Home Equity Loans

Tap Into Your Home’s Equity

Sometimes you need a little extra cash to reach your goals and dreams. Maybe you’re just shy of the amount you require to take your dream vacation, or perhaps you’re short on the necessary funds to pursue a once-in-a-lifetime investment opportunity. Whatever the situation, there’s a good chance you can get the money you need by taking advantage of an asset you already own: your home. Worried about rising interest rates? Lock in all or a portion of your balance to a fixed rate and term!

 

 

You Deserve More!

PeoplesBank is one of the best community banks in Pennsylvania and Maryland — especially when it comes to home equity loans. When you partner with us for your loan, you’ll benefit from a great home equity loan rate.

The advantages of working with PeoplesBank for your home equity loan include:

• No maturity date – use your home equity loan when you need it
• Ability to lock in a fixed rate
• No fee to lock in a fixed rate on equity loans
• Quick turnaround time – typically fewer than 10 business days to close

Sometimes you need a little extra cash to reach your goals and dreams. Maybe you’re just shy of the amount you require to take your dream vacation, or perhaps you’re short on the necessary funds to pursue a once-in-a-lifetime investment opportunity. Whatever the situation, there’s a good chance you can get the money you need by taking advantage of an asset you already own: your home.

A home equity loan will allow you to borrow money against the equity you have in your home. Essentially, the equity is the value of your home minus any liens attached to it. Your home is the collateral for the loan, and the money you borrow is yours to use however you need. You can use a home equity loan to fund your major financial goals, set up a safety net for the future or pay off debt like medical bills and loans from college.

PeoplesBank is your trusted partner for home equity loans in Pennsylvania and Maryland. We’re here to help you understand all the benefits and risks associated with a home equity loan or line of credit.

Get a Quick Home Equity Loan

When you need to draw on your equity, you often need that money fast. You may have a car repair you need to pay for or a medical procedure that must be performed soon. PeoplesBank is here for you. While many banks take months to approve a home equity loan, PeoplesBank can get your money quickly. We have home equity loans available to residents of York and Lancaster, Pennsylvania, and Baltimore, Maryland, and the surrounding areas. You can receive approval in as little as 10 days.

Close on your loan as soon as 10 days after applying and enjoy the relief of a fast turnaround. You can avoid drawn-out inquiries on your credit and months of providing document after document upon request. Our quick process takes up less of your time and gives you access to your money right when you need it.

Use Your Home’s Equity To:

• Make home improvements: If you’re taking on a remodeling project, a home equity loan is a smart way to get the funds you need and invest them right back into your property.
• Book a dream vacation: Vacations and other large, one-time expenses can be tough to cover with savings alone. With a home equity loan, you can stick to a fixed amount while treating yourself to a dream getaway.
• Pay college tuition: Sometimes student loans aren’t enough or aren’t an option at all. A home equity loan will let you borrow the money you need for a fixed rate.
• Pay off debt with your HELOC funds: A HELOC, or home equity line of credit, will let you use your home as collateral with competitive interest rates. This line of credit offers a perfect opportunity for you to pay off outstanding debts.
• Prepare for retirement: When you bought your home, you made an investment in your future. A home equity loan will let you do it again.
• Help a family member: You can’t always prepare for everything. If a family member is struggling with an unexpected expense, a home equity loan can give you the opportunity to lend them a hand.
• Have emergency funds on hand: A home equity loan can give you a financial cushion to fall back on when things get tough.
• Pursue a new investment opportunity: With the right investments, you can keep growing your net worth.

Enjoy a Safety Net with Your HELOC

Unexpected circumstances can force you to acquire money on short notice. Having a HELOC to draw on can set your mind at ease. If you need a root canal or new tires for your car, pay for them with easy access to a HELOC.

When you have a HELOC, you can get the money as easily as you can draw funds from your bank account. Experience peace of mind knowing you can pay your expenses with funds from a HELOC instead of putting it on a credit card, which often has a higher interest rate.

HELOCs can pay for big projects or expenses that arise out of the blue, too. Maybe your dryer has been struggling for months, and yesterday it finally stopped working. You can buy a new one with ease using your HELOC. Perhaps your roof suddenly started leaking and insurance won’t cover a replacement. With a HELOC, you can pay for the roof without fretting about the roofing company’s high interest rates on financed repairs.

Whether you live in Lancaster, York, Baltimore or another local city, you can appreciate the security of a HELOC with PeoplesBank. Work with us for quick access to emergency funds through a HELOC.

Ready to Get Started? Apply for an Online Home Equity Loan Today

Instead of putting off your dreams, why not use your home’s equity to make them into a reality? When you’re ready to get a quick home equity loan, PeoplesBank will be here to help. Apply today using our convenient online form.

Offer available under Home Equity Line of Credit (HELOC) plans to new and certain existing borrowers. Other terms and conditions may apply. Offer is subject to credit approval and may be withdrawn without notice. Rates are subject to change without notice.

IMPORTANT HELOC INFORMATION: HELOC interest rate is variable and based on the Wall Street Journal Prime Rate plus 50 basis points, and the current rate is 7.75% APR as of February 3, 2023. Maximum APR is 18%. Monthly principal and interest payments are required, other plans available. Minimum loan amount is $5,000. Property insurance is required. Flood insurance may be required. Title insurance is required for loans over $250,000. FOR PENNSYLVANIA BORROWERS: A recording fee or recordation tax and lien search fee will be assessed, and the amount will vary based on the property location ($100 – $300). FOR MARYLAND BORROWERS: PeoplesBank will pay closing costs for loan amounts up to $250,000, excluding the cost of transfer taxes, property, flood and title insurances, and attorney fees ($500 – $1,000). Borrowers requesting a loan amount exceeding $250,000 will be responsible for any additional closing costs. If the loan is paid off within three years of opening, PeoplesBank will add any closing costs we paid on your behalf to the outstanding balance.

Fixed rates shown are current as of December 16, 2022 and available when converting all or a portion of an outstanding HELOC balance to a fixed rate and repayment term. Monthly payment per $1,000 borrowed for a 60-month term at 5.99% APR is $19.33, for a 120-month term at 6.19% APR is $11.20, and for a 180-month term at 6.49% APR is $8.71. Other rates and terms are available. Contact us for details.