HELOC
Home equity, the difference between what you owe on a mortgage and your home’s value, can provide flexible funding for future expenditures. A Home Equity Line of Credit (HELOC*) turns a portion of that equity into a revolving credit line. At closing, a legal claim called a “lien” is placed on the property because the loan is secured by your home.
Unlike a Fixed Home Equity Loan, a HELOC provides you with a credit limit equal to the total qualifying amount of the loan and you can access as needed – draw funds, repay and draw again during an 84-month period. After the draw period ends, advances stop and you enter a 120-month repayment period for a total term of 17 years. If your balance is $0.00 at the end of the 84-month draw period, the HELOC is closed and the lien is released.
HELOCs have a variable APR**, so your interest rate and minimum payment can change over time, but they’re often lower than credit card rates.
Members typically choose a HELOC for ongoing or phased costs, like multi-stage home renovations or college tuition paid by semester, or as a readily available safety net. The key benefit to attaining a HELOC is that you only pay interest on the funds you actually use, not the full credit limit.
Home Equity Line of Credit (HELOC)*
Our HELOC is one of the best available in the market today! Click here to see our rates. Great features include:
- No Application Fees
- No Closing Costs**
- No Annual Fees**
- No Points**
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500 Enterprise Dr, Suite 4A, Rocky Hill, CT 06067 | 860-513-5000
Questions? Call our Lending Team directly at 860-513-5000 or visit one of our branches.
Why Members Choose a HELOC from Nutmeg
- Access when you need it
- Pay interest only on what you use
- Borrow, repay and borrow again without reapplying
- Local support from our Connecticut lending team
What to Know About Applying for a Variable Rate Product
- Index & Margin: APR is tied to the Wall Street Journal Prime Rate (WSJ Prime) plus/minus a margin based on credit and loan-to-value.
- Rate Changes: When the index changes, your APR and payment may increase or decrease, subject to any stated floors or caps in your agreement.
- Payment Types: During the draw period, minimums may be interest-only or interest plus principal. Payments typically increase in the repayment period.
- Best For: Ongoing projects or variable expenses where you want flexible access to funds.
Popular Uses of a HELOC
- Multi-phase renovations
- Debt consolidation
- Education or large purchases
- Back-up emergency line
Talk to a Live Person
Call 860-513-5003 for one-on-one guidance from our friendly lending team! We’re happy to walk through example payments and scenarios.
Yes. It’s secured by your home and places a lien on the property.
Property insurance is required; flood insurance may be required if applicable.
Yes. It’s a variable APR tied to the WSJ Prime, so your APR (and payment) is adjustable.
We do not have an application fee, or closing costs, and we do not require a draw down at closing.
Ask your tax advisor; deductibility depends on how funds are used and your situation.
Your line must be paid off and closed at or before the sale closing.
*Connecticut owner-occupied property only. This loan cannot be used for a new purchase.
**APR = Annual Percentage Rate. The APR and monthly payment for your loan request will be based on your credit score and other factors. Your actual rate may be higher than the advertised rate depending on your individual credit score. Minimum loan amount is $10,000 and the maximum is $500,000. This payment does not include taxes or insurance. Subject to appraisal and credit approval. Maximum loan-to-value ratio (LTV) of 100% applies. Must be a member to qualify. We are an Equal Housing Lender. Nutmeg State Financial Credit Union is federally insured by the National Credit Union Administration.
Annual Percentage Rate (APR) is a variable rate and will be based on the “Wall Street Journal’s” Prime plus 000-150 basis points. As of 12/10/2025, Prime rate is 6.75% and the APR is 6.75-8.25%. The maximum APR that will apply during the life of this line of credit is 17.50%.
If the line of credit or loan is paid off within two (2) years, you will be responsible for reimbursing Nutmeg State Financial Credit Union for certain third-party fees related to the line of credit or loan. These third-party fees typically range from $500 to $1,000 depending on the loan amount and property.
No minimum fee, no fixed fee, no transactional fees, no activity fees, and no loan fee are imposed by Nutmeg State Financial Credit Union. Property insurance is required.
Offer valid 9/18/2025 for limited time only and cannot be combined with any other offers and is only valid for qualifying applications. Nutmeg State Financial Credit Union reserves the right to discontinue the offer at any time without notice. Approvals may be based on credit and other qualifying factors.
Offer is subject to credit approval. Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. We will ask for your name address, date of birth, and other information including valid identifying documents to identify you. NON-MEMBERS: Membership required. Membership at Nutmeg State Financial Credit Union is open to you if you are a member of the Community Impact Fund, or if you live, work, worship, attend school or volunteer in Hartford County, Middlesex County, Tolland County, New Haven County or the Fairfield County towns of Bridgeport, Shelton, Stratford, Trumbull, Fairfield, Norwalk and Westport, CT. Membership requires a savings (share) account with a $5 minimum balance requirement.
All loan applications are subject to credit approval. Additional terms, conditions, and eligibility requirements apply. Nutmeg State Financial Credit Union does not guarantee loan approval for all applicants.