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

Home improvement illustration
Overview
Apply Now

Benefits of Borrowing from Jovia

Arrows down icon

Keep monthly payments low

Take advantage of a low introductory rate, as low as 6.99% APR‡ for the first twelve months, and a competitively low rate following the introductory period.

Money in hand icon

Easy Access

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

Lock icon

Convert a portion to a fixed-rate

Convert either a portion of your line or the entire credit limit to a fixed-rate loan during the draw period. This gives you control of your situation and allows you to pick the option that best aligns with your cash flow.

Money icon

Borrow more

If you are ready to take on a big project or expense, you can borrow up to 100% of your home’s value, minus your mortgage balance, so you can do more with your home’s equity.

Buying Paint Supplies illustration

HELOC Comparison Chart

Compare HELOC Products
No Closing Cost Option Large Line Option High LTV Option
No closing cost icon Mortgage icon High LTV icon

Get the cash you need without any out-of-pocket costs upfront.

Borrow more to do more with a line of credit up to $1.5 million.

Access all of your hard-earned equity with up to 100% financing.±
Apply Now Apply Now Apply Now

Lines

Lines

Lines

$25,000 - $500,000

$500,001 - $1,500,000

$25,000 - $250,000

Maximum LTV

Maximum LTV

Maximum LTV

80%

70%

100%

Introductory Offer

Introductory Offer

Introductory Offer

As low as 6.99% for the first 12 months‡

As low as 6.99% for the first 12 months‡

N/A

Property type

Property type

Property type

Primary, second home, vacation

Primary, second home, vacation

Primary home only

Rates

Rates

Rates

As low as Prime

As low as Prime

As low as Prime + 1.50%

Draw period

Draw period

Draw period

10-year

10-year

10-year

Repayment

Repayment

Repayment

20-year repayment
Fixed-rate option available

20-year repayment
Fixed-rate option available

20-year repayment

Closing costs

Closing costs

Closing costs

Jovia pays all closing costs for initial line (requires minimum initial draw)

Members pay all closing costs

Jovia pays all closing costs for initial line
(requires minimum initial draw)

Rates

Type

APR*

Monthly Payment2
Line of Credit ‡ 6.99% $6.65
Fixed Loan † 8.50% $7.69
High LTV Line of Credit ± 10.00% $8.78

Questions? We have answers!

While both a Home Equity Line of Credit or HELOC and a Second Mortgage are additional mortgages 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.

‡ Line of Credit - The terms and conditions are subject to change at any time without notice. 6.99% APR introductory rate is fixed for the first twelve (12) months and begins on the date of account opening. After the introductory period ends, all remaining balances will automatically convert to the variable APR per terms of the HELOC agreement. The variable APR is based on Prime plus a margin up to 2.5% and will vary with Prime. The maximum APR will not exceed 18%. Minimum APR cannot be lower than 3.25%. Not all applicants may be approved.

† Fixed Loans - Within the 10-year draw period, you may convert part or all of an existing home equity line of credit (HELOC) into a fixed-rate loan option, resulting in fixed monthly payments at a fixed interest rate. The minimum conversion amount is $20,000.00, up to the HELOC credit limit. A Conversion fee of $350 will apply. No minimum term is required; however, repayment term cannot exceed the original HELOC maturity date. If you wish to cancel a HELOC conversion prior to the end of the term, a Cancellation fee of $350 will be charged. The HELOC conversion rates are determined by the applicant’s credit history and requested term and are subject to change without notice. Not all applicants may be approved.

± High LTV (Loan to Value) Line of Credit - You may borrow up to 100% of your home’s value, minus your mortgage balance. Lines of credit over 80% LTV do not qualify for introductory 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.

*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.

2Monthly payment per $1,000 borrowed.

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.