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First Commonwealth Bank HELOC

in Home Equity Lines of Credit from First Commonwealth Bank · NMLS ID #479240

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First Commonwealth Bank HELOC

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in Home Equity Lines of Credit from First Commonwealth Bank · NMLS ID #479240

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Highlights
Loan Amount $10,000 - $500,000
APR  (Variable APR) Starting at 2.99%
Maximum LTV 85%

First Commonwealth Bank HELOC Review

First Commonwealth Bank HELOC is offered by First Commonwealth Bank (NMLS #479240), a bank founded in 1982 and based in Indiana, PA. First Commonwealth Bank HELOC is available in 2 states across the USA.

First Commonwealth Bank HELOC FAQ

How much can you borrow with a HELOC?

HELOCs are lines of credit that are secured by your home. Once you get approved for a certain amount, you can access your funds by check, phone, credit card, or online up to your HELOC amount.

First Commonwealth Bank HELOC allows borrowers to apply for lines of credit of up to $500,000. Note that the maximum loan amount you can borrow will vary depending on the value of the property, how much you owe on it, and your creditworthiness.

This lender's maximum loan to value rate is 85% for qualified borrowers. That means the total debt secured by the property cannot exceed 85% of its value. Let's say you own a property with a current market value of $100k, but you still owe $20k on your mortgage. Your equity would be $80k. In this scenario, if you have excellent credit, you may qualify for a line of credit of up to $65k.

What are the terms for a First Commonwealth Bank HELOC?

HELOCs have a draw and a repayment period. During the draw period you can borrow as much as you need up to your credit limit. After the draw period, you are responsible for repaying the loan. 

First Commonwealth Bank HELOC offers home equity loans with terms ranging from 3 to 20 years.

Is there a minimum draw requirement?

No, there isn't a minimum draw requirement.

What range of rates does First Commonwealth Bank HELOC offer?

First Commonwealth Bank HELOC offers APRs starting at 2.99% .

Remember the APRs of HELOCs do not include points and financing charges, just the interest rate. Most home equity lines of credit have a variable interest rate. Fixed interest rates -- if available -- typically have higher APRs, but your monthly payments don't change over the life of the line of credit.

What is the estimated funding time for a home loan via First Commonwealth Bank HELOC?

First Commonwealth Bank HELOC will typically fund home equity lines of credit within 30 days of approval.

What fees does First Commonwealth Bank HELOC charge for a HELOC?

The good news is First Commonwealth Bank does not charge closing costs or processing fees. However, First Commonwealth Bank does charge a $50 annual fee.

Some lenders charge an origination fee for processing, underwriting, and funding a mortgage. Typically fees range from 0.5% to 5% of the loan amount. Whenever possible, go with lenders that don’t charge origination fees.

What types of property can you use as security for a HELOC with First Commonwealth Bank HELOC?

Lenders often have restrictions on the type of properties they will accept as security for a HELOC. First Commonwealth Bank HELOC will consider lines of credit secured by the following property types:

  • Primary homes.
  • Secondary homes and vacation properties

First Commonwealth Bank HELOC Disclosure: After the 0.99% 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, otherwise the rate will be 0.25% higher. An early termination fee of $500 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 $50 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. If a deed transfer is necessary, title insurance and attorney's fees may be required. 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 April 1, 2021 through June 30, 2021. 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.
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Message From First Commonwealth Bank

Your money matters. And what you do with it matters even more. We believe as a community bank that we can make profit with a purpose by helping customers become financially confident by adopting the four life-changing habits of managing, saving, borrowing and protecting their money. We do this because we know that financial confidence helps you sleep better at night. By partnering with our customers, we can take small (and sometimes big) steps every day to improve lives.

With our FlexChoice Home Equity Line of Credit, you don’t have to pay closings costs or processing fees, which can typically range from $475 to $915. This means that you can be sure you’re getting the most out of your loan for your financial journey.

Contact

Hours of Operation

  • Sunday 8:00am - 5:00pm
  • Monday 7:00am - 9:00pm
  • Tuesday 7:00am - 9:00pm
  • Wednesday 7:00am - 9:00pm
  • Thursday 7:00am - 9:00pm
  • Friday 7:00am - 9:00pm
  • Saturday 8:00am - 5:00pm

About First Commonwealth Bank HELOC

Availability

  Available in 2 states
  • Ohio
  • Pennsylvania

Feature Breakdown

Introductory Rate 0.99%
Purchase Intro APR Period (Variable APR) 6 months
Initial Processing Fee $0
Origination Fee ($) $0
Origination Fee (%) 0%
Annual Fee $50
Cancellation Fee $500
Credit Score Range 620 - 850
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Self-Employed
  • Retired
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Intended Use
  • Primary Home
  • Secondary Home
  • Investment
Joint Loan Applications Accepted
  • Individual Applications
Military Status
  • Active Duty Military
  • Non-Military
  • Veterans
  • Military Dependent
Minimum Age 18
Supported Income Types
  • Direct Deposit (W2, SSA, SSDI)
  • Cash
  • 1099 Misc. Income
Verification Documents Required
  • Driver License (or other photo ID)
  • Proof of citizenship/residence (Green Card)
  • Proof of Income
  • Proof of Identity
  • Proof of Insurance
  • Government Issued Photo ID
  • Social Security Number
Maximum LTV 85%
Draw Period 10 years
Funding Time Range Starting at 30 days
Mortgage Features No-Closing-Costs Option
Loan Term 3 - 20 years
Loan Amount $10,000 - $500,000
APR (Variable APR) Starting at 2.99%

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