Home Equity Lines of Credit
Make home improvements, finance education, pay medical bills, or cover other expenses by opening a home equity line of credit. These types of loans allow you to borrow against the equity in your home and offer low adjustable interest rates. Only borrow what you need, then pay the minimum monthly payment or pay more—it’s up to you.
Traditional Home Equity Lines of Credit
- Low monthly principal and interest payments with a 20-year term
- Free Online Banking and Voice Banking
- Many convenient ways to access your credit line
- Interest may be tax deductible—consult your tax advisor
- Discount available with automatic payments from your Conestoga Bank checking or savings account
Interest Only Home Equity Line of Credit
- Draw funds from this home equity line of credit during the first five years and make low, monthly interest-only payments. Then, during the repayment period, make principal interest payments for the remaining 15 years.
- Free Online Banking and Voice Banking
- Many convenient ways to access your credit line
- Interest may be tax deductible—consult your tax advisor
- Discount available with automatic payments from your Conestoga Bank checking or savings account
Have these items on hand before you start your application:
- Pay stubs for the most recent 30 day period
- W-2's for the most recent tax year
- Complete tax returns for the two most recent tax years
- Bank and/or brokerage statements
- Social Security award letter or 1099 form and/or pension statements (if applicable)
- Homeowner's insurance policy
Note: Lines are subject to credit approval. Home Equity Lines of Credit must be secured by owner occupied primary or secondary residences located in Southeastern Pennsylvania or Southern New Jersey with Loan-to-Value (LTV) ratio of 80% or less. Minimum credit limit of $5,000. Homeowners’ (Hazard) insurance is required for the collateral property. Flood insurance may also be required. Lender title insurance is generally required for loan amounts of $250,000 or more. Please consult your tax advisor for information regarding the deductibility of interest and other charges.