Home Equity Loans & Lines of Credit

Make your house work for you! Take advantage of the equity in your home to borrow at a competitive rate with flexible options.
Couple with toddler looking at tablet during home construction.

Tap into your home's possibilities

With a home equity loan or a home equity line of credit (HELOC), you can get the affordable cash you need to reach your next big goal!

Your home's equity simply refers to your home's value minus any liens or mortgages on your house. Pennsylvania home equity loans and lines of credit, also referred to as a second mortgage, allow you to borrow against the remaining equity in your home. Because the home is being used as collateral, the interest rate on your loan may be very affordable.

Home Equity Loans

A home equity loan is a smart and affordable way to make a one-time purchase and get the assurance of predictable monthly payments. You can use a home equity loan any way you wish.

Home Equity Line of Credit (HELOC)

A home equity line of credit, or HELOC, is more flexible than a home equity loan and allows you to take your wealth management into your own hands. Unlike an installment home equity loan, which is for a fixed amount and term, a line of credit is accessed as you need the money. Lines of credit are revolving forms of credit. This means you have the cash available for your personal finance at a moment’s notice.

A line of credit also allows you to access your money like a checking account by:

  • Writing a check
  • Using online banking
  • Transferring a balance
You can always check the amount remaining in your line of credit by using online banking. You can also use our online banking or mobile app, or visit one of our financial institutions to pay off or pay down your line of credit, freeing up more money for you to use or place in a savings account.

The Difference Between a Loan and a Line

Both a home equity loan and a home equity line of credit allow you to use your money for anything you wish based on your loan size — including bills, trips, and more. The differences between a Home Equity Loan and a Home Equity Line of Credit are:

Home Equity Loans Home Equity Line of Credit (HELOC)
A lump sum payment Ability to borrow or draw money multiple times from an available maximum amount.
Fixed Rate Variable rate1
Best for when you have a definite amount to pay Best for upcoming expenses that aren't set in stone.

Open Your Account

Visit your nearest Centric Bank or call 888.274.2033 to learn about our home equity specials and apply!

Home Equity FAQs

The benefits of a home equity loan are:

  • Typically has a lower interest rate than other loans
  • Features a fixed interest rate, so your monthly payments of principal and interest never change
  • You can receive your funds in a lump sum in a short time
  • It is a secured loan that is secured by the value of your home
  • The interest on your loan may be tax deductible2

The benefits of a Home Equity Line of Credit are:

  • Variable interest rate1
  • You owe interest only on the amount you use through minimal monthly payments due for any outstanding balance, just like a credit card
  • Easy access to funds through online and mobile banking
  • As long as you still have some money left in your line of credit, you can keep using it
  • Flexibility to borrow and repay funds over and over again
If you’ve paid off all or part of your mortgage, or have put down a significant down payment, the equity in your home is a financial asset and should be accessible to you when you need it. Whether you need money for starting a family or retiring, borrowing against your home's equity with a second mortgage can be one of the most affordable ways to consolidate debt or to pay for larger purchases.

You can use a Home Equity Line of Credit to:

  • Consolidate your debt
  • Pay for educational costs
  • Make home improvements
  • Fund an important purchase
  • Pay for major expenses
  • Or for any other purpose, the money is there for you!

1Home Equity Line of Credit rates are variable and may change after account opening.
2Consult your tax advisor.
All credit subject to approval.