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 it's 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
Fixed Equity Loan (5 Year)
6.5% Interest Rate
6.5% APR*
LOANS UP TO $175,000
BORROW UP TO 80% LTV*
Fixed Equity Loan (15 Year)
7% Interest Rate
7% APR*
LOANS UP TO $175,000
BORROW UP TO 80% LTV*
Renovation Financing: Buy The Fixer-Upper
Sometimes the house you want – or the only one your budget allows – needs a little love. With Renovation Financing, you may be able to roll a renovation loan into your mortgage. This unique solution means you get to buy the home and pay for the work it needs…while still only paying one mortgage payment a month.
Talk to a Mortgage Expert today to find out if your purchase could qualify for renovation financing.
4 steps to get started
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1
Choose a Home Equity Loan or Line of Credit
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 the calculator below to estimate your monthly payment. It is a great tool to compare with your current monthly payments. -
3
Get Prepared & Apply
There are a few ways you can get prepared. You can rely on expert guidance to navigate everything you have to consider. -
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.
Learn More About Home Equities
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How Can You Use Your Home Equity Loan?
The funds from your Home Equity Loan can be used for just about anything from debt consolidation to home improvements to education. Take a closer look in this article.Get the Insight -
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.Take the quiz -
Tips for Home Improvements
Download our free guide, “Your Guide to Home Improvements”, to help you get started planning your next project.Download Guide -
Do You Have Equity in Your Home?
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
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.
Meet our Home Equity experts
With over 100 years of combined experience, our experts will help guide you through the entire home equity process.
Bill Walsh
Mortgage Originator
Phone: 914.474.5194
Email: [email protected]
Branches Covered:
Poughkeepsie & Putnam County
NMLS #: 454307
Visit Bill's Website
Guy Greco
Mortgage Originator
Phone:845.802.4072
Email: [email protected]
Branches Covered:
Kingston, Saugerties & Woodstock
NMLS #: 2213002
Visit Guy's Website
Danielle Crossen
Mortgage Originator
Phone:845.418.9263
Email: [email protected]
Branches Covered:
Highland, Port Ewen & Hurley Ave.
NMLS #: 1678247
Visit Danielle's Website
Tom Scott
Mortgage Originator
Email: [email protected]
Branches Covered:
Red Hook &Rhinebeck
NMLS #: 965112
Visit Tom's Website
Tom McHugh
Mortgage Originator
Email: [email protected]
Branches Covered:
LaGrange, Fishkill,
Putnam & Westchester Counties
NMLS #: 697524
Visit Tom's Website
Denise Quinn
Mortgage Originator
Phone:845.522.3844
Email: [email protected]
Branches Covered:
Middletown, Rockland & Sullivan Counties
NMLS #: 454310
Visit Denise's Website
Jose Ortiz
Mortgage Originator
Phone:845.663.6243
Email: [email protected]
Branches Covered:
Peekskill & Westchester County
NMLS #: 724128
Hablo español
Visit Jose's Website
Rick Farrow
Mortgage Originator
Phone:845.527.2090
Email: [email protected]
Branches Covered:
Newburgh, Rockland & Sullivan Counties
NMLS #: 800674
Visit Rick's Website
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.
Flexibility + Features
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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.
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I recently applied and received a home equity loan at the Hurley Ave branch. Sean, loan contact and Wendy, branch manager made my experience so easy and effortless. Kept me updated with very friendly service. Definitely my choice for all my banking needs.Patricia O.
Commonly Asked Questions About HOme Equity Loans
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Please visit our Rates page for our current rates
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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.
^Closing costs paid by the Credit Union may be recaptured if loan is closed/terminated within the first three years on line amounts up to $175,000. For example: 60 monthly payments of $19.57 per $1,000 borrowed at 6.50%. Payment example does not include amounts for taxes and insurance premiums. Actual payment obligation may be greater.