Our branch located at 314 Danbury Road is currently closed and will not open until 12:00 pm. Our office located at 1 Kent Road is open.

Home Equity Lines of Credit

Home Equity Lines of Credit

You've worked hard to increase the value of your home. Now make your home work hard for you.

Whether you have a home remodeling project in mind or need money for debt consolidation or other uses, Savings Bank of Danbury offers home equity lines of credit throughout CT to qualified borrowers. We help you take advantage of the equity you've built up in your home. 

  • Choose from fixed or variable* rates to suit your budget
  • Access available funds whenever you need them 

*Variable rate HELOC will adjust monthly, according to movements in the Prime Rate as published in the Wall Street Journal. All loans subject to credit approval.

PRIME MINUS 0.50% Special*

Savings Bank of Danbury offers home equity lines of credit throughout CT at a great rate with several great features: 

  • Competitive rates
  • No application fee
  • No closing costs for loans up to $250,000
  • Local decision-making 
  • Attentive, personal service 

* The Annual Percentage Rate (APR) will always be Prime minus 0.50% for the life of the loan; however, the APR can never go below the minimum of 4.00%. As of July 27, 2023, the APR is 8.00% based on the current Prime Rate of 8.50% as published in the Wall Street Journal; this rate may vary monthly. There is a maximum APR of 15.00%. Minimum line is $10,000. A prepayment penalty of $500 will be imposed for accounts closed within the first 24 months. The Home Equity Line of Credit will  have a draw period of 9 years and 10 months followed by a repayment period of 15 years, during which no time advances can be made. Property insurance is required. Combined maximum loan to value is 80%, 70% for condos. Lines above $250,000 require 75% combined loan to value and a Property Appraisal. Cost of Property Appraisals range from $350 - $750 depending on the value of the home. Available to owner-occupied, single or two family properties in the state of Connecticut. Annual membership fee of $50 applies after the first year. Restrictions may apply. Subject to credit approval. Offer may be withdrawn at any time. Other terms and conditions may apply. Flood Insurance may be required. Condos are subject to qualification review. If you pay interest only, you still owe the amounts drawn and your monthly payment will increase when the interest-only period ends. Consult your tax advisor regarding the deductibility of interest.