Home Equity Line of Credit
No Closing Costs*
Is a Home Equity Line of Credit (HELOC) Right For Me?
Immediate Access
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
1.99%
6 month introductory rate
thereafter (Prime - 0.25%)
for lines up to $175,000
Borrow up to 90% LTV*
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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.
INTEREST RATE
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.
REPAYMENT PERIOD
After the Draw Period, a 15-year Repayment Period starts for any amount that you’ve used from your HELOC. Payments include principle 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.
Quick Closings
Typically, you will be able to close on your Home Equity Line of Credit within 30 days of your application.
Flexible Terms
Home Equity Lines of Credit are available with 5, 10, 15 or 20 year terms and amounts from $25,00 to $300,000.
Interest Rate Cap
Unlike high-rate credit cards, which can skyrocket to 25%, the rate on your HELOC is capped.
Lower Rate
Not only will you enjoy a lower rate than high-rate credit cards, you’ll only pay interest on the money you actually use.
Flexibility
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?
4
Close
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.
Read the Ultimate Guide to Home Improvements
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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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
*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.