Home Equity Line of Credit

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Turn to our home equity line of credit (HELOC) for large expenses and projects.

Whether you’re looking to consolidate your debt, begin a home improvement or renovation project, finance a major expense, or take a dream vacation, a Home Equity Line of Credit from BankFive can help. Using the equity in your Massachusetts or Rhode Island home can be a great way to get the funds you need to turn your dreams into realities.

A home equity line of credit can provide financial flexibility.

Funds available as a revolving credit line, similar to a credit card
Draw on the funds for up to 10 years
Pay interest only on the funds you use
Ideal for large expenses or to consolidate debt at a lower interest rate
Amount of equity available is based on the value of your house
Loan amounts up to $500,000 on primary residences and $250,000 on second homes
View HELOC rates here

No matter what you're looking to do with your home's equity, BankFive is ready to help. Apply for a MA HELOC or a RI HELOC online, or contact one of our expert mortgage loan officers to learn more about our home equity lines of credit.

Home Equity Loans also available.

Homeowner Resources

May 14

My wife and I had the pleasure of dealing with Peter DeFusco and Simone Lopes during our HELOC process. Both were very professional, extremely attentive and quick to respond. They are clearly knowledgeable, and their direction and insights made the entire process very easy. Looking forward to doing business with them again!

George Silvia

Apr 17

Every person I worked with was efficient, professional and made me feel at ease

Madeleine

Apr 03

Bank5 has been awesome to deal with. Ive gone through Bank5 twice now for a loan and during the whole process I recieved polite, professional and responsive service. Michelle at Bank5 got back to my every email and answered all my questions in a timely manner. Thanks Michelle! Everyone else I was in contact with at Bank5 showed the same level of professionalism and courtesy. I would definitely recommend Bank5. Thanks!

Eric Benson

Mar 26

Lumenia is the best. She is so professional and does everything you need. Love her

Ary Aburaya

Jul 25

The process from inquiry to application to completion was easy. Communication was clear and effective and they answered all our questions promptly and accurately.

Geary

Jun 19

Great Team to work with!!

Luis

Mar 21

Everything was easy from uploading our documents to our personal portal to meeting in New Bedford to close.

Joshua

Feb 08

Everyone was quick to respond and a pleasure to work with

Cynthia

Feb 21

I needed money from my HELOC very quickly and both Ashley and Stanford in the Fall River branch were able to help me and get me the funds in time. Stanford followed up to ensure I was taken care of and gave me his information for any future problems.

Daniel

Feb 21

Took out a credit line and Ismael Tavares was very informative and friendly it was an absolute pleasure working with him I highly recommend Ismael Tavares at Bank5 on Acushnet Avenue in New Bedford

Antonio Flor

Oct 18

It was very nice talking to someone who can help and answer a critical question like mine, even though it was not her department the person I spoke with was able to get the answer quick. Thank you

Abed

Aug 10

I just worked with Bank5 to open a home equity line of credit. I found their process to be easy on my end and the highly competent staff I worked with moved the process along and kept me informed of every step. The online portal was especially helpful for reviewing and signing required documents. I would not hesitate to recommend Bank5 if you are looking for a loan.

Susan

Feb 22

Our experience with Bank5 and Mike/Alycia was great. We were in a huge hurry to get a new credit line (HELOC) in place. Alycia worked very closely with us and got all the paperwork done and got the credit line approved very quickly. No snags, no hassles, just getting the business done with a great positive attitude.

Steve Gaul

Jan 04

Words can't express my gratitude toward Susana Neves-Coito. Without her, my new home wouldn't have been a reality. I reached out to her initially because I needed a short-term HELOC. She made it possible. I worked with her on getting my mortgage. She made everything so seamless and easy. When I ran into a stressful situation, not only did she listen but she went above and beyond to try to help me. She is the reason I moved my banking to BankFive. I can't thank her enough. It has been an absolute pleasure working with her!

Christina Chew

Dec 17

I purchased my first home through Bank 5. 3 years later I refinanced my mortgage through Bank 5, and shortly after I opened a HELOC through Bank 5. Every step of each process was handled masterfully by Susana-Neves Coito.

Carl Medeiros

Oct 20

We used BankFive Bristol for both a RI Heat Loan and Equity Loan. Alycia was great to work with - professional, knowledgeable, helpful, and kind. She answered all our questions and kept us advised of the process and progress of our loans. This was an incredibly straight forward and smooth experience. I highly recommend Alycia and BankFive Bristol.

Karen

Oct 06

We've used BankFive for several mortgage/home equity transactions. Each time, the process proceeded without a hitch. Excellent follow up and service from Michelle, our account representative. The automation/technology and superior customer service on BankFive's part made our part of the effort easy peasy!

Paul

Jul 22

I have a HELOC with Bank5. Since I have dealt with Bank5 I have had nothing but positive results. I especially want to commend Ismael Tavares, the Acushnet Ave bank manager. He has been outstanding from the beginning of the loan process to the present as he still contacts me to check and see if I have any issues. He is a credit to Bank5 and as a customer I am not just satisfied, I am delighted!

Mark

May 01

Great bank to work with

Chris

Feb 12

Everyone that I had worked with at BankFive was wonderful in every way possible

Michael