You get the full amount of your loan all at once and can use it for home improvement, debt consolidation, college tuition, medical or dental expenses, vehicle financing, and more.
Webster Bank offers home equity loans from $10,000 to $500,000. The amount you can borrow will depend on how much equity you currently have in your home.
You get the security and predictability of a fixed interest rate over the entire term of the loan and regular monthly payments. Terms from 5 to 30 years are available.
There are no closing costs in all states on loan amounts up to $500,000 that are secured by 1-4 family, owner-occupied homes.1
A home equity loan is one form of financing that enables you to borrow against the equity you’ve built up in your home. It provides a lump sum that you can use for virtually any purpose and has a fixed interest rate and fixed repayment schedule.
This is different from a home equity line of credit, which is also based on the equity in your home but is a revolving form of credit similar to a credit card. You can draw down against a total approved amount, repay, and then borrow again.
A home equity loan can help you fund important goals and, because it is secured by your home, interest rates tend to be lower compared to credit cards or unsecured personal loans. Home equity loans have fixed interest rates, predictable monthly payments, and relatively long repayment timelines.
However, because your home is collateral for the loan, you could lose your home if you’re unable to make your payments. And if the value of your home decreases, you could end up owing more than the house is worth.
Contact us today to find out how to put the equity in your home to work – funding renovations, consolidating debt, or achieving your financial goals.
All loans are subject to credit approval. Please speak with a Webster banker for full details.
1 Hazard insurance is required. Flood insurance is required, if applicable. Certain prepayment penalties may apply if the loan is closed within the first three years. Please contact us for those amounts. This offer is subject to change without notice. Loans are available for properties in CT, NY, MA and RI. Contact a Webster banker for availability in other states and for loans over $500,000.
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