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Consolidate Your Bills with a Home Equity Loan

With every payment you make on your mortgage, you’re contributing to the equity available in your home. Now it’s time to make that home equity work for you through a home equity loan. We have flexible options and a fixed rate to make sure that you’re confident that your home equity loan is right for your specific situation.

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Home Equity Loan Special Rates

 
Special Home Equity Installment Loan First or Second Lien Up to 15 Years
Term APR as low as: monthly payment/$1,000
5 years 1.99%1 $17.52
10 Years 2.79%1 $9.56
15 Years 2.99%1 $6.90
No closing costs or processing fees2

 

What is a Home Equity Loan

A home equity loan is a way to borrow money from a bank, and your loan is secured by your home. Once you’re approved for your home equity loan, you’ll receive a lump sum in the amount you are borrowing. You’ll then make fixed monthly payments to the bank to pay back your home equity loan. 

A home equity loan versus a home equity 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 term and payment. With a home equity line of credit, you have access to borrow a portion of the amount now or at any time during the term of your line.  Your line will have a variable rate and you will only make payments on the amount you use (or “draw”) from your line.

Common uses of a Home Equity Loan

It’s always important to make sure that applying for a loan is the best option for your financial situation. While there are plenty of ways to use a home equity loan, here are some of the most common uses we see from our customers:

• Home Improvements – switch from “outdated” to “updated” by using your home equity to pay for major repairs or upgrades
• Consolidating Debt – oftentimes one of the most powerful tools on your financial journey is to consolidate debt into smaller, more affordable monthly payments. Because a home equity loan is secured by your home, rates are often much lower than a personal loan or credit card. Check out our debt consolidation calculator to run your numbers.
• Refinancing a Mortgage – interest rates have a consistent history of being inconsistent, which means your original mortgage rate could be higher than the rate you would pay if you refinance your mortgage into a home equity loan.

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 and Ohio borrowers

Applying for a Home Equity Loan

You can apply for a home equity loan on your smartphone, tablet or laptop. We’re also available at 844.711.2265 to open over the phone, or contact a local office to schedule an appointment.  Here’s what you’ll need when you apply for your home equity loan:

• Verification of income
• Annual property tax amounts
• Proof of adequate homeowners insurance coverage, and adequate flood insurance coverage, if applicable

If you've been told that you have bad credit, check out this resource before applying to see how your credit affects your financial life.

Getting Prepared with a Home Equity Loan Calculator

It’s important to make sure you’re borrowing at a rate you can comfortably afford. Because you’ll have a monthly payment with a home equity loan, our calculators can help you determine your monthly payment based on your rate and how much you need to borrow. Check out our How Much Will My Loan Payments Be calculator to learn more.

Home Equity Line of Credit

Looking for the flexibility to draw from your loan to access cash as you need it?  Check out our Home Equity Line of Credit.

1.99% APR up to 5 years and no closing costs/fees; 2.79% APR up to 10 years and no closing costs/fees; 2.99% APR up to 15 years and no closing costs/fees

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. 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.  Processing and Third Party fees ranging from $475 to $915 will be paid by Lender. Flood insurance is required where necessary on collateral property.  If a deed transfer is necessary, title insurance and attorney’s fees may be required.   Typical loan payment examples are as follows:  if you borrow $25,000 secured by an owner-occupied home for 60 months at 1.99% APR, the monthly payment would be $438.08; or if you borrow $25,000 secured by an owner-occupied home for 120 months at 2.79% APR, the monthly payment would be $238.99; or if you borrow $25,000 secured by an owner-occupied home for 180 months at 2.99% APR, the monthly payment would be $172.53.  Taxes and property insurance are required on collateral property and the actual payment obligation may be greater.  Consult your tax advisor about the deductibility of interest.  Other rates and terms are available.  Offer valid for applications September 14, 2021 through December 31, 2021.  Offer subject to change or withdrawal at any time.

Terms greater than 15 years – no closing costs/ fees

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 paid by Lender. Flood insurance is required where necessary on collateral property. If a deed transfer is necessary, title insurance and attorney’s fees may be required. Typical loan payment examples are as follows: if you borrow $25,000 secured by an owner-occupied home for 144 months at 3.25% APR, the monthly payment would be $209.89 or if you borrow $25,000 secured by an owner-occupied home for 240 months at 3.30% APR, the monthly payment would be $142.43. Taxes and property insurance on collateral property are required and the actual payment obligation may be greater. Consult your tax advisor about the deductibility of interest. Offer valid for applications September 14, 2021 through December 31, 2021. Offer subject to change or withdrawal at any time.

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.