Home Equity Lines of Credit
With a home equity line of credit, you have access to borrow a portion of the amount now or at any time during the term of your line. Your line will have a variable rate and you will only make payments on the amount you use (or “draw”) from your line.
Common Uses of a Home Equity Line of Credit
Every situation is unique, but here’s how we typically see customers use a home equity line of credit:
Rates are often much lower than on credit cards and personal loans.
You only pay on what you draw. Have confidence knowing you’re prepared for the unexpected.
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Applying for a Home Equity Line of Credit
Apply on your smartphone, tablet or laptop, call us at 844.711.2265, or contact a local office to schedule an appointment. Here’s what you’ll need when you apply:
- Verification of income.
- Annual property tax amounts.
- Proof of adequate homeowners insurance coverage, and adequate flood insurance coverage, if applicable.
If you've been told that you have bad credit, check out this resource to learn more about steps to improve your score.
FAQs
To help you better understand home equity lines of credit (HELOC), we've answered some common questions.
It’s a line of credit secured by your home as collateral. You borrow against the equity you’ve accumulated in your home as it has increased in value, and you’ve paid down your mortgage.
It works similarly to a credit card. You can draw money as needed and you’ll make a monthly payment on what you have drawn. You have the option to make principal and interest payments or interest only payments during the draw period. Once you’re in the repayment period, you’ll pay back the principal plus interest.
Rates vary from bank to bank. We offer competitive rates with a current special of 3.99% APR for 6 months, which adjusts to as low as 6.26% APR.¹ Call us at 1-844-711-2265 (BANK) to learn more.
Lenders typically allow you to borrow up to 89% of your home’s value minus what you still owe on any outstanding mortgages. You’ll need a low debt-to-income ratio, stable income, good employment history, and a good credit score to qualify for the best rates and terms. Every lender is different so it’s best to talk to us about your situation.
Tapping your home equity to consolidate high-interest rate debt such as credit cards or personal loans, make value-adding improvements to your home, make a large purchase, or in case of future emergencies often makes financial sense. You’re putting your home at risk if you default, so make sure you can afford the payments by crunching the numbers carefully.
Home Equity Loan
Looking for a fixed rate and payment? Check out our Home Equity Loan page.
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1 After the 3.99% 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 (6.75% as of 12/11/25) plus or minus a margin (currently as low as Prime Rate – 0.49% or 6.26%). 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. To receive the offered rate, a minimum of $10,000 in new money and direct debit of loan payment from a First Commonwealth Bank consumer checking account is required, otherwise the rate may be 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, 2026 through May 31, 2026. 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 89% 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.
2 Processing and Third Party Fees ranging from $279 to $1,055 will not be assessed. If a deed transfer is necessary, title insurance and attorney’s fees may be required.