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Borrowing Just What You Need

When you're ready to borrow, it's important to know all of your options so that you have the best account for your unique situation.

Understanding Your Loan Options

 

You need to borrow money to fix a leaky roof, but you're not sure of the best option. Or you need to refinance to a rate that gives you more breathing room in your budget. We would love to connect with you about all of your loan options, including using the equity in your home to borrow just what you need at a rate you can afford.

Home Equity Lines of Credit

Typically used for debt consolidation, refinance, home improvements, or medical bills, a home equity line of credit is when you borrow money against the equity in your home. You pay interest only on the amount you borrow and you can access the funds in an emergency. Our current offer is 1.99% APR for 6 months that adjusts to 5.24% APRand is available without closing costs or processing fees.

Home Equity Loans

With this type of loan, you're also borrowing against the equity in your home but you receive the funds as one lump sum with typically a fixed interest rate. Common uses include home improvements and debt consolidation. Our current offer is 3.99% APR on a 7-year loanand is available without closing costs or processing fees.

Personal Loans

Personal loans are helpful if you don't have a lot of equity in your home. Your payments will stay the same for the duration of the loan, allowing you to easily budget your monthly payments. Typical uses are credit card consolidation or vehicle repairs. Our current offer is 8.06% APR for 5 years3.

Personal Access Lines

Similar to a personal loan, but you can access the money as you need it. You'll pay interest only on the money you borrow which means your payments will vary. Typical uses include emergencies and debt consolidation. 

1 After the 1.99% Annual Percentage Rate (APR) 6-month introductory period, the APR on a home equity line of credit with principal and interest payments will be a variable rate based on Wall Street Journal Prime Rate (5.50% current as of March 20, 2019) plus or minus a margin with a minimum of 5.24%, maximum rate of 18% and a product floor rate of 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. An early termination fee may apply. An Annual Fee of $35 will be charged to your credit line. Taxes and property insurance are always required and flood insurance is required where necessary. If a deed transfer is necessary, title insurance and attorney’s fees may be required. Consult your tax advisor about the deductibility of interest. Other rates and terms are available. 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 less than 90% 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 Offer is based upon first lien loans up 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. Your actual Annual Percentage Rate (APR) may be higher based on a review of your credit application. In order to receive the offered rate, a minimum of $25,000 in new money and a direct debit of loan payment from a First Commonwealth Bank checking account are required. Otherwise, your rate will be higher. Flood insurance is required where necessary. If a deed transfer is necessary, title insurance and attorney’s fees may be required. Taxes and property insurance are required and the actual payment will be greater when escrowed. Repayment example: monthly payment for each $1,000 borrowed at 4.69% APR for 180 months is $7.75. Consult your tax advisor about the deductibility of interest. Other rates and terms are available. Offer valid for applications April 1, 2019 through June 30, 2019. Offer subject to change or withdrawal at any time.

Processing and Third Party fees ranging from $475 to $915 will not be assessed.

3 Offer is based upon loans $3,000 to $35,000 and subject to credit approval. The Annual Percentage Rates (APR) shown are based upon a $35,000 loan. Your APR may be higher based on a review of your credit application. In order to receive the offered rate, a minimum of $3,000 new money and a direct debit of loan payment from a First Commonwealth Bank checking account are required. Otherwise, your rate will be higher. Processing fee of $54 will be assessed. Repayment examples: monthly payment for each $1,000 borrowed at 8.10% APR for 36 months is $31.91, monthly payment for each $1,000 borrowed at 8.08% APR for 48 months is $40.96 and monthly payment for each $1,000 borrowed at 8.06% APR for 60 months is $49.32. Offer subject to change or withdrawal at any time.