Home Equity Loan Special Offer: No Closing Fees!*
Apply by Labor Day for No Closing Fees* and Excellent Rates
Leverage your home’s value to finance nearly anything
A home equity loan from Lanco Federal Credit Union can provide the funds you need for almost any purpose–like tackling home improvement projects, financing debt consolidation, paying educational expenses, and so much more. With our fixed rates, you can have peace of mind knowing that, even in times when interest rates are rising, your APR will be locked in for the term of your loan, and your payment due will remain the same each month.
No Closing Fees* for loans of $40,000+
For qualifying home equity loans, Lanco Federal Credit Union will waive all closing fees* so there’s no upfront cost to obtain your financing. This is an average cost-savings of $450 provided to you during this limited-time offer!
Fixed Home Equity Loan Rates, up to 80% LTV
It’s in our mission to provide affordable financing, so you can always count on Lanco FCU for excellent rates and terms whenever you need to borrow. Our current home equity loan rates range from 3.74%–9.24% APR, based on borrower qualifications and loan term:
|Credit Score||Current APR¹|
|700 – 749||4.74%||4.99%||5.49%||6.24%|
|660 – 699||5.74%||5.99%||6.49%||7.24%|
|620 – 659||6.74%||6.99%||7.49%||8.24%|
Apply for your loan online
To be eligible for waived closing fees, the home equity loan must meet the following criteria:*
- Completed application must be received by Labor Day (September 5, 2022)
- Amount financed must be at least $40,000.00, not to exceed 80% LTV (loan to value)
- Primary residence only, with Lanco FCU in the 2nd-Lien position (first mortgages not eligible)
- If loan is paid off within 24 months, the closing fees will be added to the loan payoff.
See below for complete details.
Have questions? Email firstname.lastname@example.org or call us at (717) 569‑7180 or (888) 318‑4222 to speak with a lender.
Home Equity Loan FAQs
What are the pros and cons of a home equity loan?
Benefits of a home equity loan
A home equity loan can provide you with an affordable way to borrow funds for nearly any large expense. Because your primary residence is used as collateral, you can generally borrow a greater amount and enjoy a lower interest rate when compared to to other types of personal loans. The approval of a home equity loan is based on your credit and ability to repay, and the amount of equity available in your home. With a fixed home equity loan, your rate will not change after signing, so whether you choose a term as short as three years, or opt for a 10- or 15-year term, your monthly payment will stay the same over the entire course of the loan.
Because a home equity loan is a type of mortgage, the approval process generally takes four to six weeks, though sometimes it may take longer. There are many consumer-protection regulations that lenders must follow during the underwriting process, including observing a mandatory waiting period following the application, and a 3-day recision period after the loan signing. In addition to the time required, there are also some upfront costs associated with home equity loans that you must pay at closing, such as fees for your home appraisal or valuation and deed recording, to name a few. The lender will disclose all applicable fees that you will be responsible to pay, as well as any fees that they may waive—also called lender credits.
For individuals who may not have much equity available, or if funds are needed quickly, other borrowing options might be more beneficial or quicker to get an approval decision for than a home equity loan. For example, a loan secured by your vehicle may provide you with the ability to also borrow with a lower rate, but the application and funding process may take less than one week. For expenses that may fluctuate over time, you may find it more convenient to open a line of credit. If you’re not sure what type of loan is best for your borrowing needs, contact us to speak with a lender.
Do I need to be a member of Lanco Federal Credit Union to get a loan?
Membership is not required to apply
You do not need to be a member of Lanco FCU to apply for a loan from the credit union. However, you do need to meet the credit union’s eligibility requirements.
You are eligible to join Lanco Federal Credit Union if you live, work, worship, or attend school in Lancaster County, PA.
Additionally, if your immediate family or household member is eligible for membership, their eligibility may extend to you.
Membership is required to take a loan
If your loan application is approved and you want to accept the offer, you will need to become a Lanco FCU member to open the loan. Additionally, when you become a member, your whole family may be eligible to join and enjoy our member benefits.
How much does it cost to join the credit union?
There is no cost to apply for membership or join Lanco Federal Credit Union. The only requirement to maintain membership is that you keep a minimum deposit of $5.00 in your share savings account. This deposit is not a fee—it is the portion of your balance that shows your ownership in the credit union.
Can I learn more before applying?
Use our loan calculators to estimate your payments
We understand that you may want to see the how the numbers work out before you submit an application, which is why we provide free and convenient loan calculators. If you have a general idea of what your current credit score is, view our current rates above and use them for possible loan estimates.
Contact us with any questions
We know that there are many factors to consider when you’re trying to decide what the next best step is for your personal finances. Our member services team is happy to help answer any questions you may have. To connect with us, please fill out our contact form, text us, or call (717) 569-7180.
Our regular business hours are Monday through Thursday 9am–5pm, Friday 9am–6pm, and Saturday 9am–12pm.
*For qualifying home equity loans, Lanco FCU will waive all applicable closing costs when the completed application is received by September 5, 2022. If loan is paid off before 24 months after closing date, closing costs will be added to the loan payoff balance. Offer Qualifications: 2nd-lien home equity loans only with balances of $40,000 or more, not to exceed 80% Loan-to-Value. New money only. One- to four-unit owner-occupied residential properties located in Pennsylvania only. Property insurance required; flood insurance may be required. Offer may be changed or withdrawn at any time. Cannot be combined with other promotional offer or rates.
¹Advertised APRs accurate as of 8/1/2022. Rates vary based on borrower qualifications, loan term and amount. Closing costs exist and may affect APR. Rates advertised for financing up to 80% loan to value (LTV). Financing up to 90% LTV may be available for borrowers with a credit score of 700 or higher, with 2.00% added to the approved interest rate. Payment example: A fixed home equity loan of $40,000 for 10 years at 4.49% APR will require 120 monthly payments of $414.36. Fixed home equity loan rates advertised are for 2nd lien home equity loans; 1st lien home equity rates may be lower. Call Lanco FCU at (717) 569-7180 for a rate quote.
About Loan-to-Value (LTV) Ratio: To calculate your available equity, multiply your home’s value by the LTV percent, then subtract your current mortgage balance.
For example: Value of Home [ $200,000 ] x 80% LTV [ 0.80 ] = [ $160,000 ]
[ $160,000 ] – Current Mortgage Balance [ $100,000 ] = Available Equity [ $60,000 ]