Home equity line of credit
Convert the equity you’ve built in your house into a line of credit. You can draw as much or little as you want on a predetermined amount and only pay interest for the first 10 years on what you borrow. You can use funds for almost anything you want.
- Amounts start at $10,000
- Funding available up to $500,000 in CT & RI and $750,000 in MA and NY1
- Intro rate of Prime minus .76% for 12 months (currently 3.99% APR)1
- Withdraw funds by check or transfer
- Option to lock in a fixed rate2
- Up to 10 years to draw on your line
- Up to 20 years to repay whatever you've used1
- Home improvement
- Debt consolidation
- College tuition
- Medical or dental expenses
- Vehicle financing
With a home equity line of credit (HELOC), you decide when and how much to withdraw from a preauthorized amount and only pay interest on what you use.
This term essentially represents how much equity is in your home, which is calculated by subtracting the unpaid balance of your mortgage from your home's current market value.
Generally, a home equity line of credit is a good choice if you aren't sure exactly how much money you may need and over what period of time you'll need it. A home equity loan, on the other hand, is ideal if you want access to a one-time lump sum of money and more predictable repayment terms. Get in touch with a Webster banker today for help choosing the right product for you.