Home Equity

Open the door to new possibilities

It turns out that home is where the cash is! If your home is worth more than you owe on it, you can use that equity for home improvements, debt consolidation, college tuition payments, or even to take you on your dream vacation. With a home equity loan, you make fixed payments of principal and interest. With a home equity line of credit, you only need to make interest payments during the draw period.

Not ready to apply? Contact a HELOC Specialist

Benefits of borrowing from Jovia

Flexible Options

Life can take many directions. That’s why we give our members flexible options to choose a revolving home equity line of credit, a fixed-rate loan or even a combination of both! This gives you control of your situation and allows you to pick the option that best aligns with your cash flow.

Low Rates

With Jovia, you can get a credit line introductory rate as low as 0.99% APR for the first nine months.‡

Easy Access

Ever had to choose between going big or going home? Now you can go big for your home. You can borrow as much as $1,500,000, based on the equity in your home.

Current Rates



Monthly Payment4

Line of Credit ‡ 0.990% $3.21
Fixed Loan † 4.000% $18.42

Questions? We have answers!

While both a Home Equity Line of Credit or HELOC and a Second Mortgage are additional mortgagees on your house, the difference between them is how the funds are paid out and how the loans are managed by the lending institution.

A Home Equity Line of Credit, or HELOC, works as a revolving line of credit with the equity built up in your house as collateral. The credit is available for ten years, known as the Draw Period in which you are only responsible for interest payments. Once the ten years has passed, you enter the twenty-year repayment period where you can no longer draw on the line and are responsible for interest and principle payments. The amount of the payment is determined by your rate and the amount you owe.

Like a HELOC, a Second Mortgage is also a loan that uses your home as collateral though it has many differences. When a second mortgage is opened, the amount of the loan is paid out up front in one lump. The payment amount is set and doesn’t waver.

The Home Equity Line of Credit is a variable rate product tied to Prime Rate. As such, the interest rate cannot be locked. However, if eligible, you will receive an introductory rate for 6 months.

If you have an existing Home Equity Line of Credit, you have the option to convert a portion of your line or the entire line to a fixed-rate loan .

View Current Rates

Our Home Equity Line of Credit offers a no closing cost option when you take a minimum advance on your line at the time of closing. The minimum advance amount varies depending on the line amount. If you elect not to take the minimum initial advance, you will need to pay the closing costs at closing.

You have the option to roll those costs into your line and pay them over time.

After the introductory period ends, the interest rate on our Home Equity Line of Credit is based on the Prime Rate plus or minus a margin which is established when the account is opened. This rate is subject to change on a monthly basis.

If you are worried about rising interest rates, you can always "lock-in" the interest rate on a portion or all of your Home Equity Line of Credit!

If you are applying for a Home Equity Line of Credit, you may be eligible for a special introductory rate discount if you elect to have your payments automatically deducted from your Jovia checking account.

Our other loan products do not offer rate discounts for automatic payments.

APR = Annual Percentage Rate. 0.99% APR introductory rate is fixed for the first nine (9) months. Rates are based on the Prime Rate published in the Wall Street Journal or plus a margin up to 2.5%. Terms and conditions are subject to change without notice. The rate may revert to as low as Prime once a nine (9) month introductory period has expired. Rates shown are the lowest rates offered for the advertised product. Rates and terms are based on an applicant's credit history and LTV. The maximum APR imposed under the plan will not exceed 18% and will not go below 3.25%.

APR = Annual Percentage Rate. All loan types, rates, and terms are based on an applicant's credit history and are subject to change without notice. Not all applicants may be approved.

3 APR = Annual Percentage Rate. All loan types, rates, and terms are based on an applicant's credit history and are subject to change without notice. Not all applicants may be approved.

4 Monthly payment per $1,000 borrowed.

5 This is an estimate based on the information you provide and we do not guarantee the accuracy of these results. This example is for informational purposes only and is not a commitment by Jovia Financial to lend. To apply for a Home Equity Line of Credit, you will need to complete an application and provide additional details.

All loans subject to credit approval. Final approval amount is based on the appraised value of the home. Maximum total line offered is $1,500,000.00 ($1,500,000.00 cash out), with a minimum line amount of $25,000.00. For lines of $25,000 - $500,000 up to 80% LTV; lines of $500,001 - $1,500,000 up to 70% LTV. Jovia Financial’s loan programs can change at any time without notice. Home Equities are made on primary residences located in New York State only. Members who pay off and close their Line of Credit within 3 years will be required to pay back their closing costs previously paid by Jovia Financial. (Sample Home Equity Loan closing costs are $1,300 on a loan of $50,000 — property located in Nassau County.) All examples assume approved credit. Jovia Financial debt cannot be refinanced. Co-Ops are not eligible.

Information on current registered Mortgage Loan Originators at Jovia Financial and their unique identifier numbers (NMLS ID#) can be found here.

Jovia Financial NMLS ID number is 543667.