What is a Home Equity Loan?

 


A Home Equity Loan is a loan that is secured by the equity you have in your home. Your home’s equity is the amount of home you actually own, in other words the current value of your home minus the amount you still owe on your home. Because a Home Equity Loan uses the equity in your home as collateral, it often allows you to borrow a larger amount than a Personal Loan. Home Equity Loans are different than Home Equity Lines of Credit.

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

Today’s Home Equity Rates

5 Year Term

4.375%

Interest Rate

4.375%

APR*

LOANS UP TO $175,000
BORROW UP TO 90% LTV*
15 Year Term

5%

Interest Rate

5%

APR*

LOANS UP TO $175,000
BORROW UP TO 90% LTV*


Ready to Speak with a Home Equity Expert?
 
 


 
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*Click for More Rates & Terms

What are the Benefits of a Home Equity Loan?

No Closing Costs

Enjoy absolutely no closing costs on Home Equity Loans under $175,000.

Higher Loan Amounts

Access larger amounts of money for big purchases or major projects

Flexible Terms

Home Equity Loans are available with 5, 10, 15 or 20 year terms and amounts from $25,00 to $300,000.

Fixed Rate

With a fixed loan rate, you don’t have to worry about fluctuations in the prime interest rate impacting your monthly payment.

How Do I Get a Home Equity Loan in 4 Easy Steps?

1

Which is Better?

We can guide you through the benefits of a home equity loan versus a line of credit to help you decide on the best option.

2

Calculate

Use our calculator to determine your monthly payment. If you’re consolidating debt, this is a great way to compare your current monthly payments to your new single monthly Home Equity payment.

3

Get Prepared & Apply

There are a few ways you can get prepared. We’ll guide you through some considerations.

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.

How Can I Use my Home Equity Loan?

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

 Debt Consolidation
 Home Improvement
 Major Purchase
 Education
 Vacation

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.

Download Guide

Home Equity Loan vs Personal Loan?

OK, so you need money to get these home projects done. But is a Home Equity Loan or a Personal Loan a smarter move? Find out which may be the better option for you with this quick quiz. Or read more on the difference.

Calculate Your Home Equity Loan Payment

 

Use our Home Equity Loan Calculator to estimate your home equity payment based on the amount you want, desired term and interest rate. Understanding how much your monthly payment will be can help you determine a loan amount you can afford.

How to Apply for a Home Equity Loan

With over 100 years of combined experience, our Mortgage experts will help guide you through the entire Home equity process.

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Don Spiro

845.332.5856

Branches Covered:
Kingston, Saugerties & Woodstock

NMLS #: 515614

Apply Now With Don

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Bill Walsh

914.474.5194

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

Apply Now With Bill

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Denise Quinn

845.522.3844

Branches Covered:
Middletown, Newburgh, Fishkill & Rockland County

NMLS #: 454310

Apply Now With Denise

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SEAN DYKHOUSE

845.208.1377

Branches Covered:
Highland, Hurley Ave., Port Ewen & Sullivan County

NMLS #: 184229

Apply Now With Sean

GET STARTED IN 60 SECONDS



 
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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
 

STILL HAVE MORE 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. For example: 60 monthly payments of $18.70 per $1,000 borrowed at 4.625%. Payment example does not include amounts for taxes and insurance premiums. Actual payment obligation may be greater.