Home Equity Products:
Take advantage of your home's value by using the equity you have built to finish that long overdue project, help pay for college or to consolidate bills. At CommonWealth there are many options to choose from to help you achieve these goals.
- Home Equity Loan: A home equity loan is secured by your home and can be either a first mortgage, if your home is already paid for, or a second mortgage. The equity loan can carry either a fixed or a variable interest rate depending on which program works for you.
- Home Equity Line: A line-of-credit loan carries a variable rate of interest and provides you the ability and convenience of writing your own loan as needed. You are given a checkbook which allows you to pay for any larger item of $500.00 or more directly by check. Monthly payments of principal and interest are based upon 2% of your unpaid balance.
Additional Features of our Line of Credit Loan Program:
- 10 year term
- Maximum loan is 80% of your home's market value less any first mortgage to qualified members
- Minimum loan amount of S10,000.00
- No annual fees
Home Equity Special
6-year fixed rate! 5.99% APR* - No closing costs**
*APR= Annual Percentage Rate. Minimum loan amount $20,000. Payments on a loan at 5.99% APR would be $16.57 per $1,000 borrowed. **No closing costs unless a full appraisal is required. Loan requests with estimated loan-to-value of 1st & 2nd mortgage request exceeding 70% (per real estate tax bill value) may require full appraisal. Subject to credit approval. Primary residence only. Monthly principal & interest required. Loan-to-value not to exceed 80% per full appraisal, if required. Current CWCU loans cannot refinance with this offer. Other restrictions may apply. Offer expires 03-31-2025.
Click here to apply for a Home Equity Loan Online