Home equity loans & lines

line

Get the most out of your home

 

 

 

 

Tap into your equity and extend your budget

line

Looking to extend your budget? Perhaps a remodel, major purchase, or other large expense is on the horizon. A home equity loan or line of credit lets you borrow against the equity in your home. Home equities offer lower rates than traditional personal loans and larger financing amounts, up to 100% of the value of your owner occupied home, less your first mortgage.

 

Webster First is pleased to offer two choices for home equity financing:

 

 

 

Home equity line of credit

line

Borrow what you need, when you need it with a home equity line of credit (HELOC.) With a Webster First HELOC, you don’t have to carry a balance, and the line of credit may stay open as long as you maintain ownership of your home†.

 

 

  Apply now  

Already a member? Log in to Online Banking and click "Apply for a Loan" to get started.

 

 

 

Home equity loan

line

If you prefer steady payments over time, or have a fixed amount in mind you’d like to borrow, a home equity loan can help you to extend your budget.

 

  • Rate is fixed for the life of the loan
  • Terms available up to 15 years
  • No closing costs for lending amounts of $15,000 or more

 

  Apply now  

 

 

 

Home equity FAQs

line

Simply stated, home equity is what your home is worth, minus anything you owe.
A home equity generally offers greater lending amounts and lower rates than personal loans. If you are looking to finance a larger amount, such as the cost of a home renovation or addition, a home equity may be the right choice for you.
Choosing the right type of home equity for you is a personal choice that will depend upon your financing needs. A HELOC provides the flexibility of a credit line that can be used at any time as long as you maintain ownership of your home. A home equity loan offers the financing amount up front, and steady payments over the life of the loan. For assistance in determining which may work best for your needs and budget, call us at (800) 962-4452 or visit your local branch.
Webster First offers financing for up to 100% of the value of your owner occupied home, less your first mortgage. To determine the amount you qualify for, call us at (800) 962-4452 or visit your local branch.

 

 

 

Current rates

line

Rates subject to change without prior notice. Rates current as of February 22, 2020.

 

Type

Rate

APR*

Monthly PMT (per $1,000)

Home Equity Loans

 

 

 

0 - 5 Years

4.000%

4.068%

$18.42

6 - 10 Years

4.375%

4.414%

$10.30

11 - 15 Years

4.750%

4.780%

$7.78

Endless Equity Line of Credit

 

 

 

New Equity Member

Fixed for the first 24 months then prime for life

3.000%

Minimum APR is 4.750% and maximum is 15.000%

 

Refinanced

Fixed for the first 24 months then prime for life

3.500%

Minimum APR is 4.750% and maximum is 15.000%

 

Max Equity Loan

 

 

 

5 Year

5.500%

5.595%

$19.10

10 Year

5.750%

5.803%

$10.98

15 Year

6.750%

6.795%

$8.85

Max Equity Line of Credit

Fixed for the first 24 months then prime +1.750%

6.500%

Minimum APR is 6.500% and maximum is 15.000%

 

 

 

 

†Does not apply to Home Equity Lines of Credit in Connecticut or Max Equity Lines of Credit.

*APR = Annual Percentage Rate

All Home Equity and Home Equity Line of Credit annual percentage rates (APR) are based on the prime lending rate published in the Wall Street Journal, currently at 4.750% as of 10/31/2019. Rates apply to 1-4 unit owner occupied primary residences. Rates subject to change without notice. Please call for detailed underwriting guidelines. Early termination fee applies.

Home Equity Line of Credit subject to minimum monthly payment of $50.00.

Subject to credit union underwriting approval. Taxes and insurance are not included in the payment examples.