Jersey City-based The Provident Bank, New Jersey’s oldest community bank, is now offering its full suite of financial products to consumers in eastern Pennsylvania, where its merger with Team Capital Bank was recently completed. Among the first products available in the area is the Provident Home Equity Line of Credit (HELOC), featuring an introductory fixed annual percentage rate (APR) of 2.50 percent for the first six billing cycles, followed by a variable APR equivalent to the Prime Rate (currently 3.25 percent APR) for the life of the credit line.
“As median home prices continue to rise throughout the Lehigh Valley and Bucks County regions, more homeowners are looking to tap into the equity of their homes to pay off debt or make home improvements that were put off during the recession,” said Klyda Hutchins, Provident’s Senior Vice President and Regional Manager for Pennsylvania and western New Jersey. “Provident’s HELOC is the perfect tool for such projects because it is a very flexible way to access home equity and the interest may be tax deductable. As everyone’s tax situation is different, consumers should check with tax advisor.”
The Provident HELOC enables homeowners to access only the amount they need, rather than borrowing a lump sum and paying interest on the full amount, as with a home equity loan. When funds are needed, homeowners can simply write a check for the amount they need. The competitive rate of interest is charged only on the amount borrowed and outstanding. As the balance is repaid, the funds become available for use again and again during the 10-year draw period.
“By offering this low-interest-rate product with no points or application fees, we are reinforcing our commitment to provide the best possible products and services to the communities that make up the Provident Bank’s footprint,” Hutchins said.Related Articles: