Last Updated: 04/18/2025
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Highlights
Credit Score Range
620 - 850
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Amount Range
$10,000 - $500,000
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Maximum LTV
85%
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Minimum Draw
N/A
Loan Term (Years)
3 - 20
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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 are available in 2 states.
Key Takeaways
- Fair credit accepted. Borrowers with a credit score as low as 620 may qualify for First Commonwealth Bank HELOC.
- Investment and personal use properties considered. Financing available for primary homes, vacation homes, and even investment homes, such as rental properties.
- No-closing-cost mortgages available. This option allows you to include the closing costs into the new loan, so you don't pay for these expenses upfront.
- Charges a prepayment fee. This means you will be charged an additional fee if you repay the mortgage early.
- No origination fee. First Commonwealth Bank HELOC does not charge a loan origination fee.
- High maximum LTV ratio. First Commonwealth Bank HELOC has a maximum loan to value ratio of 85%.
First Commonwealth Bank HELOC Pros & Cons
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First Commonwealth Bank HELOC FAQ
How much can you borrow with a HELOC?
HELOCs are lines of credit secured by your home. Once approved, you can access funds by check, phone, credit card, or online up to your credit limit.
Borrowers can apply for lines of credit of up to $500,000. The maximum amount depends on property value, existing mortgage balance, and creditworthiness.
The maximum loan-to-value (LTV) ratio goes up to 85%. This means total debt secured by the property cannot exceed this percentage of its value. For example, on a $100,000 home with a $20,000 mortgage balance, you may qualify for up to $65k in credit.
What are the terms for First Commonwealth Bank HELOC?
HELOCs include a draw period followed by a repayment period. During the draw period, borrowers can access funds as needed up to the credit limit.
First Commonwealth Bank HELOC offers home equity loans with terms ranging from 3 to 20 years.
Is there a minimum draw requirement?
No, there is no minimum draw requirement.
What is the estimated funding time for a HELOC?
The HELOC through First Commonwealth Bank can fund in as few as 30 days after approval.
What fees does First Commonwealth Bank HELOC charge for a HELOC?
First Commonwealth Bank HELOC may charge an origination fee. Up to 0% of the loan amount. Dollar fees may range from $0 to $0.
What types of property can you use as security for a HELOC with First Commonwealth Bank HELOC?
First Commonwealth Bank may consider HELOCs secured by the following property types:
- Primary residences
- Secondary or vacation homes
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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Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author's alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.
Message from First Commonwealth Bank HELOC
Hours of Operation
Sunday8:00AM - 5:00PMMonday7:00AM - 9:00PMTuesday7:00AM - 9:00PMWednesday7:00AM - 9:00PMThursday7:00AM - 9:00PMFriday7:00AM - 9:00PMSaturday8:00AM - 5:00PM
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