Your monthly digital newsletter is now available. Stay up to date on all things CommonWealth!
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Find Out Which Home Loan Option Fits Your Dreams! In 2020, we all spent a lot more of our time in our homes, and it’s likely we will continue to be spending extra time there in the future as well! Have you been re-imagining your space? Maybe you’re ready to create a dedicated home office space, a home gym, or a new backyard oasis. Consider a Home Equity Line of Credit or mortgage refinance to help you bring your vision to reality!
Which offer is right for you?- Mortgage Refinance — For a limited time, when you refinance your mortgage from another financial institution with us, we will pay your closing costs, up to $3,000!1
- Home Equity Line of Credit — We offer a HELOC with a fixed introductory rate of 1.99% APR2 for the first 12 months, then remaining as low as 4.00% APR thereafter.
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Should I refinance my mortgage?
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Several great benefits can come from refinancing your mortgage – such as a lower interest rate, a lower monthly payment, and shorter payoff terms. In addition to refinancing your home for a lower rate, another option is doing a cash-out refinance. With a cash-out refinance, you can borrow more than what you owe on the home and use that cash for larger expenses like the home renovation projects or debt consolidation.
PLUS - For a limited time, when you refinance your mortgage from another financial institution with us, we will pay your closing costs, up to $3,000!1
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Home Equity Line of Credit (HELOC)
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If you aren’t sure refinancing is the right step for you, a HELOC is a great option to be able to utilize the equity in your home to enhance your life. A HELOC allows you to borrow up to 80% of your property equity as you need it. It is a convenient option to get cash whenever you want it to pay for any renovation or house addition projects you have been thinking about. The loans range from $10,000 to $500,000 and have a draw period of 10 years with a repayment period of 20 years.
At CommonWealth, we offer a HELOC with a fixed introductory rate of 1.99% APR2 for the first 12 months, then remaining as low as 4.00% APR thereafter.
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For any additional information on which home loan option is right for you or to get help with your application, you can:
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*APR = Annual Percentage Rate. Advertised rates are effective as of February 1, 2021 and are for mortgage loan types: Conforming, Super Conforming, and Jumbo. Contact a Mortgage Consultant for current rates. Your actual interest rate will be determined at the time an interest rate lock is completed. Programs, rates, terms and conditions are subject to change without notice. All loans are subject to approval and additional restrictions may apply. Mortgage loan services provided by Member First Mortgage LLC (NMLS ID #149532) Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act. CommonWealth Central Credit Union (NMLS ID #458544). 1Closing Cost and Fee Discount up to $3,000 is for mortgage loans refinanced from another institution. Promotion is valid for 30 year Fixed: Conforming, Super Conforming, and Jumbo loans. Refinance of existing Member First Mortgage LLC or CommonWealth mortgage loans do not qualify for the promotion. Applications must be submitted between 12/01/2020 and 3/31/2021. Closing Cost and Fee Discount will be applied at the time of closing. Borrower(s) are responsible for the difference of any Closing Costs and/or Fees that exceed $3,000 or are not on the ‘Qualifying Fee’ list, and must be paid at the time of loan closing. This promotion may not be combined with any other promotion or discount. All loans subject to approval. Promotion offers subject to change without notice. 2APR = 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. Call (800) 564-1588 for additional information.
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To protect the health and wellness of our members, employees, and our community, we are limiting the number of members entering branch locations and practicing current social distancing protocols.
To review all of our COVID-19 updates and other ways we can help you, click here.
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Our Newly Remodeled Tennant Branch is Now Open!
The wait is finally over! The Tennant Branch has officially re-opened. We're excited for you to see all the new and exciting updates that make this branch so special. Effective March 6th, the Tennant Branch will resume regular Saturday hours and Cochrane Commons Branch will no longer be open on Saturdays.
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Save the Date!Virtual Annual Meeting & Board Elections Wednesday, April 21, 2021, 12:00pm Join us as we celebrate our members, discuss the past year and our plans for the credit union, announce new Board Members, present student scholarship awards, charitable contribution awards and much more! Learn More!
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Important Information About Our Milpitas Branch Office Changes in member preferences have led us to make the difficult decision to close our Milpitas branch office in May 2021. We made the decision in order to position us to better serve you, our valued members, now and into the future.
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Federally Insured by NCUA
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