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Home Equity Loans and Lines of Credit

Use the equity in your home to your advantage. With a home equity loan or line of credit (HELOC), you can leverage the investment you have in your home as collateral to start projects that add value to your home, consolidate debt into a more manageable monthly payment, refinance your mortgage or finance major expenses.

We offer Home Equity Loans and FlexChoice Home Equity Line of credit. A home equity loan vs a line of credit is a personal decision, based on your financial situation. With a home equity loan, you receive the entire amount requested with a fixed rate. With a line of credit, you have access to borrow a portion of the amount now and into the future, with a variable rate.

What you'll need to apply:

Home Equity Loan Rates & Features:

  • Available for loan amounts from $10,000 to $500,000 with a fixed rate, term and monthly payment
  • Terms available from 5 to 20 years
  • Borrow up to 80% of your home equity as a first or second lien
  • Make additional payments to your principal without penalty
  • Enjoy a rate discount when you select automatic payments from your First Commonwealth checking account.
  • Credit Life Insurance and Credit Disability Insurance are available for Pennsylvania borrowers

FlexChoice Home Equity Line of Credit (HELOC) Rates & Features:

  • No closing costs or processing fees1
  • Available for credit lines from $10,000 to $500,000
  • 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
  • Borrow up to 89.90% of your home equity as a first or second lien
  • Access your funds by check, phone, online, or at a First Commonwealth office
  • Set up automatic payments from your First Commonwealth checking account
  • Credit Life Insurance is available for Pennsylvania borrowers

To make sure you're borrowing at a rate you can afford, use our calculators.


1 The APR is a variable rate based on Wall Street Journal Prime Rate (4.75% current as of October 31, 2019) plus or minus a margin (currently as low as Prime Rate - 0.26% or 4.49%). 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. Processing and Third Party fees ranging from $475 to $915 will not be assessed.  If your Credit Line is paid off and closed within three (3) years of the Opening Date, an early termination fee of the lesser of 2% of the Credit Limit or $350.00 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.