Residential Mortgages

Valley offers flexible terms, competitive rates and local, timely decisions to make the borrowing process easier and more convenient for you. View our loan products and choose the home financing that is right for you.

HOME EQUITY LINE OF CREDIT

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Whether you are looking to take a special vacation or renovate your kitchen, you can use the equity in your home to finance some of life's dreams. Valley's home equity line of credit, or HELOC, is convenient, flexible and offers some of today's most competitive rates.

A HELOC is a line of credit secured by a mortgage on your home. You can borrow as much or as little as you need, whenever you need it, up to your Credit Limit. As you repay your outstanding balance, your available credit replenishes, which means you can borrow, repay and re-borrow on your HELOC throughout your draw period.

AVAILABLE HELOC PROGRAMS FOR NEW JERSEY, PENNSYLVANIA AND NEW YORK

HELOC's WITH CREDIT LIMITS FROM $10,000 TO $250,000:
5 year draw period for advances with a 20 year repayment period
Variable interest rate equal to the Prime Rate -- as low as 3.75% APR*
HELOC's WITH CREDIT LIMITS FROM $250,001 TO $500,000:
5 year draw period for advances with a 20 year repayment period
Variable interest rate equal to the Prime Rate plus 1/2 % -- as low as 4.00% APR*

*Rates are valid as of the publication date (4/18/2014) and are subject to change at any time, without notice, until an account is opened. HELOC'S have a variable interest rate and the annual percentage rate (APR) applicable to an account may change. The APR includes only interest and no other costs. The Prime Rate used by Valley to determine the variable interest rate for an account is the highest Prime Rate published in The New York Times for the last banking day preceding the first day of each billing cycle. The Prime Rate is currently 3.25%. The minimum Credit Limit for a HELOC is $10,000 and the maximum Credit Limit is $500,000.

For HELOC's with Credit Limits from $10,000 to $250,000, there is a rate cap or maximum interest rate of 15.90% and a floor or minimum interest rate of 3.75%. This means that the interest rate on an account will never be lower than 3.75% or higher than 15.90% even if the Prime Rate is lower than 3.75% or higher than 15.90%. Exception: For home equity lines of credit in first lien position or in second lien position behind a Valley first mortgage lien, Valley will reduce the minimum or floor interest rate from 3.75% to 3.50%. This lower minimum or floor interest rate will only be beneficial to a borrower when the Prime Rate is 3.50% or lower.

For HELOC's with Credit Limit's from $250,001 to $500,000, there is a rate cap or maximum interest rate of 15.90% and a floor or minimum interest rate of 4.00%. This means that the interest rate on an account will never be lower than 4.00% or higher than 15.90% even if the Prime Rate is lower than 4.00% or higher than 15.90%. Exception: For home equity lines of credit in first lien position or in second lien position behind a Valley first mortgage lien, Valley will reduce the minimum or floor interest rate from 4.00% to 3.75%. This lower minimum or floor interest rate will only be beneficial to a borrower when the Prime Rate is 3.25% or lower (since the interest rate is calculated by adding .50% to the Prime Rate).

The initial APR applied to an account will be based on the Credit Limit requested, the value of the mortgaged property, and the applicant credit history, in accordance with Valley's credit and underwriting guidelines. The Credit Limit on a HELOC may not exceed 75% of the appraised value of the property less the amount of any mortgages currently outstanding. HELOC's are limited to first and second mortgages. Property insurance is required. Title insurance and flood insurance may also be required. Subject to credit and collateral approval. This is not a commitment to lend. Additional terms and conditions apply. Terms and conditions are subject to change without notice.

New Jersey Properties Only:

There is an early cancellation fee of $190 for New Jersey properties if the HELOC is terminated during the first 15 months.

New York Properties Only:

For HELOC's with Credit Limits from $10,000 to $250,000, Valley will pay the closing and other associated HELOC origination costs, including the New York State mortgage recording tax. If a HELOC secured by a New York property is terminated during the first 36 months, however, the borrower will be required to reimburse Valley for the initial appraisal and title search fees, the New York State mortgage recording tax, the mortgage filing fee, and the mortgage discharge fee.

For HELOC's with Credit Limits from $250,001 to $500,000, Valley will pay the New York State mortgage recording tax applicable to the first $250,000. This includes the .25% lender's portion of the mortgage tax. The borrower will be responsible for payment of the New York State mortgage recording tax on the amount over $250,000 at the time of closing. The borrower will also pay all other origination and closing costs. If a HELOC secured by a New York property is terminated during the first 36 months, the borrower will be required to reimburse Valley for the portion of the New York State mortgage recording tax and the mortgage discharge fee paid by Valley.