Provident Home Loans Home Equity Loans

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.

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.

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.

There are generally no expenses related to home equity loans, except if the loan amount is over $500,000 (title insurance and appraisal fees apply) or the loan is in New York state, where Mortgage Tax and Recording Fees apply.

You can apply online or visit your local branch.

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%.