Which Home Equity is Right For Me? Globally Accessible. Locally Yours.

Using your home’s value is a smart money move, but you have options for how to borrow that value. If you need a lump sum of money right away, a Home Equity Loan is the right way to borrow against your home. This method involves a fixed interest rate that is paid back in
equal monthly installments after you receive lump funds. If you need an “on-demand” source of money for various or unplanned needs, a Home Equity Line of Credit is a proper fit. Often called a HELOC, thisoption has a variable interest rate that can go up or down based on market conditions. However, both types of financing offer an affordableinterest rate that is lower than credit cards and allow you to use up to 85% of your home’s available value.

Comparison Table


Home Equity Loan

Home Equity Line of Credit

What is it?

A fixed rate loan, like a mortgage, secured by the equity in your home.

A revolving line of credit secured by the equity in your home

How do I get funds?

One lump sum check

Withdraw funds as needed

Interest rates?

A fixed rate generally higher than a first mortgage but lower than credit cards or personal loans

A variable rate lower than a home equity loan but higher than a first mortgage

How much can I borrow?

80-85% of the available equity in your home

90% of the available equity in your home

“The folks at Penn East made the process very simple and clear. The Loan Officer called me when she said she would to answer my questions and gave me options. I’m grateful for their help!”


“My recent Home Equity Loan process was very efficient and straight forward. The loan officer was very knowledgeable and made the process easy and timely for me. Thank you very much for the great service.”


Do you have our smartphone app?

Mobile banking that respects and rewards your time.

Life is truly mobile when you download the free Penn East smartphone app for iPhone and Android. Input your online banking login credentials and immediately see your balances, move money, pay your loans or other bills, deposit checks, and much more! Concerned about security? PEFCU’s smartphone app carries the same industry standard encryption as online banking and adds a biometric security using your fingerprint or retina scan (if supported by your device) for even more protection.

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You’re welcomed to begin banking with Penn East if you live or work in Lackawanna, Luzerne, Wayne, or Wyoming County. Begin here by clicking the link below or visit one of our 5 local branches and sign up in minutes.

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