SuperLow Home Equity Line of Credit

Take on a big project, refinance debt, pay for education and more!

Flexible and ready when you need it. Apply today!

2.99%APR fixed for first 12 months, 3.50% APR thereafter.*

 
  • Line amounts from $10,000-$500,000
  • No rate floor
  • No application fees or costs
  • No required draw at closing
  • Write checks as needed during the draw period

2.99%25 APR, Prime minus 1.01%25 fixed for first 12 months.*

3.50%25 APR Prime minus 0.50%25 thereafter*

Make an appointment with a Farmington Bank Home Loan Specialist or call our Customer Support Center at toll-free 877.376.2265.


*Offer is not available to existing Farmington Bank Home Equity Credit Line customers, applies to applications taken on or after 3/17/17 and applies to new Home Equity Lines of Credit on owner-occupied primary residences within the states of Connecticut and Massachusetts. Promotional Annual Percentage Rate (APR) of 2.99% is based on the Prime Rate as published in The Wall Street Journal (4.00% as of 3/17/17) minus 1.01% and is fixed for the first 12 monthly billing cycles after origination of your credit line. After the fixed rate promotional period, the APR of 3.50% is variable based on the Prime Rate minus .50%. The APRs above include a 0.25% rate discount requiring automatic payment deduction from a Farmington Bank personal checking account. If you cancel the auto pay during the life of the loan, the APR will revert back to Prime minus 0.25%. Without automatic payments from a Farmington Bank personal checking account, the APRs would be 3.24% fixed (Prime minus 0.76%) for the first 12 monthly billing cycles after origination of your credit line and 3.75% APR variable thereafter based on Prime minus 0.25%. The APR may vary and your minimum payment may increase or decrease. You can obtain credit advances for approximately nine (9) years and ten (10) months during the “draw period” and make monthly interest payments (and principal if you wish). After the draw period ends, you will no longer be able to obtain credit advances and you must pay the outstanding balance, in monthly installments of principal and interest over approximately the next twenty (20) years (the “repayment period”). The APR can never go below 0% with a maximum of 18%. A $50 annual membership fee applies. If you close (terminate) your Home Equity Line of Credit within 24 months of the original note date, an early termination fee will be imposed. The early termination fee will be the lesser of: Two (2) percent of the line amount or $500.00. The minimum loan amount is $10,000 and the maximum is $500,000. There are no application fees. Maximum Combined Loan-To-Value (CLTV) is 80%. Property insurance and flood insurance, if applicable, are required to be maintained for the life of the loan. Loan is subject to credit approval. Offer subject to change without notice. Please consult your tax advisor regarding the deductibility of interest.