Home Equity Loans & Lines
Your home's equity simply refers to your home's value minus any liens or mortgages on your house. Home equity loans 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. This interest is tax-deductible.
You can use a home equity loan in Pennsylvania in any way you wish. Whether you want to use it to pay for a major purchase, pay down your credit cards, pay for your child's education or for any other purpose, the money is there for you.
A home equity line of credit is more flexible than a home equity loan. 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 to you at a moment’s notice. You can use it to pay for whatever you like, and you'll owe interest only on the amount you use. You will have a minimal monthly payment due for any outstanding balance you have, just like with a credit card. As long as you still have some money left in your line of credit, you can keep using it.
Both a home loan based on your home equity and a home equity line of credit allow you to use your money for anything you wish — including bills, trips and more.
A line of credit also allows you to access your money easily by:
- Writing a check
- Using online banking
- Transferring funds
You can always check the amount remaining in your line of credit by using online banking. You can also use online banking or visit one of our financial centers to pay off or pay down your line of credit, freeing up more money for you to use.
Your Centric Bank Home Equity Loan or Line of Credit
At Centric Bank, we believe your money should be easy to access. If you’ve paid off all or part of your home, or have put down a significant down payment, the equity in your home is a financial asset and should be accessible to you if you need it. Whether you need money for starting a family or retiring, borrowing against your home's equity can be one of the most affordable ways to consolidate debt or to pay for larger purchases.
If you'd like to find out more about how equity loans or lines of credit can help your finances and can become part of your financial plan and budget, contact Centric Bank to discuss our special rate offers.
We offer many ways to take advantage of your home’s equity: borrow to remodel your home, take a vacation, finance college, consolidate debt and more. Contact your Centric Bank financial center to find out more. Or, to apply for a Home Equity Loan or Line of Credit, connect with your local financial center or use our online calculators to find out how much a home equity loan or line of credit can save you compared to your current loans and credit cards.