Home Equity Loan

What is a Home Equity Loan?
The Home Equity Loan is an installment term loan secured by a mortgage against your real estate.

Features and Benefits

Feature	Benefit
Fixed rate with fixed monthly payments	Enables easy monthly budgeting as the payment always remains the same throughout the term of the loan
No points, No closing Costs, No Application Fees	Cost savings by avoiding expensive fees
Borrow up to 80% of equity in your property*	Utilize the equity in your home to your advantage
Tax deductibility	The interest might be tax deductible†

Compare Home Equity Loan and Home Equity Credit Line

TaxSaver^TM Loan
You can borrow up to 90% of your home's equity with a People's United TaxSaver^TM Loan! Take advantage of this fixed rate, short-term loan. It's a perfect savings opportunity to buy your new car, furniture, appliances...the list is endless (and the interest may be tax deductible^†)!

*People's United Home Equity Loans of up to $250,000 are available with an LTV (Loan to Value Ratio) up to 80% (70% for 2 family homes and 65% for condominiums). For loans over $250,000, the maximum LTV is 70% (60% for 2-4 family homes and condominiums). 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 Home Equity Loan for which you are applying by the value of your home as appraised by People's United.
^†Because individual situations differ, please contact your tax advisor regarding the deductibility of interest.

Home Equity Loan Disclosure Booklet (PDF)