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Home Equity Loans
Similar to home equity lines, our home equity term loan allows you to
borrow against the equity in your home. The proceeds of the loan are provided to you in a lump-sum and can be used as you like. Available as a second mortgage only.
Key features of our home equity loan program include:
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Rates may be reduced by an additional 1/2% if you elect auto pay from any Provident Bank Personal Checking Account.
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5, 10, 15 and 20 Year terms are available based on eligibility
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low fixed rate for the term of the loan
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fixed principal and interest payments for the life of the loan
The table below illustrates the additional discount that is available if the monthly loan payments are on autopay, tied to a Provident Bank checking account.
|
Term |
Discounted Rate |
APR |
Payment per $1,000. |
|
5 yr |
4.990 |
4.990 |
$18.87 |
|
10 yr |
6.500 |
6.500 |
$11.36 |
|
15 yr |
6.750 |
6.750 |
$ 8.85 |
|
20 yr |
6.990 |
6.990 |
$ 7.75 |
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Annual Percentage Rate (APR). Rates subject to change at any time without notice.
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Payment per $1,000 represents monthly payment based on a $1,000 loan at the rate and term indicated. These payments do not include taxes and insurance. Your actual payment might be greater.
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1/2% rate discount available if the loan is on auto pay from a Provident checking account.
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We will lend up to 80% loan-to-value (LTV) less the first mortgage balance; limitations may apply based on loan amount, property type, lien position and borrower credit rating.
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Loan amounts $25,000 and above, Bank pays appraisal fee (if required) plus customary legal and recording costs. If the loan is paid off within three (3) years of opening, an early termination fee of $350 will be assessed.
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Loan amounts less than $25,000, borrower pays appraisal fee (if required) plus legal and recording costs with no early termination fee assessed. Minimum loan amount $10,000.
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Non-customary legal fees required to clear title issues or dealing with properties held in a trust are paid by the borrower. Limited to 2nd lien position.
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Subject to credit approval and clear title; posted rates limited to owner occupied properties not listed for sale; property insurance required; normal underwriting terms and conditions apply.
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