“Zero” Equity Loan is gaining popularity at CommonWealth One!

ALEXANDRIA, VA (June 9, 2015) — CommonWealth One has created a new loan that puts a valuable twist on home equity loans: the Zero Equity Loan.

“While a home equity loan is a smart way to put the equity in your home to work, some members were left with little or no equity after the Great Recession and the dramatic drop in home values,” said Charlotte Cash, President/CEO of CommonWealth One Federal Credit Union. “As a result, they were unable to benefit from a traditional equity loan.”

CommonWealth One created the new Zero Equity Loan to help their members finance smaller home improvements of up to $25,000.

“We began offering these loans last month and they are extremely popular. Members who have little or no equity in their home can now remodel, finance an education, consolidate debt, or any other project they would like to tackle while still enjoying the tax advantage of a home equity loan” added Cash.

“We needed $15,000 to replace our kitchen stove and plumbing however, the value of my home is still lower than the amount I paid back in 2007. We still do not have enough equity to get a regular loan.” said Marcy B. from Alexandria. “I applied for the Zero Equity Loan at CommonWealth One and had my funds within a few weeks. We worked with Sunny K. in the loan department from start to finish. She was great. The process was smooth and easy.”

With the Zero Equity Loan, CommonWealth One members can borrow a fixed amount up to $25,000 with no title insurance and no appraisal required. The loan has a variable rate that adjusts annually, and members can take up to 10 years to repay.

“Now, I can update my kitchen, get the appliances I need, plus new countertops too!” said Marcy. “All thanks to CommonWealth One Federal Credit Union.”

About CommonWealth One Federal Credit Union

Since 1944, CommonWealth One Federal Credit Union, headquartered in Alexandria, VA, has grown to become one of Washington, D.C. and Northern Virginia’s top credit unions with more than $324 million in assets serving more than 30,000 members. CommonWealth One is a full-service, member-owned, not-for-profit financial cooperative committed to being its members lifetime financial partner. CommonWealth One has branches in Washington, D.C., Alexandria, VA, and Harrisonburg, VA (including at James Madison University). Members can access their accounts through Online Banking, Mobile and Text Banking, plus a network of over 55,000 ATMs and 6,900 shared branches.

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