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There’s money in your house. Not literally, but in the form of equity. You can use it for almost anything: home improvements, debt consolidation, educational expenses or buying a car. Whatever you need to finance, you may be able to do it with your home’s equity.

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Home Equity Loans

A smart, low-cost way to finance just about anything.

Our loans let you borrow a lump sum and pay it back over 3, 5, 10, 15 or 20 years. It’s ideal for financing a big project like a new kitchen, a car or some other big-ticket item. There are many reasons to get a home equity loan from us, including low, fixed rates and payments that won’t change for the life of the loan, no points, no appraisal fees and no application fees. It’s a perfect way of financing almost anything.

Home Equity Loans.

Home Equity Fixed-Rate Loan

Home Equity Fixed-Rate Loan

TermAPR*Approx. Loan Payment1
36 months5.99%$30.42
60 months5.99%$19.33
120 months6.24%$11.23
180 months6.74%$8.85
240 months8.24%$8.52
Loan rates are effective: November 17, 2023
*APR denotes Annual Percentage Rate. Rates are subject to change without notice. Rates are based upon evaluation of applicant credit. Actual rates may vary. 1All payments quoted above are based upon $1,000 borrowed. In order to obtain an estimated monthly payment for a specified loan amount, multiply the monthly payment factor for the desired loan term by the number of thousand dollars borrowed. Calculate your payment with our Loan Calculator.
People First Home Equity Line of Credit

Home Equity Line of Credit

Fund your dreams. Borrow up to 80% of your home’s equity.

With a home equity line of credit, you can borrow as much as you need to tackle any project or finance a dream. Renovate that kitchen or bathroom. Take your dream vacation. Pay for education. Whatever you want to do, your home’s equity can help finance it. With no closing costs, no points, no appraisal fee and no application fee, it’s an ideal vehicle to get you to your dreams.

Home Equity Line of Credit

Home Equity Line of Credit Rates

TermAPR*Approx. Loan Payment
N/A8.50%1Minimum monthly payment of $100
Loan rates are effective: August 1, 2023
The current prime rate is 8.50%. *APR denotes Annual Percentage Rate. Rates are subject to change without notice. Rates are based upon the evaluation of applicant credit. Actual rates may vary. 1The line of credit rate is subject to change monthly. The rate is based on the prime rate as published in the Wall Street Journal on the last business day of the month plus a 0.0% Margin rounded up to the nearest 0.25%. The minimum APR is 3.99% and the maximum APR is 18%.

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Calculate the value of your home for home equity.
How do I calculate the equity available in my home?

To determine the equity available in your home, take your home’s appraised value or tax assessment and multiply it by 80% (the loan to value ratio), and subtract any outstanding liens.
For example, let’s say you’ve had a mortgage on your home of $100,000 for 10 years and have paid down the principal to $60,000. In the 10 years you have owned your home, property values in your area have increased and now your home is worth $125,000. In this example, you would be able to borrow up to $40,000 using your home as security for the loan.

This is calculated as follows:
·       Appraised value of home: $125,000
·       Multiply by 80% (loan to value ratio): ($125,000 x .80) $100,000
·       Less the remainder of the 1st mortgage: – $60,000
·       Equals: $40,000 in available equity

What type of property is eligible for a Home Equity Loan?

Home equity loans are available for 1 to 4 family residential units, which are owner occupied as primary residences in Pennsylvania and New Jersey. Property insurance is required. Flood insurance may be required.

What is the difference between a Home Equity Line of Credit and a Home Equity Loan?

A home equity line of credit is a variable-rate account that allows for repeated borrowing without having to re-apply each time. A traditional home equity loan provides you with a fixed amount of money repayable over a fixed period of time at a fixed interest rate. Usually, the payment schedule calls for equal payments that will pay off the entire loan within that time. You might consider a traditional home equity loan instead of a home equity line if, for example, you need a set amount for a specific purpose, such as an addition to your home.

In most cases, a recurring need for funds suggests the need for a home equity line of credit. A good example of this is tuition payments.

Is the Home Equity Line of Credit variable or fixed?

It is a variable rate.


Loans are on 1–4-unit family, owner-occupied residences in Pennsylvania and New Jersey. Property insurance is required. Flood insurance may be required. There are no application fees and no points for home equity fixed rate or line of credit loans. Minimum loan amount of $5,000.00 required.