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Zero closing costs. Zero processing fees.

Better banking is getting our lowest rate to renovate, consolidate and make life better without paying closing costs or processing fees on your line of credit1. Our home equity lines of credit make it possible for you to add long-term value to your home, consolidate your bills to keep you moving on your financial journey or refinance and save money in the long run. 

You can start your home equity application online, in person or by phone. If you prefer scheduling an appointment before coming in person, you can do that online.

 

→ Apply Online   → Schedule Appointment   → Call To Apply

 

Special Home Equity
Line of Credit Offer1

6 months 5.49% APR2

Adjusts to as low as 8.24% APR

With a home equity line of credit, you have the flexibility to borrow up to 85% of your home equity as a first or second lien and make additional payments to your principal without penalty.

We'd love to connect with you about our limited-time offer which is available without closing costs or processing fees on your line of credit1.

Home Equity Line of Credit vs. Home Equity Loans

Unsure of the difference between home equity loans and lines of credit? Check out this quick explanation and our comparison chart:

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Loan Comparison

 

Feature

Home Equity Loan

Home Equity Line of Credit

Amounts available

$25,000 - $500,000

$10,000 - $500,000

Terms available

5 to 20 years

10 year draw period

Loan to value

Up to 80%

Up to 85%

Lien position

First or second lien

First or second lien

Low Intro Rate

NA – click here to see our great rate options

5.49% APR 6-month introductory period. Adjusts to as low as 8.24% APR2.

Fixed Rate

A fixed interest rate lock payment option allows you to convert a portion of your balance to a fixed interest rate for a term of 3 to 20 years

Variable Rate

NA

Payment option – Pay the same amount every month

NA

Payment option – Interest Only during the draw period

NA

Draw additional funds as needed

NA – receive entire loan amount as a lump sum



Up to your credit limit during the draw period

One-time borrowing need

NA

Interest may be tax deductible

3

3

View balance and transactions in online/ mobile banking

Transfer funds during the draw period by check, phone, online or at a First Commonwealth office

NA

1 Processing and Third Party Fees ranging from $475 to $915 will not be assessed. If a deed transfer is necessary, title insurance and attorney’s fees may be required.

2 After the 5.49% Annual Percentage Rate (APR) 6-month introductory period, the APR on a home equity line of credit will be a variable rate based on Wall Street Journal Prime Rate (8.50% as of 7/27/23) plus or minus a margin (currently as low as Prime Rate – 0.26% or 8.24%). The maximum rate is 18% and the product floor rate is 2.99%. Prime may change at any time and is subject to change without notice. The introductory period begins on the date of account opening.

After the introductory period ends, any and all remaining balances will automatically convert to the variable APR per the terms of the Home Equity Line of Credit agreement. In order to receive the offered rate, a minimum of $10,000 in new money and direct debit of loan payment from a First Commonwealth Bank checking account is required, otherwise the rate may be higher. An early termination fee of $500 or 2% of the line amount, whichever is less, may apply if the line is closed within 36 months of account opening. An Annual Fee of $50 will be charged to your credit line. A $75 rate lock or unlock fee may be charged if you use the rate lock feature to convert a portion of your balance between a variable rate and a fixed rate. If a deed transfer is necessary, title insurance and attorney's fees may be required. Taxes and property insurance are always required and flood insurance is required where necessary. Consult your tax advisor about the deductibility of interest. Other rates and terms are available. Offer valid for applications April 1, 2024 through May 31, 2024. Offer subject to change or withdrawal at any time.

For home equity lines of credit with principal and interest payments, offer is based upon loans $10,000 to $500,000, a loan to value up to 85% on an owner-occupied primary residence, subject to credit approval, and cannot be a purchase money mortgage.

For home equity lines of credit with interest only payments, offer is based upon loans $10,000 to $500,000, a loan to value up to 80% on an owner-occupied primary residence, subject to credit approval, and cannot be a purchase money mortgage. Interest only payments will convert to principal and interest payments at the end of the 10 year draw period.

2 Consult your tax advisor about the deductibility of interest.