Is a Home Equity Line of Credit (HELOC) Right For Me?

Need help deciding if a HELOC is right for you?

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Don’t have equity in your home? Don’t worry! Read about our no equity Equity Edge Loan.

Today’s Home Equity Rate

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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How Does a HELOC Work?

Draw Period

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.


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?

How do I Get a Home Equity Line of Credit in 4 Easy Steps?

How Can I Use my Home Equity Line of Credit?

The funds from your Home Equity Line of Credit can be used for just about anything!
Check out our list of possible uses, and click to read more.

White checkmark in circle Debt Consolidation
White checkmark in circle Home Improvement
White checkmark in circle Education

Take a closer look at what you can do with your home's equity in this article.

Get the Insight

Read the Ultimate Guide to Home Improvements

Home Improvement Tips

Smart Tips for Home Improvements

Download our free guide, “Your Guide to Home Improvements”, to help you get started planning your next project.

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.

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Bill Walsh


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Branches Covered:

Red Hook, Rhinebeck, 
Poughkeepsie & Putnam County
NMLS #: 454307

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Denise Quinn


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Branches Covered:

Middletown, Newburgh & Rockland County
NMLS #: 454310


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Visit Sean's Website 

Branches Covered:

Highland, Hurley Ave., Port Ewen & Sullivan County
NMLS #: 184229


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Guy Greco


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Branches Covered:

Kingston, Saugerties & Woodstock
NMLS #: 515614


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Visit Jose's Website

Branches Covered:

Peekskill & Westchester County
NMLS #724128

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Tom McHugh


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Branches Covered:

LaGrange, Fishkill,
Putnam & Westchester Counties
NMLS #697524




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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.

Anna Wilson

Frequently Asked Questions


*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.