Home Equity Loan in Beverly, MA (2026)

Find the best home equity loan rates in Beverly, MA. Understanding the difference between home equity loans and HELOCs is essential for Beverly borrowers choosing the right product.

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Beverly Overview

Beverly is a key market in Massachusetts with a population of 42,448 and a median household income of $78,000. The median home price stands at $520,000, shaping the local borrowing landscape.

Rates & Terms

Rates in MA are influenced by the prime rate, your credit score, combined LTV, and whether the property is your primary residence.

Closing costs on home equity loans in MA typically range from 2% to 5% of the loan amount, though some lenders offer no-closing-cost options.

Requirements in Beverly

Your debt-to-income ratio, including the new home equity payment, should generally be below 43%.

A minimum credit score of 620 is typical, though scores of 680+ unlock better rates and higher loan amounts.

Massachusetts Regulations

Massachusetts has strong consumer protection laws and prohibits payday lending.

  • Usury Limit: 20% (non-licensed)
  • Payday Lending: Prohibited

Local Market Insights

Beverly homeowners have benefited from stable property values, building equity that can be tapped for financing.

Property tax assessments in MA may differ from market value; get a professional appraisal for accurate equity calculations.

Borrowing Tips for Beverly

  • Consider a cash-out refinance instead if current mortgage rates are lower than your existing rate.
  • Compare at least three lenders; home equity loan rates and fees vary significantly between banks and credit unions.
  • Calculate your combined loan-to-value ratio before applying; keep it below 80% for the best rates.

Frequently Asked Questions

Is a home equity loan better than a HELOC?

Choose a home equity loan if you need a lump sum with fixed payments. Choose a HELOC if you need ongoing access to funds and can manage variable rates.

Can I deduct home equity loan interest on my taxes?

Interest may be deductible if the loan is used to buy, build, or substantially improve your home. Interest used for other purposes is generally not deductible. Consult a tax professional.

What happens if I sell my home with a home equity loan?

The home equity loan must be paid off at closing from the sale proceeds. Your primary mortgage and home equity loan are settled simultaneously.

How much can I borrow with a home equity loan in Beverly?

Most lenders allow you to borrow up to 80-85% of your home's appraised value minus your existing mortgage balance. If your home is worth $520,000 and you owe $200,000, you may access $60,000-$80,000.

Important Disclaimer

LoanMatchers is not a lender and does not make credit decisions. We connect consumers with licensed lending partners. All loan terms, rates, and fees are determined by the lender and are subject to credit approval. APRs range from 5.99% to 35.99%. Not all applicants will qualify for the lowest rates. This website provides general information and does not constitute financial, legal, or tax advice. Consult a qualified professional before making financial decisions. Rates and terms are accurate as of 2026 but subject to change without notice.