Use the equity in your home to help finance larger expenses
A Home Equity Line of Credit (HELOC) works similarly to a credit card in that you can withdraw money as you need it and are only charged interest on the amounts drawn against your credit line. As you pay off the principal, your credit revolves and you can use it again.1
HELOCs are often used to fund major expenses such as home repairs or renovations, education, debt consolidation or even as an emergency fund to provide protection for future needs. They:
- Carry a variable rate.
- Don't require a formal closing.
- Generally have lower upfront costs than Home Equity Loans.2
Plus, interest may be tax-deductible.3
If you're looking for a Fixed Home Equity Loan, call 877.376.2265 and speak with a Farmington Bank Representative to find out more about your options.
1 Revolving feature is for the first nine years and10 months of the loan. The balance is then converted to a 20-year amortized payment with no draw function.
2 All loans are subject to approval.
3 Please consult your tax advisor regarding interest deductibility.