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Home Equity Line of Credit

Is a HELOC Right for You?

A home equity line of credit is a loan that uses your house as collateral. A homeowner is allowed to borrow up to a certain amount against the value of their home and draw money as they need it. A HELOC will have a variable rate and borrowers will only make payments on the amount they use (or “draw”) from their line.

Home improvement projects

Buy a new car

Education Cost

Why a HELOC is Beneficial to You:

Combine the convenience of a line of credit with the flexibility of up to 3 fixed rate advances simultaneously. No need to reapply.
You can have lower monthly payments with an interest-only payment method.
Link your line to your PSBT account to make payments on any device.
Consolidate your debt for a lower rate.
Our team will take you through the application process step-by-step. No hassles.

DISCLOSURES

^*Our mortgage loan applications are collected by Finastra, a trusted business partner. By proceeding, you will be directed to Finastra’s mortgage web center.

(1) Peoples Security SelectLOC™ is an interest only or principal & interest monthly, variable rate home equity line of credit which allows up to three fixed rate and payment balance conversion options at any one time during the draw period. Available to borrowers with a 1-4 family owner-occupied primary residence who may borrow up to 80% of their home’s value. The line has a maximum draw period of 10 years with non-converted balances at the end of the period converting to a 20-year variable APR repayment term. Conversion Option: During the draw period, the line allows the borrower selected balances to be locked in for a fixed rate and term. There is a $75 per lock in conversion fee. Payments to the variable line and converted balance portions reducing principal will allow the line of credit availability to increase up to the maximum amount granted. Fees to open this line of credit generally range between $0 and $1,100 in Pennsylvania and $0 and $4,125 in New York and $0 and $1,050 in New Jersey. Homeowners insurance is required. Flood insurance may be required as necessary. APR may not exceed 18.00% (PA) and 16.00% (NY), (NJ) with a minimum rate floor of 3.99%. Maximum loan amount $300,000. (2) All loans subject to credit and collateral approval. This offer is effective 11/8/24 and may be discontinued at any time without notice. (3) The initial Annual Percentage Rate (APR) of 1.99% fixed for a period of six months will apply from date of origination when a minimum $10,000 advance is taken on date of origination. The 1.99% introductory APR only applies to unconverted balances. This introductory rate is offered with autodraft of payment from a Peoples Security Bank checking account. Rate offered without autodraft of payment from a Peoples Security Bank checking account is 2.49% APR. (4) Following the introductory rate period, the Annual Percentage Rate (APR) will vary based upon Prime Rate as published in the Wall Street Journal, currently 7.75%, effective 11/8/24. This rate is offered with autodraft of payment from a Peoples Security Bank checking account. Rate offered without autodraft of payment from a Peoples Security Bank checking account is 8.25% APR.