Fixed Rate Home Equity Loan
A fixed rate, fixed term monthly installment loan, secured by a first or second mortgage on a borrower's 1 to 4 family residence in NJ. This means that you are granted a loan with a constant monthly payment and interest rate that will not change for the term of the loan. The loan may be granted in terms from 60 to 180 months.

Features:
Home equity loans are available to a maximum of $500,000.00 if the loan is a first mortgage lien on the subject property and $350,000.00 if the loan is a second mortgage lien on the subject property.. Term and payments are fixed and do not change for the life of the loan.The amount of the loan is subject to the borrower's income, credit, and the equity in the property. Minimum loan term is 12 months. Maximum loan term is 180 months. A first or second position lien will be taken on the subject property. There is a maximum loan to value requirement (LTV) of 80%. If combined first and second liens exceed $500,000, loan to value ratio may not exceed 65%. Interest on the loan may be tax deductible - refer to your tax advisor.

Rates:
Current Fixed Rate Home Equity Loan rates can be found here. An interest rate discount of 0.25% is available if monthly payments are charged to your NVE checking account. Interest is computed at a fixed simple interest rate. An additional .25% rate reduction is provided to loan borrowers on 5 and 10 year terms if NVE Bank's home equity loan is in a first lien position.