First Commonwealth Federal Credit Union

Home Equity

When making a major purchase, trust First Commonwealth to offer the most competitive rates and top-of-the-line protection. Plus, we make the lending process safe and easy. Our Home Equity Loans or Lines of Credit provide an affordable source of funds to purchase a vehicle, consolidate debt, improve your home, or even go on a dream vacation. Our home equity lending options have low, monthly payments and flexible terms.

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Home Equity Loans

Our fixed-rate home equity loans provide an affordable source of funds to improve your home, purchase a vehicle, consolidate debt
or even go on a vacation! You’ll enjoy:

  • Low, fixed monthly payments
  • Terms from 5 to 20 years
  • Ability to borrow a large lump sum for important, long-term purchases, like home improvements, medical bills, vacations, and education expenses
  • Paid interest that is often tax-deductible (consult your tax advisor)
  • No minimum loan amount
  • Financing for up to 90% of your home’s value
  • Affordable Payment Protection options, which can cancel a debt or payment for a period of time due to death, disability or involuntary unemployment
  • No processing or appraisal fees

Home Equity Line of Credit

A home equity line of credit is a great way to finance large expenses, such as home improvements or medical bills. Borrow as little
or as much as you need – whenever you need it. Features include:

  • Easy access to your funds – simply draw on your line through HomeLink online banking, by writing a check or by visiting any of our financial centers
  • Lower interest rates than a credit card or unsecured personal loan
  • Distinct tax advantages, including deductible interest (consult your tax advisor)
  • Fixed introductory rates, variable thereafter
  • Minimum monthly payments of just 1.1% of the outstanding balance
  • Ability to borrow up to 85% of your home’s equity
  • Based on a 15-year term
  • No processing or appraisal fees

Already Have a HELOC with Us?

Already Have a HELOC with Us?

  • Draw any amount, up to your limit, on your line of credit at any time
  • You're only charged interest on the amount you owe not on the limit
  • Access your line of credit anytime during the 15-year term

How to Access Your HELOC

You will receive checks when you open your line of credit to access the funds. If you need additional checks call us at 610.821.2403 or visit a financial center. You can also transfer funds from your HELOC into one of your accounts via HomeLink online banking, TellerPhone or by visiting a financial center.

Verify Your Insurance
You will need to verify you have insurance for your home.  You can provide your insurance information online or via phone at 800.998.0762.  

Resources

Free education and resources for our members.

Home Equity Loan with Payment Protection Options

Calculator

Home equity loan calculator with payment protection options.

Home Equity Line of Credit Calculator

Calculator

Determine the home equity line of credit amount you may qualify to receive.

Enhanced Loan Calculator

Look at a variety of loans. Change your monthly payment, loan amount, interest rate or term.

Calculator

Look at a variety of loans.  Change your monthly payment, loan amount, interest rate or term.

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Printable Rates

Table data for Home Equity Loans
 05-22-2019
Term Loan to Value1 1st Lien Position - APR (as low as)2 2nd Lien Position - APR (as low as)2 Alert Me
5 Years up to 80% 3.74% 3.99%
up to 90% 3.99% 4.99%
10 Years up to 80% 3.74% 4.49%
up to 90% 4.24% 5.99%
15 Years up to 80% 4.24% 4.99%
up to 90% 4.49% 6.24%
20 Years up to 80% 4.49% 5.49%
up to 90% 4.74% 6.49%
  • 11st Lien Position: Maximum LTV for loan amounts up to $300,000 is up to 90%. The Maximum LTV for any loan amounts over $300,000 and up to $500,000 is 80%. 2nd Lien Position: Maximum LTV for loan amounts up to $100,000 is up to 90%. The Maximum LTV for any loan amounts over $100,000 and up to $250,000 is 80%.↵
  • 2APR denotes Annual Percentage Rate. All APR calculations on Home Equity Loans are based on a $20,000 loan amount. The rates for this loan type are based on an evaluation of applicant credit.↵

Table data for Home Equity Line of Credit
 05-22-2019
Term Loan to Value APR (as low as) After introductory period (as low as) Alert Me
1-Year Fixed-Rate Introductory Period up to 80% 2.99% 5.50%
3-Year Fixed-Rate Introductory Period up to 80% 4.75% 5.50%
1-Year Fixed-Rate Introductory Period with Interest Only Payments1 up to 80% 2.99% 5.50%
3-Year Fixed-Rate Introductory Period with Interest Only Payments1 up to 80% 4.75% 5.50%
APR denotes Annual Percentage Rate. The minimum interest rate for a Home Equity Line of Credit is the Prime Rate plus a margin with a minimum floor of 3.50% APR and a maximum ceiling of 15% APR. The rate for this loan type after the introductory period is variable and based on the applicant’s credit score at time of application.
  • 1This account has a draw period of 15 years, after which you will be required to repay any outstanding amount in one balloon payment. If only minimum payments are made, the loan balance will not decrease. Maximum loan amount $250,000.↵