Home Equity Loans & Lines

Money that makes almost anything possible

What can you pay for with a Home Equity Loan or Line of Credit? Kitchen renovations, a college education, a family vacation - or debt consolidation. At CommonWealth One, we offer lump sum loans or credit lines that can be tapped into over and over again. Take a look at our many options and see which one might work best for you. Please consult your tax professional, too, because interest might be tax-deductible.¹

CommonWealth One Federal Credit Union is a full-service credit union with branches in Virginia and Washington, D.C.

¹ Consult your tax advisor regarding loan interest deductibility.

^¥LTV = Loan-To-Value.

² Proceeds must be used for home improvements only and documentation of bid/materials list/invoice will be required before loan disbursement.

³ Rates subject to change without notice and varies based on Prime Rate. EquityLine has an interest only payment option available. The Annual Percentage Rate (APR) will adjust to the standard variable rate, currently 8.50% APR for Interest Only Payments Option, after the introductory period and will vary based on prime.

CommonWealth One Federal Credit Union complies with the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (S.A.F.E. Act). A list of our registered originators can be found by searching for CommonWealth One FCU at https://www.nmlsconsumeraccess.org/.

Home Equity Loans and Lines of Credit are available on primary residences located in Virginia, Maryland, North Carolina, Kentucky, Tennessee, West Virginia, and Washington, DC. Members will be obligated to pay the closing costs associated with the closing of a Home Equity Loan or Line of Credit request. Closing costs include credit reports, appraisal fee, flood certification, title search, recording fees and mortgage transfer taxes. If a drive by or a full appraisal is required to support the loan request, this expense will paid by the member. Total closing costs generally range from $100 to $1,000 based on the loan amount. Closing costs can be incorporated and paid with the loan proceeds. Members should retain a copy of the Home Equity Disclosures. Member may receive a refund of any fee(s) if the rate changes and the member decide not to complete the process. Granting of a Home Equity Loan or Line of Credit may result in the credit union acquiring a security interest in the property. Property insurance is required and flood insurance may be required. Certain restrictions apply.