Consolidate to a lower fixed rate. Home Equity Line of Credit. Apply Online.

Consolidate to a lower fixed rate. Home Equity Line of Credit. Apply Online.

Interest rates on credit cards and other debt are on the rise. Use the equity you’ve built up in your home to consolidate your debt to a lower fixed rate that is locked in for five years. Apply today for a Home Equity Line of Credit from North Shore Bank. Draw on your line and then convert your balance to a fixed rate loan. You can make your monthly payments more manageable by amortizing the loan over 20 years. Of course, you can use your HELOC to not only consolidate debt, but also tackle home improvements and prepare for the unexpected. Apply for a HELOC by April 30, 2023, and enjoy a low fixed rate for five years. As an added perk, those with a HELOC qualify for a premium checking account that offers extras for our best customers.

If you’re not sure what dollar amount to request for your Line of Credit, use our HELOC Estimation Calculator. You will be asked to provide your home’s value and outstanding mortgage balance. North Shore Bank offers HELOCs up to 80% of your home’s value.

Ready to tackle that project? Considering a large purchase? Use your Home Equity Line of Credit and then convert your balance to a fixed rate loan, locking in a low rate now and paying it off each month. As you make payments, the amount of available credit on your line increases.
Apply online for a new Home Equity Line of Credit today or schedule an appointment to talk with a banker. You can easily access your line of credit through Online Banking transfers to use your funds the way you choose when you need it.

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Apply for a Home Equity Line of Credit by 4/30/2023. Close and convert to a fixed rate by 5/31/2023. For loan amounts that have not been converted to a fixed rate, the variable non-promotional APR will apply. Assuming a 5.75% APR fixed-rate Home Equity Line of Credit conversion loan of $30,000 amortized over 240 months, monthly payments will be $210.62 per month for 60 months with a balloon payment of $25,364.29 due. As of 1/26/2023, the non-promotional HELOC rate is 7.24% APR for a line greater than $25,000 and assumes a no closing cost transaction with automatic payments from a North Shore Bank checking account. The home equity line of credit is a variable rate loan with a ceiling rate (maximum) of 19.90% APR and a floor rate (minimum) of 4.00%APR. The total Loan to Value (LTV) may not exceed 80%. Closing costs may be waived if no appraisal, title, or other outside services are required and HELOC amount does not exceed $100,000. Property insurance is required; flood and/or hazard insurance required if applicable on property. Product available for new HELOC customers on qualified owner-occupied properties in Bank lending area. Subject to Bank credit qualifications, current property value and loan approval. Existing HELOC customers must draw and convert at least $20,000 to qualify for the fixed promotional rate. Previously drawn funds not eligible for the promotional rate. Paying the minimum interest-only monthly payments will not repay the principal that is outstanding on the line. The entire outstanding balance will be due and payable in a single payment (balloon payment) at the end of the initial HELOC term, at the end of any extensions or renewals granted by Bank, or when the line is terminated. A $60 annual fee may apply. Conversion loan only available through the Home Equity Line of Credit conversion option. Selecting a 20-year amortization on a 5-year conversion loan will result in a balloon payment of the entire outstanding conversion loan balance due in full at the end of the selected conversion loan term.