Ever thought that there may be cash stored away in your home? With the help of a Lion's Share Federal Credit Union Loan Officer, that cash can be yours. The Credit Union will secure a first or second lien to your home or your vacation or rental property. Loans secured with a primary residence can be financed up to 95% loan to current market value. Vacation homes and rental properties can be financed up to 80% loan to value with a maximum loan amount of $50,000. A market appraisal is obtained to determine the current market value of the property.
The available line of credit is determined by subtracting existing liens on the property from the current appraised value. A home equity line of credit with LSFCU has a period of ten years that credit can be extended. Another ten years is provided strictly to payoff any outstanding balance. Payments are based on a ten-year payoff with a minimum of $50.00 per month. The rate is variable and is based on the Wall Street Journal published prime rate, starting as low as prime minus ½%*. The rate is subject to change each calendar quarter. Rates are based on Members credit rating with the minimum rate starting at 5.25% APR* and a maximum rate of 15% APR*.
Proof of property insurance is required.
With the ease of payroll deduction, the possible tax advantages, and our low rate, you have no reason not to look to your Credit Union for the extra cash you need right now!
* APR = Annual Percentage Rate
IMPORTANT HOME EQUITY LINE OF CREDIT DISCLOSURES: