Home Equity Loans and Lines of Credit
Use your home's value to finance almost anything
Lanco Federal Credit Union offers both Fixed Rate Home Equity Loans and variable rate Home Equity Lines of Credit. Low-cost Credit Life and Credit Disability Insurance may be purchased on most Lanco loans.
Not sure which type of loan is right for your needs? Give us a call at (717) 569-7180.
Fixed Rate Home Equity Loan
Lanco's fixed rate home equity loan offers a fixed rate for the term of your loan, which also means a fixed payment amount.
Fixed rate home equity loans may be approved for almost any purpose and are great for debt consolidation, educational expenses, and home improvement projects.
- Terms of up to 15 years available
- Rate is determined by borrower qualifications, amount of equity available, and the loan term. Click here for current rates.
- Loan amount must be $5,000 or greater
- Maximum loan amount of 90% LTV (Loan to Value)
- Closing costs exist and affect the APR. Speak with a Lanco Lender for details.
Home Equity Line of Credit
A Home Equity Line of Credit is a variable rate loan that offers open-ended borrowing for ongoing use. You can take advances from your line of credit quickly and conveniently by transferring funds with Online Banking or Gabby. Monthly payments are based on your loan balance and may be as low as $100.00.
Home Equity Lines of Credit can be approved for almost any purpose and are great for educational expenses, home improvement projects, or to meet other ongoing borrowing needs.
- Rate is determined by borrower qualifications and amount of equity available
- Loan amount must be $5,000 or greater
- Maximum loan amount of $100,000 or 90% LTV (Loan to Value), whichever is less
- Closing costs exist. Speak with a Lanco Lender for details.
Play it safe with Lanco Debt Protection
Whether you're taking out a loan to make home improvements or buying a vehicle, it can be a financial gamble because things happen…life happens. Help play it safe with Lanco Debt Protection, a voluntary loan-payment protection product. Lanco Debt Protection helps you get relief from the financial burden of delinquency, default, or foreclosure if a protected life event unexpectedly happens to you. Simple eligibility requirements help ease the enrollment process.
If a protected life event happens to you (and you’re a protected borrower or co-borrower on the loan), Lanco Debt Protection will cancel or waive your loan payment(s), up to the contract maximums. Help lessen your worries, and your family’s worries, about paying loans during a time when your income may be reduced or lost and paying other household bills becomes challenging. Protected events include:
- Loss of life, including those caused by acts of war
- Disability, including those caused by acts of war
- Involuntary unemployment
Call Lanco at (717) 569-7180 and ask about protecting your loans, today.
Your purchase of Lanco Debt Protection is optional and will not affect your application for credit or the terms of any credit agreement required to obtain a loan. Certain eligibility requirements, conditions, and exclusions may apply. Please contact your loan representative, or refer to the Member Agreement for a full explanation of the terms of Lanco Debt Protection. You may cancel the protection at any time. If you cancel protection within 30 days you will receive a full refund of any fee paid.
DPGAP-0813-769C, © CUNA Mutual Group 2014, All Rights Reserved.
Insuring Your Home
Members of Lanco Federal Credit Union are eligible to receive discounted home insurance through our partnership with Trustage. Click here to learn more and get a quote.
Pre-approvals for all loans are available and will be held at the specific rate for 30 days. Loans may be paid by monthly payments or through payroll deductions.
To calculate your available equity, see the example below:
Value of Home ($150,000) x LTV (80%) = ($120,000)
($120,000) - Mortgage Balance ($100,000) = Available Equity ($20,000)