A LorMet Home Equity Line of Credit may be right for you and your financial needs. This credit line is secured by the equity in your home and allows you to borrow as needed up to your approved credit limit. The Home Equity Line of Credit is a great way to finance updates and improvements to your home, pay tuition, or even consolidate high interest debt.
- As low as 3.75% APR*
- Borrow up to 90% of your home’s equity*
- No up front costs**
- Easy access to your credit line using checks or a dedicated debit card
- Interest you pay may be tax deductible***
Or visit a LorMet branch or call 440-960-LOAN to get started!
*APR = Annual Percentage Rate. Rates stated effective as of June 15, 2017. Rate and APR are variable and subject to credit approval. Rates quoted are offered depending on your credit score and range from 3.75% (Prime minus 0.50%) to 6.25% (Prime plus 2.00%). The maximum APR allowed by law is 18%. The Prime Rate is published in the The Wall Street Journal. The Prime Rate as of June 15, 2017, is 4.25%. Borrow up to 90% of the property value, based on applicant’s credit score. $50 Annual Fee to use and maintain line of credit plan. 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.
Minimum Payment Example: If you made only the minimum monthly payment and took no other credit advances it would take 12 years 10 months to pay off a credit advance of $10,000 at an APR of 3.00%. During that period, you would make 84 payments of $75.00 to $100.00, followed by 69 payments of $75.00 and one (1) final payment of $12.40.
**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, 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.
***Consult your tax advisor regarding the deductibility of interest.