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Home Equity Line of Credit

family-homeEver 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 the Credit Union 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 $50.00 per month minimum. The rate is variable and is based on the Wall Street Journal published prime rate minus ½%*. The rate is subject to change each calendar quarter.

The best part is the FREE part! There are no closing costs charged to you for obtaining an LSFCU Home Equity Line of Credit if your line is approved for over $10,000**. If it is under $10,000.00 you will be resposible for all closing cost associated with the HELOC.

With the ease of payroll deduction, the possible tax advantages, and the low interest rate, you have no reason not to look to your Credit Union for the extra cash you need right now! 

*A minimum rate of 4% is applied to all Home Equity Lines of Credit.
**The Home Equity Line of Credit must be open long enough for Lion's Share FCU to recoup the cost associated with setting up the line of credit; otherwise the cost will be applied to the payoff amount.