Menu

Rates

Call us at 440-960-LOAN for more information.

Vehicle Loans

Loan Type

 

APR*

 

Term

New Auto1 as low as 3.68 up to 36 months
New Auto as low as 3.48 up to 72 months
Used Auto as low as 4.14 up to 72 months
New Motorcycle as low as 3.48 up to 72 months
Used Motorcycle as low as 4.14 up to 72 months
New Boat as low as 4.09 up to 72 months
Used Boat as low as 4.64 up to 72 months
New Jet Skis, Snowmobiles, & ATVs as low as 4.09 up to 72 months
Used Jet Skis, Snowmobiles, & ATVs as low as 4.64 up to 72 months

Rates quoted are offered depending on the individual’s credit score. Qualifying factors include, but are not limited to, vehicle mileage, negative equity allowances, amount, and condition. TransUnion FICO Auto Enhance Score of 740 or above is required for LorMet’s lowest possible rate. Vehicles currently financed with LorMet are excluded from this offer. The APR listed above is for in-person direct member financing, which includes a loan documentation fee and maximum term financing. Indirect or on-site dealership financing offered by LorMet may have slightly higher APRs for new members. Not all applicants will qualify for the lowest APR or maximum term. All loans are subject to underwriting policy and guidelines, credit verification and credit repayment history. Advertised rates and terms are subject to change without notice. Other rates and terms are available.

Loan payment example: For $25,000 borrowed at 3.48% APR for a term of 72 months, the monthly payment would be approximately $385.23. APR and payment may vary for other loan amounts and repayment terms.

1 New purchases only; refinancing excluded. Minimum amount financed $10,000.00. Loan-to-value (LTV) not to exceed 100%. Loan payment example: For $20,000 borrowed at 3.68% APR for a term of 36 months, the monthly payment would be approximately $587.64. APR and payment may vary for other loan amounts.

Home Equity Loans

Loan Type

 

APR*

 

Term

Home Equity Line of Credit2 as low as 3.75 20 years
Fixed Rate Home Equity Loan3 5.50 up to 15 years

2 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%. Borrow up to 90% of the property value, based on 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 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 Annual Percentage Rate 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. 

3 Borrow up to 80% of the property value. 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 5.50% APR for 15 years is $408.84.

Home Improvement Loans

Loan Type

 

APR*

 

Term

Home Improvement Signature Loan4 ($5,000 –  $10,000) as low as 6.99 up to 72 months
FHA Home Improvement Loan5 6.12 7 years

4 Subject to credit approval. Not all applicants will qualify for the lowest APR or maximum term. Other rates and terms available. Maximum unsecured household debt limits apply. All loans are subject to underwriting policy and guidelines, credit verification and credit repayment history. $195 loan documentation fee. For improvements on applicant’s primary residence only. Must be homeowner. Limit one per household. May be subject to review of project estimates. Payment example: Loan amount of $10,000 at an APR of 6.99% for 72 months would have a monthly payment of $170.44.

5 Owner occupied primary residence only. Any loan over $7,500 must be secured by a mortgage or deed of trust on the property. $100 Loan documentation fee. Available to Lorain County residences only. Subject to review of project estimates and property inspection upon completion.

Other Loans

Loan Type

 

APR*

 

Term

Signature Loan6 ($5,000 maximum) as low as 6.40 up to 48 months
Share Secured Loan ($1,000 minimum) 3.29 up to 60 months

6 Rates quoted are offered depending on the individual’s credit score. Not all applicants will qualify for the lowest APR or maximum term. All loans are subject to underwriting policy and guidelines, credit verification and credit repayment history. $49 loan documentation fee. Other rates and terms are available. Payment example: Loan amount of $5,000 at a rate of 6.40% APR for 48 months would have a monthly payment of $118.35.

Savings Accounts

 

Dividend Rate

APY**

Minimum Opening Balance

Primary Savings .10 .10 $5.00
Holiday Savings .10 .10 $5.00
Vision Savings .10 .10 $5.00

These accounts have a variable rate and the dividend rates and APYs may change after the account is open. A $50.00 minimum daily balance is required to earn the stated APY. Fees may reduce earnings.

 

Checking Accounts

 

Dividend Rate

APY**

Minimum Opening Balance

Everywhere Checking Requirements Met7 $50.00
up to $3,000.00 1.00 1.00
$3,000.01 to $5,000.00 .50 .50
Requirements Not Met7
up to $5,000.00 .10 .10
Classic Checking n/a n/a $50.00
Teen Checking n/a n/a $25.00
Student Checking n/a n/a $25.00
Second Chance Checking n/a n/a $50.00

7 The Everywhere Checking account is a Tiered Rate account and the minimum service requirement is: you complete at least 15 debit card purchases (excluding ATM transactions). If your average daily balance is $3,000.00 or below and you meet the minimum service requirement during the calendar month, the first Dividend Rate and APY listed for this account will apply. If your average daily balance is $3,000.01 to $5,000.00 and you meet the minimum service requirement, the second Dividend Rate and range of APYs listed for this account will apply. Each rate will apply only to that portion of the account balance within each balance range. If you do not meet the minimum service requirement during a calendar month, the third Dividend Rate and APY listed for this account will apply to the entire balance in the account, up to $5,000.00 and you will be charged a service fee as stated in the Fee Schedule.

Share Certificates

Term

Dividend Rate

APY**

Minimum Opening Balance

91 Days .10 .10 $1,000.00
182 Days .10 .10 $1,000.00
9 Months .10 .10 $1,000.00
12 Months .20 .20 $1,000.00
18 Months .25 .25 $1,000.00
24 Months .40 .40 $1,000.00
30 Months .40 .40 $1,000.00

A penalty may be charged for early withdrawal.

 

IRA Certificates (Traditional & Roth)

Term

Dividend Rate

APY**

Minimum Opening Balance

Traditional – 18 Months (variable) .20 .20 $25.00
Traditional – 182 Days .10 .10 $500.00
Traditional – 18 Months .25 .25 $500.00
Traditional – 24 Months .40 .40 $500.00
Traditional – 30 Months .40 .40 $500.00
Roth – 182 Days .10 .10 $500.00
Roth – 18 Months .25 .25 $500.00
Roth – 24 Months .40 .40 $500.00
Roth – 30 Months .40 .40 $500.00

A penalty may be charged for early withdrawal.

Money Market Account

 Balance Tier

Dividend Rate

APY**

$0.01 – $2,499.99 .10 .10
$2,500.00 – $9,999.99 .15 .15
$10,000.00 – $24,999.99 .15 .15
$25,000.00 – $49,999.99 .20 .20
$50,000.00 or more .25 .25

The Money Market account is a Tiered Rate account; each dividend rate and APY will apply to only the portion of the account balance within each balance range. $2,500.00 minimum opening balance.

*APR = Annual Percentage Rate
**APY = Annual Percentage Yield

Lending Rates stated effective as of June 15, 2017. The Prime Rate is published in The Wall Street Journal. Prime Rate as of June 15, 2017, is 4.25%. Rates and terms are subject to change without notice – information provided does not constitute a loan commitment.

Savings Rates stated effective as of March 31, 2017, and valid for new accounts opened on this date. Dividend Rates and APY may change after account is opened without notice. This rate sheet is offered as an invitation for member inquiries only. It is not a contract. For APY or dividend information on existing deposit accounts, contact us at 440-960-6600. Fees may reduce earnings.