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Discover Our Home Equity Loans and Lines of Credit
Let's Chat TodayHome Equity Loans
If you’ve got big projects to tackle, or just looking to tame your high-interest debt, we will find the right solution for you.
With low rates and no processing fees*, our professionals will work out a payment plan that fits your budget.
Plus, upon approval of your home equity loan or line, you’ll be automatically eligible for a 1ST SUMMIT BANK Visa® Rewards Credit Card4.
Which Loan Is Right For You
A Home Equity Line of Credit acts much like a credit card, or a revolving line of credit. You draw the amount of money you need, pay it back, and then borrow again.
This can be a good choice if:
- You aren’t sure which do-it-yourself project you are going to tackle first or you want to start multiple projects at one time without knowing the exact cost of any of them.
- You have multiple bills/expenses to pay with differing amounts.
- A great option if you want readily available cash in case of emergencies.
Home Equity Loan
With a Home Equity Loan, all the funds are delivered in one, single, lump sum. The loan has a fixed repayment term with a fixed monthly repayment amount and a fixed interest rate.
Consider this type of loan if:
- You know exactly how much your home renovation is going to cost and you want to keep your monthly payments consistent.
- You know the exact amount of the expense you want to pay off.
Not Sure Which Loan Is Right For You?
The loan professionals at 1ST SUMMIT are ready to answer your home equity questions.
We’d love to share our knowledge with you.
Want To Know What Your Payment Could Be?
Our Loan Calculator can help you estimate how much you can borrow on a line of credit.
The loan amount is based on the difference between the home’s current market value and the mortgage balance due.
17 Locations Near You
We are conveniently located in your neighborhood.
Stop in at one of our 17 offices located throughout Western Pennsylvania or call us at 888-262-4010.
It Takes a Community
For nearly 100 years, 1ST SUMMIT BANK has been invested in the communities it serves. We have some of the most knowledgeable and the most personable professionals in the banking industry working for us.
It’s time for you to Experience the Difference.
*Offer is available from February 6, 2023 through May 31, 2023. Offer may be changed or discontinued at any time. Offer requires a minimum new money loan or increase and/or draw of $10,000 with an automatic funds transfer (AFT) from a 1ST SUMMIT BANK checking account. To qualify for promotional offer, a Credit Score of 700+ is required. Maximum loan-to-value ratio is 80%. For Home Equity Loans or Lines of Credit under $250k, where collateral property is located within Pennsylvania, origination fees are waived, and automated valuation, credit, title, and other processing fees are paid by the bank. Customer is responsible for the expense associated with a professional appraisal, if required. A professional appraisal may be required if the property is outside of PA or in a flood zone (SFHA) and may also be required by the bank, or requested by the customer, to confirm property value. Property insurance is always required. Flood insurance required where necessary. Subject to credit approval. Other rates and terms are available. Consult your tax advisor about the deductibility of interest.
1The introductory period begins on the date of account opening. After the 6-month introductory period, the APR on a home equity line of credit will be a variable rate based on Wall Street Journal Prime Rate (7.75% as of this publication date) plus a margin (currently as low as Prime Rate plus 0.0% or .50%). The maximum rate is 18% and the product floor rate is 4.50%. An early termination fee of lesser of $300 or 2% of line may apply if the line is closed within 36 months of account opening. This product has a $25 annual fee. 2Fixed annual percentage rate (APR) with maximum term of 60 months. Monthly payment equals $471.67 per $25,000 on 5-year term. 3Fixed annual percentage rate (APR) with maximum term of 180 months. Monthly payment equals $204.14 per $25,000 on 15-year term. 4Subject to credit approval for the Home Equity Loan or Line.
