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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 home equity line of credit special for 6 months, which adjusts to as low as 2.99% APR1, plus you won't pay closing costs or processing fees2.

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. We are currently offering that you won't pay closing costs or processing fees3 on home equity loans.

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.

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 will be a variable rate based on Wall Street Journal Prime Rate (3.25% current as of March 16, 2020) plus or minus a margin (currently as low as Prime Rate – 0.26% or 2.99%). 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. An early termination fee of $350 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 $35 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. 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 June 8, 2020 through September 30, 2020. 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 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.

3 Offer is based upon first and second lien loans of $25,000 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. A minimum of $25,000 in new money and a direct debit of loan payment from a First Commonwealth Bank checking account are required in order for processing and Third party fees, ranging from $475 to $915, to be waived. 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 obligation may be greater. Consult your tax advisor about the deductibility of interest. Offer valid for applications June 8, 2020 through September 30, 2020. Offer subject to change or withdrawal at any time.