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Is a Home Equity Line of Credit right for you?
A Home Equity Line of Credit with LorMet provides added flexibility for ongoing expenses with a variable rate. It’s a great way to finance updates and improvements to your home, pay tuition, or even consolidate high-interest debt.
- As low as 6.25% APR* (Prime minus 0.50%)
- No upfront costs1
- Easy access to your credit line using checks or a dedicated debit card
* APR = Annual Percentage Rate. Rates stated effective as of April 1, 2026. Rate and APR are variable and subject to credit approval. Rates quoted are offered depending on your credit score and range from 6.25% (Prime minus 0.50%, Floor Rate 2.99%) to 8.75% (Prime plus 2.00%). A TransUnion FICO Score of 740 or above is required for LorMet’s lowest possible rate. The maximum APR allowed by law is 18%. The Prime Rate is published in The Wall Street Journal. The Prime Rate as of April 1, 2026, is 6.75%. Borrow up to 80% of the property value, based on the applicant’s credit score. If the line of credit is paid off and closed within three (3) years of opening, you must reimburse third party fees paid by LorMet to open the plan. These fees generally total between $450.00 and $700.00. You can obtain credit advances for 7 years (“draw period”). After the draw period ends the repayment period will depend on the balance at the time of the last advance obtained before the draw period ends with a maximum of 13 years. Minimum payments required during both draw period and repayment period. Minimum payment may change if outstanding balance changes or if the APR changes. $50 Annual Fee to use and maintain a line of credit plan. Property and flood insurance are required, if applicable. Program, rates, terms, and conditions are subject to change without notice. Not available for rental property, homes currently for sale, or intended to be sold within six months of closing.
1 Not all applicants will qualify for waived “appraisal costs.” If the subject property’s tax valuation is substantially lower than the homeowner’s opined value, the credit union may require appraisal costs in advance. Such costs will be refunded upon loan approval and disbursement. If the line of credit is paid off and closed within three (3) years of opening, you must reimburse third-party fees paid by LorMet to open the plan. These fees generally total between $450.00 and $700.00.
* Average of 19 days to close based upon 30 all purpose mortgage loans closed through LorMet Credit Union from 1/1/25 – 12/31/25. According to ICE Mortgage Technology, the national average time to close an all-purpose home loan in May 2025 was 41 days. The closing process can range from a week to two months or longer. Factors that affect the timing include whether or not you’re buying the home with a mortgage, the kind of mortgage, and the type of property you’re buying.
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Is a Fixed-Rate Home Equity Loan best for you?
Borrow a single amount for a specific purpose. The rate and payment stay the same for the life of the loan for added predictability.
Borrow up to 80% of the appraised value of your home
6.78% APR* for a term of up to 15 years
*APR = Annual Percentage Rate. Rates stated effective as of April 1, 2026. Rate and APR are subject to credit approval. Rates quoted are offered depending on your credit score.
2 Borrow up to 80% of the property value. Property and flood insurance required, if applicable. Program, rates, terms, and conditions are subject to change without notice. Not available for rental property, homes currently for sale or intended to be sold within six months of closing. $100 loan documentation fee. Not all applicants will qualify for maximum term; restrictions and conditions may apply. A sample loan payment based on $50,000 at 6.78% APR for 15 years is $443.56.
Home Equity Resource Center
Get confident in your home equity loan knowledge with our homeowner-focused resource library!
FHA Home Improvement Loans
If you have limited equity, you may qualify for an FHA Title I Loan
LorMet is an approved Title I lender by the U.S. Department of Housing and Urban Development. An FHA Title I loan can help fund home improvement projects when the equity of your home is limited.
How Can an FHA-Insured Title I Loan Be Used?
Your loan can be used to pay for a contractor’s materials and labor. If you do the work yourself, only the cost of materials may be financed. FHA-Insured Title I Loans may be used for any improvements that will make your home more livable and useful. They cannot be used for luxury-type items or to pay for previously completed work.
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Eric EbingerBuying a home was the most stressful thing I’ve been through, but LorMet made it pleasant.
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Ali ShannonThey explained everything in detail, and made something really really big, seem really really small.
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Niya KnoxThey gave me the best info about how my money was going to work for me.
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Larry LandfordDon’t be on the fence, it’s a no-brainer because you’re treated with respect and kindness here.
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Michele HooverI wholeheartedly recommend them to anyone looking for a hassle-free mortgage experience.
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