Home Equity Line of Credit (HELOC)

A HELOC is a line of credit secured by your home that gives you a revolving credit line for things like debt consolidation, renovations or education.

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Let your home work for you with a Home Equity Line of Credit

A Home Equity Line of Credit (HELOC) is secured by your home and gives you a revolving credit line with interest only payments for the first 9.5 years.

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Cash when
you need it

Flexibility of available cash at a low interest rate whenever needed.

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Easy access
to your funds

Access cash by writing a check or transferring funds into your checking account.

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No up-front costs

No application fee, no origination fee and no closing costs.

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Flexible payment choices

Option to pay interest only during the 9.5 year withdrawal period.

How will you use
your home's equity?

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Consolidate debit

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Lock in your
rate with SelectLock®

Lock up to three portions of your credit line balance at a fixed rate with SelectLock®. Make fixed principal plus interest payments on those portions while maintaining a variable rate with interest-only payments on the remaining balance.

Current Home Equity Line of Credit rates
as of

Customers receive a .25% rate discount by making automatic payments from a People’s United Bank checking account. Rates shown below reflect this discount.

Line Amount
Index & Margin
(Prime plus or minus)
Monthly Payment
(Interest only for the first 9.5 years)

Should I get a line of credit or loan?

What’s the difference between a Home Equity Line of Credit versus a Home Equity Loan?

Home Equity Line of Credit (HELOC)
Home Equity Loan
If you are looking for the flexibility of withdrawing funds as needed and the comfort of knowing that unexpected expenses can be covered by the same day money transfers into your checking account.
If you are looking for a single disbursement of funds with a fixed rate and fixed payment.
9.5 year draw period
+20 year repayment
5, 10, 15, 20 years
Interest only payment on the balance in use during the draw period then principal + interest
Fixed payment of principal + interest for the entire term of the loan
No origination fee
No application fee
No points
No closing costs
Variable rate
Fixed rate
Convert to a fixed rate with SelectLock®

© 2019 People's United Bank, N.A. | Member FDIC | Equal Housing Lender icon Equal Housing Lender