MORTGAGE
Estimate Your Low Mortgage Rate
Your rate varies depending on your credit score and other details. Estimate your rate and let us help simplify your pursuit of homeownership.
Must be eligible for LorMet membership to apply
Rate lock period is 30 days. The details listed are for informational purposes only. It is provided to assist you in determining an estimate of lender fees that may be present and an estimate of your proposed monthly mortgage payment. There are other costs you will incur, not associated with the lender fees. These costs are paid to third parties involved and are standard in all mortgage transactions, such as title/attorney costs, appraisal, taxes and escrows. You will receive an official Loan Estimate after applying, which will provide you with a detailed breakdown of all closing costs.
VEHICLE
Vehicle Loans
| Loan Type | APR* | Term |
|---|---|---|
| New Auto | as low as 6.64% | up to 78 months |
| Used Auto | as low as 6.88% | up to 78 months |
| New Motorcycle | as low as 6.64% | up to 72 months |
| Used Motorcycle | as low as 6.88% | up to 72 months |
| New Boat | as low as 6.64% | up to 72 months |
| Used Boat | as low as 6.88% | up to 72 months |
| New Jet Skis, Snowmobiles, & ATVs | as low as 6.64% | up to 72 months |
| Used Jet Skis, Snowmobiles, & ATVs | as low as 6.88% | up to 72 months |
*APR = Annual Percentage Rate. Rates and terms subject to change without notice – the information provided does not constitute a loan commitment. All loans are subject to underwriting policy and guidelines, credit verification, and credit repayment history. Rates effective as of December 1, 2024.
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 6.64% APR for a term of 78 months, the monthly payment would be approximately $395.51. APR and payment may vary for other loan amounts and repayment terms. Calculate loan payment examples using our Loan Payment Calculator.
HOME
Home Equity Loans
| Loan Type | APR* | Term |
|---|---|---|
| Home Equity Line of Credit2 | as low as 7.00% | 20 years |
| Fixed Rate Home Equity Loan3 | 7.53% | up to 15 years |
*APR = Annual Percentage Rate.
2 Rates stated effective as of December 19, 2024. Rate and APR are variable and subject to credit approval. Rates quoted are offered depending on your credit score and range from 7.00% (Prime minus 0.50%, Floor Rate 2.99%) to 9.50% (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 December 19, 2024, is 7.50%. 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.
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 7.53% APR for 15 years is $464.36.
HOME
Home Improvement Loans
| Loan Type | APR* | Term |
|---|---|---|
| FHA (No Equity) Home Improvement Loan2 | 7.71% | 7 years |
*APR = Annual Percentage Rate.
2 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
Other Loans
| Loan Type | APR* | Term |
|---|---|---|
| Signature Loan ($10,000 maximum)2 | as low as 8.75% | up to 60 months |
| Share Secured Loan ($1,000 minimum) | 10.16% | up to 60 months |
*APR = Annual Percentage Rate.
2 Rates quoted are offered depending on the individual’s credit score. Not all applicants will qualify for the lowest APR or maximum term. $0 loan documentation fee.
Other rates and terms are available. $5,000 or less = maximum term of 48 months.
CHECKING
Checking & Savings
Savings Accounts
| Product | Dividend Rate | APY* | Minimum Opening Balance |
|---|---|---|---|
| Primary Savings | .05% | .05% | $5.00 |
| Holiday Savings | .05% | .05% | $5.00 |
| Vision Savings | .05% | .05% | $5.00 |
*APY = Annual Percentage Yield. 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.
Savings Rates stated effective as of December 1, 2024, 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.
Checking Accounts
| Requirements Met | Dividend Rate | APY2 |
|---|---|---|
| Up to $3,000.00 | 1.00% | 1.00% |
| $3,000.01 to $5,000.00 | .50% | .50% |
| Requirements Not Met1 | Dividend Rate | APY2 |
|---|---|---|
| Up to $5,000.00 | .05% | .05% |
*APY = Annual Percentage Yield
1 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.
2 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.
CERTIFICATE
Certificates & IRAs
4.25% APY*
6-Month Certificate Special
Earn more with our Certificate Specials! Ask us if a 6-month or 13-month special is best for you.
$2,500 minimum opening balance
*APY = Annual Percentage Yield. Rates and terms subject to change without notice. Fees may reduce earnings. Rates effective as of December 1, 2024. A penalty may be charged for early withdrawal. For current LorMet members.
Share Certificates
Ask about our 6-month and 13-month specials! *For existing members
| Term | Dividend Rate | APY* | Minimum Opening Balance |
|---|---|---|---|
| 91 Days | 0.12% | 0.12% | $1,000.00 |
| 182 Days | 0.12% | 0.12% | $1,000.00 |
| 9 Months | 0.12% | 0.12% | $1,000.00 |
| 12 Months | 0.22% | 0.22% | $1,000.00 |
| 18 Months | 0.27% | 0.27% | $1,000.00 |
| 24 Months | 0.37% | 0.37% | $1,000.00 |
| 30 Months | 0.47% | 0.47% | $1,000.00 |
*APY = Annual Percentage Yield. Rates and terms subject to change without notice. Fees may reduce earnings. Rates effective as of December 1, 2024. For existing members.
Minimum opening balance: $2,500. A penalty may be charged for early withdrawal.
IRA Certificates (Traditional & Roth)
| Term | Dividend Rate | APY* | Minimum Opening Balance |
|---|---|---|---|
| Traditional – 18 Months (variable) | 0.27% | 0.27% | $25.00 |
| Traditional – 182 Days | 0.12% | 0.12% | $500.00 |
| Traditional – 12 Months | 0.22% | 0.22% | $500.00 |
| Traditional – 18 Months | 0.27% | 0.27% | $500.00 |
| Traditional – 24 Months | 0.37% | 0.37% | $500.00 |
| Traditional – 30 Months | 0.47% | 0.47% | $500.00 |
| Roth – 182 Days | 0.12% | 0.12% | $500.00 |
| Roth – 12 Months | 0.22% | 0.22% | $500.00 |
| Roth – 18 Months | 0.27% | 0.27% | $500.00 |
| Roth – 24 Months | 0.37% | 0.37% | $500.00 |
| Roth – 30 Months | 0.47% | 0.47% | $500.00 |