Home Equity Loan

A Home Equity Loan secured by your home offers you the peace of mind of a low fixed rate and convenient fixed monthly payment.

Take advantage of the equity in your home with a low fixed-rate loan

From repairs and renovations to college tuition and trips of a lifetime, make your home’s value work for you.

Blue hand holding generic blue and red financial paper currency
Receive
lump sum
Blue five-point star
Variety of terms available
Blue clipboard with single large red checkmark
Avoid
closing costs
Blue calendar and a red analog clock face
Fixed monthly payment

How will you use
your home's equity?

A white hammer crossed over a white screwdriver
Renovations
Generic piece of white paper currency
Consolidate debit
White school or other munipical flag-topped building
Education
White airplane
Travel

Current Home Equity Loan 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.

Term
Loan Amount
Rate / APR
Monthly Payment
(Based on Minimum Loan Amount)
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Term
Loan Amount
Rate / APR
Monthly Payment
(Based on Minimum Loan Amount)
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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
Description
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.
Term
9.5 year draw period
+20 year repayment
5, 10, 15, 20 years
Payment
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