SelectLock™ | Home Equity Line of Credit

Lock in part of your credit line¹

People's United Home Equity Line of Credit (HELOC) features SelectLock^®, a loan option that allows you to lock any or all of your balance at a fixed interest rate with a fixed payment. So now you can have even more peace of mind.

Locked in rate

Lock in your interest rate at a fixed rate on up to three portions of your Home Equity Line of Credit balance.

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Access to funds

Enjoy access to your remaining credit line at a variable interest rate.

Credit when you need it

Replenish available credit for additional uses if your principal balance is paid down.

¹ The SelectLock Loan is a feature of the Home Equity Line of Credit that may allow you to convert any or all of your variable rate principal balance to a fixed rate and fixed payment. The minimum balance that can be converted is $10,000. The APR for each SelectLock Loan is fixed and determined based on comparable fixed interest rate home equity loans for the principal amount and term you request. Each SelectLock Loan advance is considered a separate loan with a separate payment and term of repayment and remains in effect until paid in full. A $50 fee is charged whenever you exercise a SelectLock Loan option. You may not have more than three (3) outstanding SelectLock Loan balances at any one time. You may not exercise the SelectLock Loan option after the draw period ends.

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Put your home to work

A Home Equity Line of Credit is secured by your home and gives you a revolving credit line to use for a variety of purposes such as debt consolidation, home improvement or education.

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How SelectLock^® works

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.