877-864-2038
Call for Live Help
877-864-2038
Call for Live Help

Home Equity Line of Credit

Have a goal on your to-do list, but not sure exactly how much money you need to borrow? A Home Equity Line of Credit may be the flexible lending option for you.

Home Equity Line of Credit

With this product, you'll have access to a set amount of credit - known as your line of credit. You get to decide when and how much money you want to withdraw from your line, up to your available limit.

Many customers choose this product because you only pay interest on what you actually withdraw, not the entire line of credit.

Key features and benefits of a line of credit:

  • Credit Lines from $25,000 to $500,0001 with a competitive variable rate
  • Flexible access to money when you need it - easily withdraw from your line of credit by check or transfer funds from your line to your Webster checking account
  • 0.25% rate discount with automatic payments from your personal Webster checking account1
  • You'll have 10 years to draw on your line and then up to 20 years to repay whatever you've used.1

Popular uses of this product: Home Improvements, Vehicle Financing, Debt Consolidation, Vacation, College Tuition, Medical or Dental Expenses, Refinancing, Wedding Expenses

  •   What does "home equity" mean?

    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.

  •   Should I choose a Home Equity Line of Credit or a Home Equity Loan?

    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.

  •   What information will I need?

    You may be asked to provide the following:

    • recent pay stubs or income tax returns
    • deposit account information; checking, savings and retirement funds
    • the names, birth dates, current addresses, employer names, monthly income, and current mortgage or rental expenses for up to two borrowers

Need advice?
Talk to an Expert

  1. 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 21%. No closing costs for home equity lines of credit up to $500,000 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 may be required and the borrower would be required to pay for this report 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. Lines over $500,000 are considered on a case-by-case basis.

     

    Prepayment Fees:

    All States Except New York

    Line Amount
    <= $500,000
    > $500,000 and <= $1,000,000
    > $1,000,000

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

     

    New York Only

    Line Amount
    <=$150,000
    >$150,000 and <=$250,000
    > $250,000 and <= $500,000
    > $500,000 and <= $1,000,000
    > $1,000,000

    Prepayment Penalty Amount
    $1,000
    $2,000
    $3,500
    $5,000
    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. Customers who sign up for an Automatic Loan Payment (ACH) from their Webster Personal Checking Account are eligible to receive a rate discount on Home Equity Lines. Offers may not be combined with any other promotional offer. This offer is subject to change without notice.

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

All lines of credit are subject to credit approval.