Putting your home to work

Your home is an important resource for financing numerous exciting opportunities. Whether it’s home remodeling, taking that dream vacation or investing in the next phase of your business’ growth, you can use the equity in your home to accomplish the goals that are important to you.

  • Key Benefits
    • Cash available when you need it
    • Pay interest only on the amount outstanding
    • Rates that are typically lower than other sources of credit
    • Interest that may be tax deductible (check with your tax advisor for complete details)
  • Disclosure
    *Rates are valid as of the publication date 2/20/2018 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 4.5%. 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.

    2.99% Offer
    The Home Equity Line of Credit introductory rate of 2.99% Annual Percentage Rate (APR) is fixed for the first 12 months from account opening. After that, the variable APR applicable to your account will be the highest Prime Rate published in The New York Times for the last banking day preceding the first day of each billing cycle. As of 2/20/2018, the Prime Rate is 4.5%. This offer is subject to credit approval and assumes an applicant with excellent credit. The maximum APR is 15.9% and, after the expiration of the introductory rate, the minimum APR is 3.75%. The maximum combined loan to value for all liens is 80%. The maximum line amount is $250,000. A $75 annual fee applies. The term of the line includes a 5-year draw period with a 20-year repayment period. This offer is limited to new lines only for owner-occupied primary residences Homeowners insurance is required; flood insurance is required where necessary. Minimum draw is $500. An early termination fee of $190 applies to NJ & PA properties if your account is terminated during the first 15 months; for NY & FL properties, you must reimburse Valley for out of pocket origination expenses if your account is terminated during the first 36 months. Additional terms and conditions apply. Offer may be withdrawn 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. 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.

    Florida 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 Florida documentary stamp tax and intangible tax. If a HELOC secured by a Florida 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 Florida documentary stamp tax, intangible tax, the mortgage filing fee, and the mortgage discharge fee.

    For HELOC's with Credit Limits from $250,001 to $500,000. The borrower will be responsible for payment of the Florida documentary stamp tax and intangible 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 Florida property is terminated during the first 36 months, the borrower will be required to reimburse Valley for the portion of the Florida documentary stamp tax, intangible tax and the mortgage discharge fee paid by Valley.