Compare a Home Equity Loan to a Home Equity Credit Line

	Home Equity Loan	Home Equity Credit Line
Product Description	An installment term loan secured by a mortgage against the property	A revolving line of credit secured by a mortgage against the property
Program Features	No points, no closing costs, no application fees	No points, no closing costs, no application fees
Term	5, 7, 10, 15 or 20 years	9 1/2 year draw period followed by a 20 year repayment phase
Interest Rate	Fixed	Variable
Potential Tax Deduction	Yes+	Yes+
Eligible Properties	Owner occupied, 1-4 family and approved condominiums	Owner occupied, 1-4 family and approved condominiums
States Available	CT, NY, MA	CT, NY, MA
Interest Only Payment Option	No	Yes
Maximum Loan to Value	Up to 80%*	Up to 80%*

*People's United Equity Credit Lines and Home Equity Loans are available with an LTV (Loan to Value Ratio) up to 80% for a 1 family home with loan amounts up to $250,000, 70% for a 1 family home with loan amounts from $250,001 to $500,000, 70% for a 2-4 family home with loan amounts up to $250,000, 60% for a 2-4 family home with loan amounts from $250,001 to $500,000, 65% for a Condominium with loan amounts up to $250,000, 60% for a Condominium with loan amounts from $250,001 to $500,000.
* In addition to above, People's United Equity Credit Lines are also available with an LTV (Loan to Value Ratio) up to 65% for a 1 family home with loan amounts from $500,001 to $1,000,000, 55% for a 2-4 family home with loan amounts from $500,001 to 1,000,000, 55% for a Condominium with loan amounts from $500,001 to $1,000,000. The LTV is determined by People's United at the time of your application and is calculated by dividing the combined balance of your first mortgage and the amount of the People's United Equity Credit Line for which you are applying by the value of your home as appraised by People's United.

+Because individual situations differ, please consult your tax advisor regarding the deductibility of interest.