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.
1Home Equity Line of Credit: 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. 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 Private Checking Account relationship at the time of home equity line application. 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. This offer is subject to change without notice. Lines are available for properties in CT, NY, MA and RI. Contact a Webster banker for availability in other states and for lines over $500,000.
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 loan amount requirements.
All loans and lines of credit are subject to credit approval. Please see a Webster banker for details.
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