Your monthly digital newsletter is now available. Stay up to date on all things CommonWealth!
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There's no place like home! At CommonWealth, we want to make sure that you are getting the most out of your home. Now is the perfect time to use the equity in your home or lower your monthly payment, to help you do all the things you've been dreaming about. Whether you have a home improvement project in mind, are looking to purchase a big-ticket item, pay for a big family vacation, or even if you are just looking to consolidate some debt, we are here to help!A Home Equity Line of Credit (HELOC) or a Home Equity Loan (also known as a second mortgage) may be just what you need. So, what exactly are they and which one is right for you? Home Equity Line of Credit A Home Equity Line of Credit is a form of revolving credit, much like a credit card, that you use as you see fit. With a HELOC , you can borrow any amount, at any time, for any purpose, up to the maximum of your credit line. This is a great option if you’re looking to be able to take out money at various times when you need it. And right now, you can take advantage of a low introductory fixed rate of only 1.99% APR*1 for the first 12 months, and as low as 5.50% APR*1 thereafter, and much more! |
| - Borrow up to 80% of the equity in your property
- Lines from $10,000 to $500,000
- 10-year draw and a 20-year repayment period
- Low interest-only payment options
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| Home Equity Loan A Home Equity Loan is often referred to as a Second Mortgage and is offered as a fixed-rate loan with various loan terms that fit your needs. With a Home Equity Loan, you receive the entire loan amount as a lump sum—a great choice for one-time planned expenses or to consolidate debt. Right now you can take advantage of rates as low as 5.00% APR*2 for a 7-year term, and much more! |
| - Borrow up to 80% of the equity in your property
- Loan amounts from $10,000 to $50,000
- Payments over 7 years, 15 years, or 20 years
- Receive the entire loan amount as a lump sum
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| | Member First Mortgage! Another way you can use the equity in your home is by refinancing your first mortgage with cash out! Also, refinancing your first mortgage could potentially lower your current loan rate and monthly payment! We have partnered with Member First Mortgage to provide you with the best mortgage products available, along with the same quality service you have come to expect from CommonWealth. |
| | Our convenient application process allows you to apply online, over the phone, or in person and our quick approval and turnaround time will help you start bringing your projects to life. |
| | If you have any questions, feel free to call us at (800) 564-1588 or visit any of our 5 branch locations. |
| | *APR = Annual Percentage Rate. The rate you receive will be based on certain creditworthiness. Please ask us for the rate for which you qualify. All rates are subject to approximate loan term limits and certain restrictions may apply. Rates are subject to change without notice. There are minimum loan amounts required for some loan terms. Contact us for minimum loan amounts by term, maximum loan amounts and loan-to-value requirements. Additional conditions apply. Consult a tax advisor regarding the deductibility of interest. Call (800) 564-1588 for additional information. 1The initial rate for an Intro Rate Home Equity Line of Credit is a fixed rate not based on the index and margin used for subsequent rate adjustments. The initial rate of 1.99% is fixed for the first 12 months. After 12 months the APR can vary and is based on Prime Rate plus a margin of 0.00% to 5.00% based on credit rating. The APR is subject to change on the 10th of each month, based on changes to Prime Rate, the highest Prime Rate published in the Wall Street Journal "Money Rates" table on the 20th of the prior month. Minimum APR 5.50%, maximum APR 18%. Intro Rate Home Equity Line of Credit up to 80% CLTV with loan amounts of $10,000 - $500,000. During the draw period, you may withdraw (advance) funds up to your credit line limit and pay interest accrued on that balance monthly. After the draw period, you may not withdraw any more funds from the line. Your loan is then amortized and you begin to pay the principal and interest monthly. Offer not applicable on refinance of existing CommonWealth HELOCs. There are no loan processing or early closure fees and no prepayment penalty. Borrower is responsible for closing costs ranging from $450 to $1,500 including appraisal and escrow. 2The APR is fixed and may be up to 5% higher based on credit rating. Fixed Rate Second Mortgage up to 80% CLTV with loan amounts of $10,000 - $500,000. There are no loan processing or early closure fees and no prepayment penalty. Borrower is responsible for closing costs ranging from $450 to $1,500 including appraisal and escrow. Home Equity Lines of Credit or Home Equity Loan offers are not not applicable on refinance of existing CommonWealth HELOCs or Home Equity Loans. Real Estate loans are available for owner-occupied properties in the state of California only.
Member First Mortgage NLMS ID #149532 CommonWealth Central Credit Union NMLS ID #458544 |
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Attention CommonWealth Members!
It is time to get rewarded with more cash! As a Credit Union member, you get a $100 cash reward for each new line activated with Sprint®. Now on unlimited lines!
Already a Sprint® customer? You can earn $100 with their Annual Loyalty Cash Rewards!
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Auto Buying ToolsGetting a new car should be an exciting time, but sometimes it can be a bit overwhelming. It's hard to know where to begin when you're ready to purchase a vehicle - from choosing the car you want, to where you can find it and how you will pay for it. Fortunately, with our Auto Buying Tools, CommonWealth is here to make your car buying process a little less daunting. Learn More!
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Become an Associate Board Member!
CommonWealth's Board of Directors is seeking candidates interested in our Associate Board Member positions. As an Associate Board Member, you will be given the opportunity to learn about the governance of the Credit Union and contribute your unique skills and experience to benefit the membership.
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Community Corner
We will be supporting our community at these upcoming events:6/14 - 8/30 Morgan Hill Friday Night Music Series 7/3 - Morgan Hill Family Music Fest 7/4 - Morgan Hill Freedom Fest Parade Locations | wealthcu.org | (800) 564-1588
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Federally Insured by NCUA
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