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Home Equity

Need some extra money to purchase something important?

  

Home Equity Loans

Home Equity loans help you borrow to pay for any large purchase. If Community holds your mortgage or if you own your home outright, borrow for home repairs, new car, college tuition or any big expense.

Home Equity Line of Credit (HELOC)

With Community's Home Equity Line of Credit, you have the flexibility to borrow what you need, when you need it. Your monthly payments will be based only on what you have used. Once approved, the borrower can make "draws" against the loan at any time up to the maximum amount approved by the loan department. Draws are made by writing checks, which are given to the customer when the loan is closed. Your payment will be based only on what you have used. Call our loan department at (773) 685-5300 to discuss how you can benefit from a Community Home Equity Line of Credit.

CHIP

Community's Home Improvement Program (CHIP) offers fixed rate loans for home improvements.

Does your home need some repairs?

  • CHIP is a special lending plan that enables qualified home owners to borrow up to $10,000 for home improvements.
  • Total amount borrowed on your home can be up to 95% of its value.*
  • CHIP loans are for a maximum of five years at competitive fixed rates.
  • You don't need to have a mortgage at Community to apply for a CHIP.

First and second mortgages combined can be up to 95% of your home's value. For example: a CHIP loan with a term of five years will have 60 monthly payments of $205.17 with a corresponding annual percentage rate (APR) of 8.564%. Maximum loan amount is the lesser of $10,000 or 95% of the value of the property. Example as of July 1, 2024.

All loans are subject to Community’s underwriting standards.

 

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