Skip to Main Content Skip to Sitemap
My United Bank Location: {{$LS.Branch.Title}} (change)

Home Equity Line of Credit (HELOC)


Your home's equity provides the financing you need to achieve the goals you want

Home Equity Line of Credit for MA & CT

Get a HELOC and get things done.

When you need ongoing access to funds, turn your home's equity into a HELOC from United. We'll help you get the money you need for any project, purchase or expense*.

HELOC Interest Rates from United Bank

United Bank offers competitive rates on Home Equity Lines of Credit for homeowners in Connecticut and Massachusetts. Use the equity in your home to pay for repairs, home improvements, education or other expenses. View Our Rates Now


How Does a HELOC Work?

A Home Equity Line of Credit can be a valuable resource for obtaining funds for large expenses. It is a form of credit which uses your home as collateral. To qualify for a HELOC, you must have available equity in your home, meaning you must owe less on your home than the actual value of your home. Because this line of credit is secured by your home, a HELOC will often have a lower interest rate than that of unsecured forms of credit such as credit cards. Once approved for a HELOC , you’ll be able to withdraw your funds whenever you need them during the draw period.

The Draw Period

The time period during which you have access to your HELOC is known as the draw period. Similar to how a credit card works, you work to pay the outstanding balance to replenish the credit you can use. Thus, if you pay back what you owe on the line of credit, you may borrow against it again if you need it, up to your determined credit limit.

The Repayment Period

When the draw period ends (known as end of draw), the repayment period begins. At this time, you will no longer be able access your HELOC. With a HELOC you make monthly payments which first cover the accrued interest on the borrowed amount. As the repayment period continues your monthly payments will cover both the principal amount borrowed as well as any remaining interest on the line of credit.

Benefits of a United Bank Home Equity Line of Credit

  • Conveniently Access Funds
    When you get your HELOC from United Bank, you have three easy ways to access your funds.
    1. You can receive a check from United Bank
    2. Go to a branch to received your funds
    3. Access your funds online by using United Bank’s online banking capabilities
  • Access Money When You Need It
    A HELOC from United Bank allows you to access a line of credit whenever you need it to cover home improvements, major purchases, education expenses and more. The best part is, if you pay back the outstanding balance, you are able to borrow against the line again within the draw period.
  • Simple Application Process
    Apply in next to no time by using our secure online application. After you enter your information, we’ll go over your application and get in touch with you about the process of approving your HELOC.

apply now

*Subject to credit approval. Closing costs must be paid by borrower. Costs may range from $540 to $1,300. Homeowner's insurance is required. Flood insurance may be required. $50 Annual Fee may apply. Early Termination Fee of 1% of the line may be charged (minimum $500, maximum $1,500).

Get support from our team of experts.


At United Bank, we make the home financing process easy. We invite our neighbors in Connecticut and Massachusetts to stop by one of our branches and talk to our team about your needs. Not in CT or MA? Call us and we will be happy to assist you and guide you through the process step-by-step.

Find a loan officer, email us, visit a branch or call us.