Today’s Home Equity Rates as low as
LOANS UP TO $175,000
BORROW UP TO 90% LTV*
5 YEAR TERM
Home Equity Line of Credit
6 month introductory rate
thereafter (Prime - 0.25%)
for lines up to $175,000
Borrow up to 85% LTV*
Loans up to $30,000
No Equity Required
Terms up to 10 years
How do you see Your Home’s Equity?
Let us Help you get the Money you Need in 5 Easy Steps
Home Equity Loan
A Home Equity Loan allows you to borrow a large lump sum amount based on the value of your home and your current equity. This loan is recommended for people who need cash to pay for a single major expense, such as debt consolidation.
A Home Equity Line of Credit (HELOC) is a revolving credit line based on the equity of your home. Once the limit is set, you have a defined period of time you can draw on your line of credit. A HELOC is recommended for people that may need varying amounts of cash over time, such as several home improvement projects spanning several months or years.
An Equity Edge Loan allows you to borrow a lump sum amount based on your credit. This loan does not require you to have equity in your home. It is recommended for people with little to no equity that need cash to pay for a single major expense, such as a home improvement project.
Your credit score is a mathematical assessment of the likelihood you will repay what you borrow. It is based on the information in your credit report, which tracks how well you pay and manage bills. Creditors typically check your score when deciding whether or not to approve your loan application. Scores range from 300 to 850, with a higher score being indicative of less risk.
We recommend you check your credit report before applying for your Home Equity Loan by visiting www.annualcreditreport.com
Your MHV membership includes complimentary access to Financial Counselors that can review your credit report and answer questions about credit scoring, building a strong credit history and correcting any inaccuracies that appear. To speak with a counselor, call toll-free 888.456.2227
Home Equity & Loan-to-Value Ratio
Determining the amount of equity in your home is calculated by taking your home’s value, and then subtracting all amounts that are owed on the property. The difference is the amount of equity available. The next step is to determine your Loan-to-Value ratio (LTV). LTV is a financial term used by lenders to compare a loan amount to the value of the home and to determine how much they will lend. Many financial institutions use an LTV of 85%, which means they won’t let you borrow debt that is more than 85% of your home’s value.
Get Prepared: Calculate your estimated Loan-to-Value ratio by taking the mortgage loan balance and dividing it by the home’s value. For example, if you have a home worth $400,000, and the total mortgage balance owed on the property is $200,000, then you have a total of $200,000 in equity, and an LTV of 50%.
Estimate Your Home’s Value
A home appraisal is an unbiased estimate of the (fair market) value of your home. This protects homeowners from borrowing too much against the value of the home and from the risk of getting into financial trouble. It also protects the lender from loaning too much against the value of the home.
to obtain an estimated value of your home before applying for your home equity loan.
Smart Tips for Home Improvements
Download our free guide, “Your Guide to Home Improvements”, to help you get started planning your next project.
CALCULATE YOUR MONTHLY PAYMENT
Meet the MHV Mortgage Team
With over 100 years of combined experience, our Mortgage experts will help guide you through the entire Home equity process.
Apply in Less Than 15 Minutes
Once the processing period is complete, it is time to close on your home equity loan. You can either complete the entire process in a branch, or you can sign most documents electronically ahead of time at your convenience. This will help ensure a much faster closing. Once the loan is closed, you have three business days to change your mind and cancel the loan, known as the right of rescission. You will receive your money on the 4th business day after closing.
See What the Mid-Hudson Valley has to say About us
When we were looking for a Home Equity product to finance our son's college education, we did do comparison shopping in the area. Working with the MHV staff was such a pleasant experience. The electronic pre-closing and final closing made the whole process a breeze. MHV truly understands the needs of families, the flexibility and features of their Home Equity products are much better than similar products available from other financial institutions in this area.
Man Mohan Singh
The staff is friendly and extremely helpful. They go the extra mile whenever I have any questions or concerns. I transferred my accounts from other banks to MHV without a hitch. I always feel very welcome when I stop in branch.