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Home Equity Line of Credit
A Home Equity Line of Credit with LorMet is a great way to finance updates and improvements to your home, pay tuition, or even consolidate high-interest debt.
- As low as 7.25% APR1 (Prime minus 0.50%)
- No upfront costs2
- Easy access to your credit line using checks or a dedicated debit card
1 APR = Annual Percentage Rate. Rates stated effective as of November 8, 2024. Rate and APR are variable and subject to credit approval. Rates quoted are offered depending on your credit score and range from 7.25% (Prime minus 0.50%, Floor Rate 2.99%) to 9.75% (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 November 8, 2024, is 7.75%. Borrow up to 80% of the property value, based on the applicant’s credit score. $50 Annual Fee to use and maintain a 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.
2 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 23 days to close based upon 54 all purpose mortgage loans closed through LorMet Credit Union from 1/1/24 – 10/18/24. According to ICE Mortgage Technology, the national average time to close an all purpose home loan in October 2024 was 43 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.
Fixed-Rate Home Equity Loans
Borrow a single amount for a specific purpose – the rate and payment stay the same for the life of the loan.
Borrow up to 80% of the appraised value of your home
8.03% APR* for a term of up to 15 years
*APR = Annual Percentage Rate.
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 8.03% APR for 15 years is $478.69.
FHA Home Improvement Loans
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 a 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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Niya KnoxThey gave me the best info about how my money was going to work for me.
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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 ShannonAlexis explained everything in detail, she made something really really big, seem really really small.
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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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Suannette GierboliniAlexis helped us close early on our home. I will always recommend LorMet!
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