Home Equity Line of Credit (HELOC)
Home Equity Line of Credit (HELOC)
All Provident Credit Union equity lines of credit include Equity Checks for convenient access to your credit anytime, for any purpose. You can also use our online or mobile banking tools to transfer funds to your Provident checking or savings account.
The interest you pay may be tax deductible — consult your tax advisor.
- Easy access to funds using equity checks, phone and online transfers
- No closing costs
Prime Plus HELOC051
This line of credit features a rate that is 0.75% above the Prime Rate and lets you access up to your credit limit, with lines up to $200,000.052
If you have other qualifying accounts or products053 at Provident, that relationship turns your Prime Plus HELOC into a Relationship HELOC. Instead of adding 0.75% to the Prime Rate, your loyalty to Provident is rewarded with a rate that is only 0.5% above the Prime Rate.052
5-Year Fixed Prime Plus HELOC051
This loan features a low fixed rate for the first five years and then adjusts monthly. Access up to your credit limit, with lines up to $200,000.052
5-Year Fixed Relationship HELOC051
Like the Fixed Prime Plus HELOC, this loan features a low fixed rate for the first five years and then adjusts monthly. But, if you have other qualifying accounts or products053 at Provident, you receive a 0.25% rate reduction throughout the life of the loan.
051) For current rates and other details, see rates. Ceiling is 6% above the initial, fully indexed rate. Minimum line to apply for is $25,000.
052) This is a Variable Rate Loan: rate and payment will change monthly as the Prime Rate (as published in the Wall Street Journal) changes.
053) Contact us to obtain details on qualifying accounts.
GG) Applicable to all equity loans and lines: Provident will pay for title insurance, asset valuation (AVM), recording fees, credit report and flood certification on new lines of credit up to $100,000. Closing costs may be required for loans that require special handling, or rural properties. Subject to credit approval. Adequate property insurance required (may include flood insurance). Products rates and terms subject to change without notice. Provident Credit Union NMLS #412725.
HH) On lines of credit, figures separated by slashes are number of years. The first figure(s) is the initial draw period with interest-only payments. If three figures are present (i.e. for the 5-Year Fixed lines), the first is the initial fixed-rate draw period, and the second is the adjustable-rate draw period that follows that (both periods with interest-only payments). The last figure is fully amortized re-payment period with no further line advances available. $100 annual fee.
II) CLTV = Combined Loan to Value ratio. This includes first mortgages and all subordinate liens. 75% CLTV is available in Provident-defined market areas only. All other market areas have a 65% CLTV. A drive-by appraisal is required (at owners expense) for loans over $100,000. Certain other restrictions may apply. Consult your Mortgage Consultant for appraisal fees and other restrictions.
SSS) APR = Annual Percentage Rate. Subject to change without notice. Rates quoted are effective on date of publication. When rate and APR are not the same, the APR appears in parentheses.
TT) Payment per $1,000 balance is based on the interest rate listed for the amortization term listed, and is rounded to the nearest cent.