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Home Equity Loans
Home Equity Fixed Rate Term Loan as low as
5.50%**
Make your budgeting easier by converting your Variable rate Mortage Loan or Variable rate Credit Cards to LorMet's Low Fixed Rate Home Equity Loan. This loan offers the stability of borrowing a single amount for a specific purpose. You receive your money in one lump sum, and make fixed monthly payments until the loan is paid off. Your rate and payments will stay the same for the life of the loan!
Home Equity Line of Credit*
We will open a line of credit for up to 80% of your home's value less any outstanding mortgage balance. Once your "Below Prime" Equity line is open, you may borrow anytime you wish during the life of the line. Simply write a "Below Prime" Equity check (supplied at no cost to you) any time you need money. Your low simple interest rate is the Prime Rate minus one-half percent, as published in the Wall Street Journal the first Monday of each month.
So relax and enjoy your low rate and for a limited time, all costs and fees are waived!
You may apply for a loan at any of our locations.
*This is an open-end line of credit secured by the equity in your home. The rate is variable and is the Prime Rate minus one-half percent, as published in the Wall Street Journal the first Monday of each month. The rate is adjustable monthly with a rate cap per year of 3% and the maximum APR is 18%. While all closing costs are waived, a prepayment penalty of up to $150 will be assessed for all lines of credit closed within 2 years of opening. One time share deposit of $5 required for new members only. Please call us for more information regarding rates, fees, terms, conditions, and restrictions.
**Subject to credit approval. Advertised Annual Percentage rate of 5.50% is available on Home Equity Term loans of $10,500.00 to $100,000.00 with a term up to 180 months for owner-occupied properties with a maximum Loan-to-Value ratio of 80%. Start-up fee waived for a limited time only upon loan approval and is subject to change without notice. If you payoff the Home Equity Term loan for any reason within 24 months, a $250.00 penalty will apply. Not available to rental property or homes currently for sale or intended to be sold in six months of closing. Property insurance required. Flood insurance may be required. This rate is accurate as of 3/12/2009 and may be changed at any time without notice.
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