Home Equity Line of Credit (HELOC)
Take a little money to pay for this. Take a bit more to pay for that. A Home Equity Line of Credit lets you tap into money anytime you want, for just about any reason at all.
Add a room. Take a trip. Chase down a dream.
One popular use of Home Equity Line of Credit (HELOC) funds is to remodel, repair, or otherwise enhance your home. You could also go in another direction and pay for a family vacation, a college education, or your child's dream wedding. The best part is you don't have to decide on just one thing. As long as you stay within your credit limit, the money is right there for you to use whenever you need it.
What could your home be doing for you?
A home equity line from Commonwealth Credit Union could empower all of your dreams!
- Credit lines available up to $400,000
- Borrow up to 100% of your home's equity
- Variable rates as low as our current rate of 6.00% APR*
- Access cash through a HELOC credit card, checks, Digital Banking, or at Commonwealth Credit Union locations
- 10-year draw period, followed by 15-year repayment period
- Interest-only option available**
- Ideal way to consolidate higher interest loans or credit cards balances
Please note that we currently offer HELOCs exclusively in Kentucky and Indiana.
*APR = Annual Percentage Rate. Home Equity Line of Credit as low as Prime minus 1.00%, with a floor rate of 4.00% APR. Maximum APR of 18.00%. Variable rate for first 10 years; fixed rate thereafter. Rate adjusts quarterly based on WSJ Prime Rate 10 days prior to Jan 1, Apr 1, Jul 1, and Oct 1. 10-year draw period, 15-year repayment. Primary residences only. Available in Kentucky and Indiana. Loan amounts from $5,000 to $400,000. Refinance available after 24-month waiting period and $5,000 increase. No minimum, fixed, transaction, or activity charges. No membership or participation fees. Rate based on credit history. Subject to change. All loans subject to approval. Terms and conditions apply. Consult your tax advisor.
**Members who choose to make interest-only payments during the HELOC draw period will pay only the interest on their balance. When the repayment phase begins, monthly payments will increase to include both principal and interest, which may result in a significant rise in payment amounts.
Endless possibilities, home-made
If interested, please fill in your contact information and someone will follow up with you shortly.
Questions? Call Us at: 502.564.4775 or 800.228.6420 Ext. 1503