Home Equity Loans

Make your home investment work for you.

Now is the perfect time to use the equity in your home to help you do all the things you’ve been dreaming about! There are endless possibilities of what you can do. Whether you have a home improvement project in mind, are looking to purchase a big-ticket item, pay for a wedding, or even if you are just looking to consolidate some debt, we are here to help!

A Home Equity Line of Credit (HELOC) or a Home Equity Loan (also known as a second mortgage) may be just what you need.

Which one is right for you?

  • Home Equity Line of Credit

    With a Home Equity Line of Credit from CommonWealth, you can borrow any amount, at any time, for any purpose, up to the maximum of your credit line.

    How It Works:

    Borrow up to 80 percent of the equity in your property.

    • Lines from $10,000 to $500,000.
    • Stretch out your payments with a 10 year draw and a 20 year repayment period.
    • Low interest-only payment options.
    • Get easy access to funds with free, unlimited convenience checks and handy Online Banking.
    • Low variable rate based on the Wall Street Journal Prime Rate.
    • With CommonWealth, there are no annual fees, loan processing fees, early closure fees, and no pre-payment penalties.

    Special Offer: We have two exciting HELOC options to choose from.

    • Low introductory fixed rate of only 1.99% APR*2 for the first 12 months, and rates as low as 5.25%*1 thereafter.
    • Premium Home Equity Line of Credit for a low rate of 5.25% APR*2

    *APR = Annual Percentage Rate. The rate you receive will be based on certain creditworthiness. Please ask us for the rate for which you qualify. All rates are subject to approximate loan term limits and certain restrictions may apply. Rates are subject to change without notice. There are minimum loan amounts required for some loan terms. Contact us for minimum loan amounts by term, maximum loan amounts and loan-to-value requirements. Additional conditions apply. Consult a tax advisor regarding the deductibility of interest. Call (800) 564-1588 for additional information.

    1The initial rate for a Intro Rate Home Equity Line of Credit is a fixed rate not based on the index and margin used for subsequent rate adjustments. The initial rate of 1.99% is fixed for the first 12 months. After 12 months the APR can vary and is based on Prime Rate plus a margin of 0.00% to 5.25% based on credit rating. The APR is subject to change on the 10th of each month, based on changes to Prime Rate, the highest Prime Rate published in the Wall Street Journal "Money Rates" table on the 20th of the prior month. Minimum APR 5.25%, maximum APR 18%. Intro Rate Home Equity Line of Credit up to 80% CLTV with loan amounts of $10,000 - $500,000. During the draw period, you may withdraw (advance) funds up to your credit line limit and pay interest accrued on that balance monthly. After the draw period, you may not withdraw any more funds from the line. Your loan is then amortized and you begin to pay the principal and interest monthly. Offer not applicable on refinance of existing CommonWealth HELOCs. There are no loan processing or early closure fees and no prepayment penalty. Borrower is responsible for closing costs ranging from $450 to $1,500 including appraisal and escrow. 

    2The APR can vary and is based on Prime Rate plus a margin of 0.00% to 5.25% based on credit rating. The APR is subject to change on the 10th of each month, based on changes to Prime Rate, the highest Prime Rate published in the Wall Street Journal "Money Rates" table on the 20th of the prior month. Minimum APR 5.25%, maximum APR 18%. During the draw period, you may withdraw (advance) funds up to your credit line limit and pay interest accrued on that balance monthly. After the draw period, you may not withdraw any more funds from the line. Your loan is then amortized and you begin to pay the principal and interest monthly. Premium Home Equity Line of Credit up to 80% CLTV with loan amounts of $10,000 to $100,000 and no closing costs. There are no loan processing or early closure fees and no prepayment penalty. Offer not applicable on refinance of existing CommonWealth HELOCs. All third-party fees associated to the loan at origination that were not collected at time of origination, will have to be reimbursed to the credit union if the line of credit is closed within 24 months of the opening date.

    Real Estate loans are available for owner-occupied properties in the state of California only.

  • Fixed Home Equity (Second Mortgage)

    This fixed-rate loan is secured by your principal residence located in California, with a Second Deed of Trust. You receive the entire loan amount as a lump sum—a great choice for one-time planned expenses or to consolidate debts.

    Take Advantage Of:

    • Borrow up to 80 percent of the equity in your property.
    • Loan amounts from $10,000 to $500,000.
    • Stretch out your payments over 7 years, 15 years, or 20 years.
    • Receive the entire loan amount as a lump sum.
    • Potential for tax deductions on interest paid (consult your tax advisor for details).
    • With CommonWealth, there are no annual fees, loan processing fees, early closure fees, and no pre-payment penalties.

    Take advantage of rates as low as 5.00% APR*3 for a 7-year term.

    *APR = Annual Percentage Rate. The rate you receive will be based on certain creditworthiness. Please ask us for the rate for which you qualify. All rates are subject to approximate loan term limits and certain restrictions may apply. Rates are subject to change without notice. There are minimum loan amounts required for some loan terms. Contact us for minimum loan amounts by term, maximum loan amounts and loan-to-value requirements. Additional conditions apply. Consult a tax advisor regarding the deductibility of interest. Call (800) 564-1588 for additional information.

    3The APR is fixed and may be up to 5% higher based on credit rating. Fixed Rate Second Mortgage up to 80% CLTV with loan amounts of $10,000 - $500,000. There are no loan processing or early closure fees and no prepayment penalty. Borrower is responsible for closing costs ranging from $450 to $1,500 including appraisal and escrow.

    Offers not applicable on refinance of existing CommonWealth HELOCs or Home Equity Loans. Real Estate loans are available for owner-occupied properties in the state of California only.

Compare and find the right account for you.

 

Fixed Home Equity Intro Rate Home Equity Line of Credit Premium Home Equity Line of Credit
Fixed Rate Option None
Interest-Only Option

None

Early Closure Fee

None

None

None

3rd Party Fees

$450-$1500*

$450-$1500*

None**

No Pre-Payment Penalties
No Annual Fee
Equity Checks

None

24/7 Loan Application Center
Online Banking Access
Draw (borrowing period)

N/A

10 years

10 years

Repayment

7, 15, or 20 years

20 years

20 years

Fixed Introductory Rate Option

None

None

Loan Amounts up to 80% CLTV

$10,000 - $500,000 up to 80% CLTV

$10,000 - $500,000 up to 80% CLTV

$10,000 - $100,000 up to 80% CLTV


*Borrower is responsible for closing costs ranging from $450 to $1,500, including appraisal and escrow.
**All third-party fees associated to the loan at origination that were not collected at time of origination, will have to be reimbursed to the credit union if the line is closed within 24 months of the opening date.