the HELOC. For example:
  • You have a $100,000 HELOC and you spend $60,000 of it
  • You decide to convert the $60,000 to a fixed rate loan
  •  You now have $40,000 remaining on your HELOC to use as you choose and a fixed rate loan of $60,000
  • If you make a $1,000 payment toward the fixed rate loan, you’d then have $41,000 available credit on the HELOC

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