Is a Home Equity Line of Credit (HELOC) Right For Me?
A HELOC allows for easy access to money whenever you need it. Simply transfer funds from your HELOC into your Checking or other Account.
Revolving Line of Credit
Use funds from your HELOC as often as you need to. As you pay the money that you use back, that amount becomes available again throughout your Draw Period.
Home Equity Line of Credit
% 6 month introductory rate
thereafter (Prime - 0.25%)
for lines up to $175,000 Borrow up to 80% LTV*
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Your HELOC will have a 5-year or 10-year Draw Period, meaning you can access the funds for 5 years or 10 years. Throughout the Draw Period, you can access the funds as little or as much as you need.
The interest rate on your HELOC will be variable, meaning that it will adjust as the Prime Rate adjusts. During the Draw Period, your minimum payment will be interest-only on the amount you’ve used.
USING YOUR HELOC
Like a credit card, a HELOC allows you to use funds as you need them. Your HELOC amount will be based on your equity and will not exceed 80% of your home value.
After the Draw Period, a 15-year Repayment Period starts for any amount that you’ve used from your HELOC. Payments include principal and interest.
What are the Benefits of a Home Equity Line of Credit?
No Closing Costs*
Enjoy absolutely no closing costs on Home Equity Lines of Credit under $175,000.
Home Equity Lines of Credit are available with 5 or 10 year draw periods and a 15-year repayment period.
Interest Rate Cap
Unlike high-rate credit cards, which can skyrocket to 25%, the rate on your HELOC is capped.
Not only will you enjoy a lower rate than high-rate credit cards, you’ll only pay interest on the money you actually use.
Access your funds whenever you need them with a simple transfer into any of your accounts.
How do I Get a Home Equity Line of Credit in 4 Easy Steps?
The last step is to finalize all of the documents for your loan. You can either complete the 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.
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Find Your Home’s Value
Your home’s value is an estimation of how much it would sell for, if you sold it right now. Knowing your home’s value will help you determine how much equity you may have built up. Use the Home Value Tool to estimate the current value of your home, but keep in mind a formal appraisal may be required.
Find your Home’s Value now.
Calculate Your Home Equity Line of Credit Payment
Use our Home Equity Line of Credit Calculator to estimate your monthly payment. How to Apply for a Home Equity Line of Credit
With over 100 years of combined experience, our Mortgage experts will help guide you through the entire Home equity process.
Kingston, Saugerties & Woodstock
NMLS #: 515614
JOSE L. ORTIZ
Peekskill & Westchester County
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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
My experiences with MHV has been great! The I recently applied for a Home Equity loan. The service was wonderful! Everyone that handle my loan was courteous, everything was explained no matter how many question I asked.
*Closing costs paid by the Credit Union may be recaptured if loan is closed/terminated within the first three years on loan amounts up to $175,000.
PO Box 1429
Kingston, NY 12402
845.336.4444 / 800.451.8373 Routing Number 221976243
Mid-Hudson Valley Federal Credit Union
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