Home Equity Rates
Effective September 1, 2023
| Home Equity | Term | APR* (as low as) | Loan Amount ** |
|---|---|---|---|
| Fixed Rate Second Mortgage1 |
7 years |
7.25% |
Up to $500,000 |
|
15 years |
7.49% |
Up to $500,000 |
|
|
20 years |
8.24% |
Up to $500,000 |
|
| Wealth Home Equity Line of Credit2 (10 year draw, 20 year repayment)
|
30 years | 8.50% | Up to $500,000 |
|
Premium Home Equity Line of Credit3 |
30 years | 8.50% | Up to $100,000 |
*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.
**Fixed Rate Second Mortgage up to 80% CLTV with loan amounts of $10,000 - $500,000. Home Equity Lines of Credit 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.
1 The APR is fixed and may be up to 5% higher based on credit rating.
2 The initial rate for the Intro Rate Home Equity Line of Credit is a fixed rate not based on the index and margin used for subsequent rate adjustments. The Intro Rate HELOC has an initial rate of 5.99% APR fixed for the first 24 months. After the introductory rate of 24 months the APR can vary and is based on Prime Rate plus a margin of 0.00% to +5.00% 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 4.00%, maximum APR 18.00%. 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. Offer not applicable on refinancing of existing CommonWealth HELOCs or within 24 months after the closed date of the 12 mos or 24 mos Intro Rate Home Equity Line of Credit. All third-party fees associated with the loan at origination that was not collected at the 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. Rates, terms, and conditions are subject to change without notice.
3 The APR can vary and is based on Prime Rate plus a margin of 0.00% to 5.00% 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 4.00%, 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 or HELOCs closed within one year of the application date. 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. Membership in CommonWealth is required. Promotional HELOC offer is available for existing CommonWealth members and new members residing in the following counties in California: Santa Clara, San Benito, Alameda, Santa Cruz, Monterey, San Mateo and San Francisco.
