A LorMet 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. A home equity line of credit is secured by the equity in your home and allows you to borrow as needed up to your approved credit limit.
- As low as 5.00% APR* (Prime minus 0.50%)
- 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 January 2, 2019. Rate and APR are variable and subject to credit approval. Rates quoted are offered depending on your credit score and range from 5.00% (Prime minus 0.50%) to 7.50% (Prime plus 2.00%). The maximum APR allowed by law is 18%. The Prime Rate is published in The Wall Street Journal. The Prime Rate as of January 2, 2019, is 5.50%. 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.
**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.