HELOC vs Home Equity Loan? 


Do you have several smaller projects to do and are unsure of exactly how much money you will need? Do you have an ongoing need for cash for home upgrades, college tuition or small business funding? A Home Equity Line of Credit (HELOC) might be just the ticket for you. On the other hand, if you have one large expense coming up -- perhaps a kitchen renovation or even a down payment on a vacation home -- and you want to lock in at today’s low interest rates, then a Home Equity Loan might be what you are looking for. 



HELOC Rates TodayCheck out our HELOC and Home Equity Loans


Our HELOC offers a 7.29% APR intro rate and then a variable rate as low as 8.00% APR with no closing costs for loans under $350,000. 


And a Home Equity Loan from Valley is available with numerous terms so you can find the one that works best for you. Closing costs? Nope. You won't have any for loans under $350,000.


Ready to get started ?


Get started with your application using the My Mortgage App below and someone will reach out to you. Prefer to speak to us first? Give us a call at 1-888-235-4980.


The Home Equity Line of Credit introductory Annual Percentage Rate (APR) of 7.29% is fixed for the first 12 months from account opening. After that, the variable APR applicable to your account will be indexed to 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 10/1/2023, the Prime Rate is 8.50%. This offer assumes applicants with excellent credit and includes a discount of 0.25% when Valley holds a first lien on the mortgaged property and 0.25% when the combined loan to value of all liens less than 70%. The maximum APR is 15.9% and, after the expiration of the introductory rate, the minimum APR is 3.5%. The maximum line amount for this offer is $350,000. A $75 annual fee applies. The term of the line includes a 10-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 $490 applies to NJ & PA properties if your account is terminated during the first 15 months; for NY, AL & FL properties, you must reimburse Valley for out-of-pocket origination expenses if your account is terminated during the first 36 months. For line amounts above $350,000 and up to $1,000,000, please contact your Valley Loan Officer for pricing and terms. Subject to credit approval. Additional terms and conditions apply. Offer may be withdrawn without notice.


What are the differences between a HELOC vs Home Equity Loan?



Home equity loan

Home equity line of credit

An adjustable interest rate


A fixed interest rate


Lump sum


Draw money as you need it


You only pay interest on the money you use



Let us help you decide between a Home Equity Line and a Home Equity Loan


A Valley HELOC or Home Equity Loan puts buying in the palm of your hands, for whatever it is you want or need to do.


Speak to a Valley Home Loan Consultant near you for additional insights based on your unique situation. 





Want to learn more about a HELOC or Home Equity Loan?


Contact us by completing the form below or by giving us a call at 1-888-235-4980.

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