FlexPath Home Equity Line of Credit
Dream Big. One Line. Unlimited Possibilities
Our FlexPath HELOC was designed to give you more control over how you borrow and repay. Whether you’re upgrading your home, consolidating high-interest debt, paying for college expenses, celebrating a moment that matters like a wedding or anniversary, or preparing for the unexpected, a FlexPath HELOC is a smart way to tap your home’s equity. You get the flexibility to use your equity as you wish, with the confidence that comes from a fixed payment.
A FlexPath HELOC1 offers more ways to manage your equity:
- Borrow from $10,000 - $400,000
- Flexible lock terms (up to 3 segments)—7, 10, 15, or 20 years
- Rates as low as 7.00% APR*
- 10-year draw period with 20-year total repayment term
- No closing costs and no annual fees
Available Credit
As you pay down the balance on your fixed-rate segments, your available variable-rate limit increases
Lock in Your Rate
Lock up to three fixed segments at one time
Flexible Lock Terms
Flexible lock repayment terms—7, 10, 15, or 20 years1
Minimum Lock Amount
Lock a minimum of $10,000 per fixed rate segment
What makes CommonWealth’s FlexPath HELOC unique?
- Draw from your available line of credit whenever you need funds during your 10-year draw period.
- When you're ready, lock in all or part of your balance at a fixed rate.
- Choose repayment terms of 7, 10, 15, or 20 years for each fixed-rate segment.
- Keep any remaining balance available under the variable-rate portion of your HELOC for future needs.
Even better, you can have up to three separate fixed-rate segments at the same time, allowing you to manage different expenses independently. For example, you could:
- Lock in one segment for a home renovation.
- Create a second segment to consolidate higher-interest debt.
- Leave the remaining available credit untouched until another need arises.
As you repay each fixed-rate segment, that available credit becomes accessible again during your draw period, giving you continued borrowing flexibility.
Refinancing? Get a 1% rebate up to $4,000
Transfer your HELOC or fixed second mortgage from another lender into a FlexPath HELOC and receive a 1% rebate applied to your principal.2
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*APR = Annual Percentage Rate. The rate you receive will be based on certain creditworthiness. All rates are subject to approximate loan term limits, and certain restrictions may apply. Rates, terms, and conditions are subject to change without notice. Minimum loan amounts are required for some loan terms. Contact us for minimum loan amounts by term, maximum loan amounts, and loan-to-value requirements. Additional conditions apply. Click here to view Home Equity Line of Credit Early Disclosures.
1FlexPath HELOC: The variable APR on balances not locked at a fixed rate is based on the Prime Rate plus a margin of 0.00% to 5.00%, based on your credit rating. The variable APR is subject to change at the end of the month based on the current highest Prime Rate published in The Wall Street Journal “Money Rates” table. The minimum APR is 4.00%, and the maximum APR is 18.00%. You may lock a portion of your outstanding balance at a fixed rate up to three segments with term options of 7, 10, 15, and 20 years. The fixed rate is based on the current one-year U.S. Treasury rate plus a margin based on the term and your credit rating. Contact us for current rates. During the draw period, you may borrow up to your available credit limit. All outstanding balances, including fixed-rate balances, count toward your credit limit and reduce the amount available to borrow. Monthly payments on variable-rate balances are based on accrued interest. Fixed-rate balances require monthly principal and interest payments during the lock term. After the draw period ends, you may no longer borrow funds and will make principal and interest payments on remaining balances. FlexPath HELOC are available from $10,000 to $400,000, up to 80% combined loan-to-value (CLTV). There are no application processing fees, closing costs, prepayment penalties, or early closure fees. If you close your line within 24 months, you must reimburse the credit union for applicable third-party origination costs paid on your behalf and not collected at account opening. A $150 finance charge applies if you unlock a balance previously locked at a fixed rate.
2 FlexPath HELOC 1% Rebate offer valid only on HELOC or Fixed Second Mortgage balances transferred from another financial institution. A 1% cash back credit will be applied to the principal balance at loan closing, up to a maximum of $4,000. Refinancing of existing CommonWealth HELOC or Fixed Second Mortgage loans does not qualify. If the HELOC is closed within 24 months, all waived fees associated with loan origination and rebate amount will be reimbursed to the credit union. Cash back incentives of $2,000 or more are subject to IRS reporting on Form 1099-MISC.
Real Estate loans are available for owner-occupied properties in the state of California only. HELOCs are available for existing CommonWealth members and to new members residing in the following counties in California: Alameda, Contra Costa, Merced, Monterey, San Benito, San Mateo, Santa Clara, and Santa Cruz. Membership in CommonWealth is required.
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