The Advantage Home Equity Line of Credit
Quickly and easily access the equity in your home.
Experience the Advantage
What is the Advantage Home Equity Line of Credit (HELOC)?
Designed for Fairfield County homeowners, Fairfield County Bank's Advantage HELOC is secured against the value of the equity you've worked so hard to build in your home. It is a revolving line of credit that provides you the opportunity to use a portion of your home's equity now or when you need it.
Why choose Fairfield County Bank's Advantage HELOC?
Take Advantage of flexible & convenient benefits & exclusive rate discounts*
Designed for You
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Borrow only what you need up to your credit limit
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$50,000 - $250,000 credit limits available
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Up to 5 years to use the funds
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Interest-only payment option during your draw period
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Up to 20 years to repay the amount you used
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70% Maximum Total Loan-to-Value**
**The first mortgage cannot exceed the following:
Single Family Residences: $750,000.00
Condominiums: $400,000.00
*Choose Your Rate
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Variable rates starting at Prime (7.75%) +1.50%
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Current Interest Rate/APR: 9.25%
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Fairfield County Bank clients are eligible for rate reductions up to 1.50%:
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.50% rate reduction when you maintain automatic withdrawals from a Fairfield County Bank checking account
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.50% rate reduction if you have a Pinnacle checking account
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.50% rate reduction if you have your first mortgage with Fairfield County Bank or you originated a first mortgage with the Bank within 36 months
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Condominium Acceptability
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Financing available for minimum of 11 units or greater
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Owner Occupancy ratio of 75% of total units must be owner-occupied
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Maximum Fairfield County Bank exposure to complex is 10% of total unit size
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We may require a current Condominium Questionnaire from you, at your expense, to obtain from your Homeowners Association Management Group. Please refer to the Important Notices & Credit Closing Fees for estimated costs.
Access Your Funds
(Minimum Draw $500.00)
Transfer funds from your HELOC into your personal Fairfield County Bank checking account through online banking , mobile banking , at our ATMs or any Fairfield County Bank branch office location .
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Then make purchases or pay for services using bill pay , Zelle ® , checks , wire transfers , or your Fairfield County Bank Visa ® Debit Card
+What else should I know before applying?
Click or tap below to learn more
How do I apply for the Advantage HELOC?
Easily & securely complete your online application with the support of a local banker.
Documents You'll Need
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Copy of most recent monthly mortgage statement (if Fairfield County Bank does not hold your first mortgage)
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Copy of current Homeowner Insurance policy to confirm coverage and monthly cost
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Salaried Borrowers:
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Most recent W-2 Forms
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Two most recent paystubs
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Retired/Other Income:
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Pension | Social Security | Dividend | Interest: Most recent award letters or 1099 for each income type
If distributions are coming from an IRA/Retirement account, most recent tax return and most recent account statement to show the balance remaining.
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Self Employed:
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Two years Personal Tax Returns
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Two years Business Tax Returns (all schedules attached)
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Resources
(click or tap below to learn more about HELOCs)
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Access Fairfield County Bank's Financial Wellness Platform:
Advantage Home Equity Line of Credit (HELOC) is valid on lines of credit of $50,000 to $250,000. The advertised rate is a variable rate equal to Prime (as published in the Wall Street Journal) plus a margin of 1.50%. $500 minimum draw is required. A 0.50% discount is available to borrowers for each of the following requirements up to a total of a 1.50% discount; customers who have an automatic loan payment set up from a checking account maintained at Fairfield County Bank, customers who maintain a Pinnacle checking account at Fairfield County Bank, or your first mortgage is maintained at Fairfield County Bank or you originated a first mortgage with Fairfield County Bank within the past 36 months. 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 Fairfield County Connecticut properties. Property insurance is required. For first mortgage HELOC, Settlement/Title charges $2,200 - $5,000 apply. Processing fee is $150.00. Annual fee to maintain the HELOC is $75 per year and paid in the anniversary month of the agreement each year. Early termination fee of $1,000 applies if the HELOC is closed within the first three years. Annual Percentage Rate (APR) as of 11-08-2024 is 9.25%. Maximum lifetime APR is 18.00%. An annual “non-usage fee” of $100 will be charged if the line of credit is not utilized in each twelve (12) month period measured from the date of the Agreement. Offer is subject to change and can be withdrawn without notice.