Home Equity Products:
Take advantage of your home's value by using the equity you have built to finish that long overdue project, help pay for college or to consolidate bills. At CommonWealth there are many options to choose from to help you achieve these goals.
- Home Equity Loan: A home equity loan is secured by your home and can be either a first mortgage, if your home is already paid for, or a second mortgage. The equity loan is a fixed interest rate. Home equity terms are 5-7-10 years.
- Home Equity Line: A line-of-credit loan carries a variable rate of interest and provides you the ability and convenience of writing your own loan as needed. You are given a checkbook which allows you to pay for any larger item of $500.00 or more directly by check. Monthly payments of principal and interest are based upon 2% of your unpaid balance.
Additional Features of our Line of Credit Loan Program:
- 10 year term
- Maximum loan is 80% of your home's market value less any first mortgage to qualified members
- Minimum loan amount of S10,000.00
- No annual fees
Home Equity Line of Credit
6.50% APR*
*APR=Annual Percentage Rate. **No closing costs unless a full appraisal is required. Full appraisal costs up to $500; to be paid by borrower. Loan requests with loan-to-value of 70% or higher based on assessed tax value minus first mortgage balance may require full appraisal. Home equity line of credit (HELOC) is an open-ended loan with a variable rate with a non-amortized payment. Monthly payment will be 1% of outstanding balance. Interest rate will be 0.50% below Prime Rate. Prime rate as of 10-1-2026 is 7% as published in the Wall Street Journal. Interest rates can change semi-annually on July 1 and January 1 of each year. Minimum credit line is $10,000. Maximum credit line is $300,000. Maximum loan-to-value is 80% of appraised value minus 1st mortgage balance. Interest rate floor is 4.5% and the interest rate ceiling rate is 18%. Loan terms are a 5-year draw period and a 5-year repayment period. Subject property must be primary residence. Property insurance is required. Flood insurance may be required. Loans are subject to CommonWealth Credit Union underwriting criteria for approval; not all applicants will qualify.
Online terms are 15 or 30 years for mortgages
& 5 years for home equity loans.
A mortgage loan officer will review other terms available after application is received.
CLICK HERE TO VIEW THE CWCU HOME EQUITY/ HELOC CHECKLIST
Please refer to the checklist for items that are required for your Home Equity/ HELOC loan.
Questions? Please call 815-937-7447.
CommonWealth Credit Union NMLS # 799719
Rick Del Grosso NMLS # 514782
Todd Meier NMLS # 1124023
Melissa Hendrix NMLS # 1591623