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.

Benefits

  • 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 1.76% for 12 months (currently 1.49% 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

Popular uses

  • Home improvement
  • Debt consolidation
  • College tuition
  • Medical or dental expenses
  • Vehicle financing

Frequently Asked Questions

Disclosures

1Home Equity Line of Credit: This is a variable rate product and rates are subject to change without notice. The final rate will be determined based on credit qualifications, loan amount, combined loan to value, state where property is located, and a Webster banking relationship. The maximum Annual Percentage Rate (APR) that can apply is 18%. No closing costs for home equity lines of credit up to $500,000 in all states that are secured by 1-4 family, owner-occupied residences. There are no fees or costs retained by Webster Bank, but for certain loans a Structural Engineering Assessment Report or Transfer Tax may be required and the borrower would be required to pay for this as part of the loan process. Hazard insurance is required. Flood insurance is required, if applicable. Certain prepayment penalties may apply if the line is closed within the first three years. Please contact us for those amounts. There is no annual fee for borrowers with a Webster Premier Checking Account relationship. Annual fee for other account relationships is $50 per year. If you make interest only payments during the draw period, then at the start of the repayment period, your monthly payment will increase because you must now pay back the principal as well as interest. After the 12-month introductory period, Home Equity Line of Credit customers are eligible for the Life of Line rate, which may include discounts for Automated Clearing House (ACH) payments from a Webster personal checking account, Premier Checking, Third-Party Payoff, First Lien, Bank at Work and/or Military discounts. Talk to Webster for details. Offers may not be combined with any other promotional offer. This offer is subject to change without notice. Lines over $500,000 in CT and RI and $750,000 in MA and NY are considered on a case-by-case basis.

Prepayment Fees:

All States Except New York

Line Amount Prepayment Penalty Amount
<= $500,000 $450
> $500,000 and <= $1,000,000 $1,000
> $1,000,000 1/2% of original loan amount if paid full in 1st year, 1/4% in 2nd year, and 1/8% in 3rd year

New York Only

Line Amount Prepayment Penalty Amount
<= $150,000 $1,000
> $150,000 and <= $250,000 $2,000
> $250,000 and $500,000 $3,000
> $500,000 and <= $1,000,000 $5,000
> $1,000,000 1/2% of original loan amount if paid in full in the first 3 years

 

There is no annual fee for borrowers with a Webster Premier Checking Account relationship. Annual fee for other account relationships is $50 per year. If you make interest-only payments during the draw period, then at the start of the repayment period, your monthly payment will increase because you must now pay back the principal as well as interest.

2The fixed-rate option is only available during the initial line draw period (first 10 years), and available any time after the funding date and up to 90 days prior to the end of their draw period. Choose your repayment term: 5, 10, 15 or 20 years Up to 5. Segments per account (Segment 1 is the base variable HELOC at Prime plus or minus a margin and 4 Fixed Rate Segments can be added for a total of 5). Minimum loan amounts are based on term selection. A one-time fee of $99 will be charged for each fixed segment. Fixed-segment payments include principal and interest. Ask a Webster representative for minimum line amount requirements.

View Webster Bank's General Parameters for Consumer Lending Products.