Home Equity Line of Credit
No Closing Costs^
IS A HOME EQUITY LINE OF CREDIT RIGHT FOR ME?
Home Equity Line of Credit (HELOC)
6-month Introductory Rate
Prime -.25% thereafter
For Lines up to $175,000
Borrow up to 80% LTV*
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.
Flexible TermsHome Equity Lines of Credit are available with 5 or 10 year draw periods and a 15-year repayment period.
Interest Rate CapUnlike high-rate credit cards, which can skyrocket to 25%, the rate on your HELOC is capped.
Lower RateNot only will you enjoy a lower rate than high-rate credit cards, you’ll only pay interest on the money you actually use.
Easy AccessAccess your funds whenever you need them with a simple transfer into any of your accounts.
How a HELOC Works
Draw PeriodYour 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 RateThe 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.
AccessLike 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.
RepaymentAfter the Draw Period, a 15-year Repayment Period starts for any amount that you’ve used from your HELOC. Payments include principal and interest.
CALCULATE YOUR HOME EQUITY LINE OF CREDIT PAYMENT
Use our Home Equity Line of Credit Calculator to estimate your monthly payment.
Meet Your Home Equity experts
With over 100 years of combined experience, our experts will help guide you through the entire home equity process.
Ready to Get Started?
Submit the contact form and your home equity expert will get in touch. Together you'll discuss your options and identify the best solution for you.
Working with the MHV staff was such a pleasant experience
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 M.-S.
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 W.
Commonly Asked Questions About HELOCs
Please visit our Rates page for our current rates
An Equity Edge loan allows you to use your home to secure a loan before you’ve built up equity. Equity Edge loans often have a lower rate than a Personal Loan. Please visit our Equity Edge page for details.
For more information or to schedule an appointment with a Mortgage Originator please call us at 845.336.4444.