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A Home Equity Line of Credit (also known as a HELOC) is a revolving line of credit that let's you borrow against the equity in your home (your home's value minus any balances owed, such as your first mortgage). Achieve's HELOC allows qualified borrowers to access a line of credit of up to 90% of their home's equity.
When you need funds, you simply borrow from your line of credit by transferring the funds through Online or Mobile banking, through Call24 Telephone Banking or by writing a check ($500 minimum withdrawal). You'll only pay interest on the amount drawn from the line. As you repay what you have borrowed, your available line to borrow from increases. You'll have 10 years to utilize the line of credit (known as the draw period) and then 10 years to repay any balance.
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Prefer to speak with a representative? We'd love to help you out! Give us a call at call 860.828.2790 ext. 8940, or fill out the form below and we'll reach out to you.
Low variable interest rates tied to Wall Street Journal Prime Rate
No closing costs or application fees for loans of $25,000 or more
Interest paid on your Home Equity loan may be tax deductible (consult your tax advisor)
Withdraw against the line as needed, only pay interest on what you have borrowed
Make extra payments or pay your loan off before the due date with no penalty fees
This booklet can help you decide whether a home equity line of credit is the right choice for you, and help you shop for the best available option.
Rates are variable and are based on the Prime Rate effective as of 7/31/2023. As low as rate based on Prime - 0.50% for loans, 70% loan to value or less and in first lien position. Current Prime Rate is 8.50%. Minimum APR floor rate is 2.75%. Maximum APR is 18.00%. Up to 90% Loan to Value available for qualified borrowers.
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Recording fee of $90 for loan amounts less than $25,000. Application fee of $350 for amounts financed less than $25,000. A $60 Release fee may also apply. Property insurance required. Home Equity Loans are available for CT properties only. Other restrictions may apply.