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Home Equity Line with Lock Option (HELLO)

Turn Your Home's Equity into Opportunity
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What is a Home Equity Line of Credit?

A Home Equity Line of Credit (HELOC) lets you borrow against the equity—the value you’ve built in your home—while maintaining flexibility over how and when you use your funds. You receive a revolving credit limit, can draw only what you need, and pay interest only on the amount you use; as you repay the balance, those funds become available again for future needs.

For New Hampshire homeowners, a HELOC can be a smart way to finance home improvements, consolidate debt, or plan for life’s larger expenses—all while keeping borrowing flexible.

What Makes Our Home Equity Line with Lock Option (HELLO) Different?
Borrow flexibly, with the added option to lock in a fixed rate when it makes sense for you.

  • Lock in a fixed rate on all or part of your balance — up to three fixed-rate advances at a time
  • Borrow what you need, when you need it
  • Only pay on what you use
  • Reuse your available credit as you repay
  • Minimal or no closing costs*

HELLO is a flexible option for whatever life brings:

  • Consolidate higher-interest debt
  • Tuition or large expenses
  • Home renovations or repairs
  • Family experiences and trips
  • Simply have access to cash when life happens

* Closing Costs: If you pay off and close your home equity line of credit within 3 years of activation, you may be required to repay the closing costs that were originally waived. These costs can range from $675 to $1,275. | Annual Fee: The $50 annual fee is waived if you set up automatic funds transfers (AFT) from a St. Mary’s Bank checking account. | Minimum draw: $300 per advance. Draws under $300: Subject to a $15 fee.

Rate is variable, based on the Prime Rate (currently 6.75%), minus 0.25%. Minimum rate 3.00%, maximum rate 16.00%.
See important details, including additional rates and terms, on the Consumer Loan Rates Page.

What Makes Our Home Equity Line with Lock Option (HELLO) Different?

Borrow flexibly with the added option to lock in a fixed rate—combining the convenience of a traditional home equity line of credit with the added certainty of fixed‑rate options.

Flexibility Today. Fixed‑Rate Control When It Matters.

  • Lock in a fixed rate on all or part of your balance — up to three fixed-rate advances at a time
  • Borrow what you need, when you need it
  • Only pay on what you use
  • Reuse your available credit as you repay
  • Minimal or no closing costs*

Designed for Real‑Life Needs, Big and Small

  • Home renovations or repairs
  • Consolidate higher-interest debt
  • Tuition or large expenses
  • Family experiences and trips
  • Simply have access to cash when life happens

Apply for HELLO

Ready to finish or check the status of your application? Click here.

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Need Help with the Application?

We've created this handy guide and checklist to let you know what to expect.

Download Guide
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Home Equity Line of Credit Calculator

Use this calculator to determine the home equity line of credit amount you may qualify to receive. The line of credit is based on a percentage of the value of your home. The more your home is worth, the larger the line of credit.
House made of grass representing St. Mary’s Bank Green Rate, promoting eco-friendly home financing and sustainable mortgages.

Go Green, Save Green

Looking to make your home more energy efficient? Our Green Rate Home Improvement Loan is great option to save you money.

  • Low fixed rates
  • Borrow up to $25,000
  • No collateral required
  • Flexible terms
Learn More

FAQs

View all FAQs here
What’s the minimum draw amount on a Home Equity Line of Credit?
There’s no minimum draw amount. However, draws under $300 will include a $15 fee. 
Is there an annual fee for a Home Equity Line of Credit?

Yes, there’s a $50 annual service fee. This fee can be waived when you set up automatic payments from a St. Mary’s Bank checking or savings account. 

To set up automatic payments, you can: 

  • Complete the authorization form to establish automatic payments from your St. Mary's Bank checking or savings account and send it through secure email in Online Banking.
  • Contact us and we’ll take care of the setup with you. 
Are there fees if I close my Home Equity Line of Credit early?
If you pay off and close your line within the first 3 years (36 months), you may need to reimburse St. Mary’s Bank for closing costs we covered on your behalf. These costs typically range from $675 to $1,275. 
How does the Home Equity Line of Credit draw and repayment periods work?

Your Home Equity Line of Credit has two phases:

  • Draw period (first 10 years / 120 months): 
    • You can access your available funds or lock in portions of your balance. During this time, you’ll make interest-only payments on the line, plus principal and interest payments on any locked segments. 
  • Repayment period (next 10 years / 120 months): 
    • You’ll repay the remaining balance with principal and interest payments. Lock requests are no longer available during this period. 
    • Your payment is structured to pay off the balance over 10 years at the current Annual Percentage Rate. 

 
When is my Home Equity Line of Credit payment due each month?
Payments are due on the 25th of each month. 

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