Home Equity Loans
With a home equity loan, you receive the funds in a lump sum. Your loan will have a fixed rate and you will make fixed monthly payments for the term you choose.
Common uses of a Home Equity Loan
Every situation is unique, but here’s how we typically see customers use a home equity loan:
Add value to your home by switching from outdated to updated.
Rates are often much lower than on credit cards and personal loans.
A home equity loan rate may be lower than your original mortgage rate.
Applying for a Home Equity Loan
Apply on your smartphone, tablet, or laptop, call us at 844.711.2265 or contact a local office to schedule an appointment. Here’s what you’ll need to apply:
- 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 to learn more about steps to improve your score.
Getting Prepared with a Home Equity Loan Calculator
Check out our Payments Calculator to determine your approximate monthly payment.
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.
FAQs
To help you learn more about home equity loans, we've answered some of the frequently asked questions below.
It’s a loan secured by your home as collateral. You borrow against the equity you’ve accumulated in your home as it has increased in value, and you’ve paid down your mortgage.
You get the loan funds in one lump sum and pay it back in fixed monthly installments over a set term, just like your original mortgage.
Rates vary from bank to bank. We offer fixed annual percentage rates as low as 6.13% APR for 5 years, 6.26% APR for 10 years or 6.45% APR 15 years with our current promo.¹ Call us at 1-844-711-2265 (BANK) to learn more.
Lenders typically allow you to borrow up to 89% of your home’s value minus what you still owe on any outstanding mortgages. You’ll need a low debt-to-income ratio, stable income, good employment history, and a good credit score to qualify for the best rates and terms. Every lender is different so it’s best to talk to us about your situation.
Tapping your home equity to consolidate high-interest rate debt such as credit cards or personal loans, make value-adding improvements to your home, or make a large purchase often makes financial sense. You’re putting your home at risk if you default, so make sure you can afford the payments by crunching the numbers carefully.
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1 Offer is based upon first and second lien loans of $25,000 to $500,000, a loan to value up to 89% 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 consumer checking account are required for Processing and Third Party fees, ranging from $279 to $1,055, 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 60 months at 6.13% APR, the monthly payment would be $484.83; or if you borrow $25,000 secured by an owner-occupied home for 240 months at 6.55% APR, the monthly payment would be $187.13. Taxes and property insurance on collateral property are required, and the actual payment obligation will be greater. Consult your tax advisor about the deductibility of interest. Offer valid for applications April 1, 2026 through May 31, 2026. Offer subject to change or withdrawal at any time.
2 Property must be located in a low to moderate-income census tract area as determined by the current year FFIEC map.