Fairfield County Bank offers Home Equity Programs for the convenience of an instant cash reserve to assist with virtually any of your financial goals.
Prime Minus 1%*
Line of Credit
Make the advantage yours by using the available equity in your home when and how you want. Once you qualify, simply use any amount up to your approved credit line limit.
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Common uses for a HELOC
College Tuition • Home Improvements • Debt Consolidation • Any Continuing Financial Needs • Medical Expenses • Wedding Expenses • Major Purchases
How our Advantage HELOC Benefits You
Low Variable Rate • Flexible Access • Only Pay Interest on the Amount You Withdraw • Fast Turn-Around • Decisions Made Close to Home • Access to our Team of Product Experts who Live and Work in Your Community • Easily Manage Your HELOC within Connect24SM Online, Mobile, or Telephone Banking
Advantage HELOC Details
5 year draw period • 20 year repayment period • $50,000 - $500,000 available credit lines with a competitive variable rate • Prime rate minus 1% available with automatic payments from your personal Fairfield County Bank checking account
Discuss your financial goals with one of our local lending experts to determine the product that is best fit for you!
Home Equity Loans
- Fixed monthly payments for the life of your loan make it easier to plan your budget
*Advantage Home Equity is valid on lines of credit of $50,000 to $500,000. The Advertised Rate is a variable rate equal to Prime (as stated in the Wall Street Journal) minus a margin of 1.00%. $35,000 minimum draw is required at closing. The Advertised Rate is available to borrowers who have an automatic loan payment set up from a checking account maintained at Fairfield County Bank. If the automatic payment is not maintained for the term of the loan, the interest rate will be Prime plus a margin of 0.50%. The draw period is 5 years and the repayment period is 20 years. All loan approvals are subject to Fairfield County Bank current lending guidelines; loan amount and property value; credit worthiness and underwriting. Property must be a primary residence and is only available for Connecticut properties. Property insurance is required. Annual fee to maintain the HELOC is $75 per year and is waived the first year. Early termination fee of $1,000 applies if the home equity line of credit is closed within the first two years. Annual Percentage Rate (APR) as of 12/20/18 is 4.50. Maximum lifetime APR is 18.0%. An annual “non-usage fee” of $100 will be charged if the line of credit and the outstanding principal balance of this line of credit is zero throughout any loan year. Offer is subject to change and can be withdrawn without notice.