Starting today, our new “You Choose” home equity line of credit will make North Shore Bank one of the most competitive options for consumers seeking a HELOC. Here’s what’s changed and what you can do to spread the news.

The biggest change is that we’ve moved to a new, more competitive pricing structure, with two tiers. The new variable interest rates range from as low as prime rate minus 0.26 percent to prime plus 0.5 percent.

Customers can lock in a lower rate by converting their “You Choose” HELOC to a fixed rate loan up to three times. They can also protect their HELOC or loan in the event that death, disability, illness, injury, or another issue interferes with their ability to make payments.

A HELOC is a useful tool for our customers because it gives them a less expensive way to access credit fast in the event of an emergency or urgent purchase. Customers tend to say they don’t need a HELOC at the moment, but it’s important for them to understand that getting one now means having it when they need it.

This is also an especially great time for many people to look into a HELOC. “Many homeowners have benefited from rising property values, giving them the ability to obtain a new or larger HELOC than previously available. It is up to us to educate them on the importance of having a HELOC from North Shore Bank,” said VP and consumer lending manager Chris Boland. “We can make a positive difference for our customers when we explain just how valuable a HELOC can be.”

“The HELOC is a vitally important piece of every homeowner’s financial plan. It is the most efficient method with the most flexibility of any debt product,” added Mike Kellman, SVP, consumer credit sales. “These changes make North Shore Bank’s ‘You Choose’ HELOC one of the most competitive products in our markets. Remember, there are only two types of people in this world: those who have a home equity line of credit — and those who need a home equity line of credit.”

All of our friends and family should understand the importance of a HELOC, too. Find out if yours have HELOCs, and let them know about the very competitive rates available at North Shore Bank.