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Provident Home Loans | Home Equity Loans
Your home is more than just a place to live, it’s a valuable resource that can support your financial goals. Whether you’re planning a renovation, consolidating debt, making a major purchase, or preparing for unexpected expenses, a home equity loan gives you access to the equity you’ve already built.
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Frequently Asked Questions
What is a home equity loan or line of credit?
A Home Equity Loan is an installment loan that provides a lump sum of money at closing that can be repaid over a 5-to-20-year term. A HELOC is a line of credit that can be drawn from as needed for a pre-determined loan amount. You should consider one or other of the options, depending on your financial situation.
What can I use a home equity loan for?
A Home Equity loan can be used for home improvements, debt consolidation, education expenses, major purchases such as a vehicle or for emergencies such as unexpected expenses.
What are the interest rates for home equity loans?
Interest rates for home equity lines and loans are typically lower than for other forms of credit because your home is used as collateral – meaning the risk to a bank is less than with an unsecured loan. A lower rate means a lower cost to you – and the interest rate may be tax deductible as well*.
View our current Home Equity Loan Rates.
*Provident Bank does not provide tax advice. Consult your tax and/or legal advisor for advise and information concerning your particular situation.
Are there any fees associated with home equity loans?
Applicant(s) for all loan amounts and programs pay for the mortgage recording fee. For loans over $500,000, the applicant(s) pay for the appraisal and property search. For loans over $750,000, the applicant(s) pay for the appraisal and title insurance. For investment properties, the applicant(s) pay for the appraisal property search or title regardless of the loan amount. For loans in the New York state, mortgage tax and recording fees apply.
How do I apply for a home equity loan?
You can apply online or visit your local branch.
What is the loan-to-value (LTV) ratio for home equity loans?
A loan-to-value ratio is the amount of the mortgage divided by the property’s value. For example, if the sales price is $100,000 and the mortgage amount is $75,000, the loan-to-value ratio is 75% ($75,000 divided by 100,000). That means the lender is lending 75% of the total value of the property. Depending on the loan program and the property type, the maximum LTV is in the range of 70% – 80%.
Information and interactive loan calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regard to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
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