Unlock the Power of Your Home with Home Equity Loans and Lines of Credit in Lancaster, PA
If you are a homeowner searching for a smart way to finance your next big project or expense, don’t use a high-interest credit card that will take more of your hard-earned money. Instead, apply for our home equity loans or lines of credit in Lancaster, PA, with competitively low interest rates. You’ve worked hard to build equity in your home, and you deserve to put that value to work for you. Apply online today and unlock your home’s full potential!
What Are the Benefits of a Home Equity Loan or Line of Credit?
If you need funds for a considerable expense—like home renovations or helping your child with college tuition—tap into your home’s value as collateral to get the money you need. At Lanco Federal Credit Union, we offer home equity lines of credit (HELOC) for qualified homeowners who want open-ended borrowing for ongoing use. We also have home equity loans in Lancaster, PA, for borrowers who need a lump sum of money for a large purchase. With either option, you’ll enjoy these benefits:
Competitive Interest Rates
Don’t turn to banks for personal loans or credit card companies that charge exorbitant fees and interest rates for the same loan amount you could get with Lanco FCU’s products and services. Because we understand how important it is to get the money you need at a fair interest rate, our current home equity loan and HELOC rates in Lancaster, PA, are some of the lowest rates you’ll find!
Fund a Needed Expense
Wouldn’t it be nice just to write a check and put it in the mail for a large expense? With a home equity loan or HELOC, you can! Use your funds to:
- Transform your space with home renovations
- Pay off credit cards
- Consolidate debt
- Upgrade appliances
- Cover tuition expenses
- Pay for a wedding
Possible Tax-Deductible Interest
If you use the funding from your home equity loan or line of credit to renovate your home, you may be able to deduct the interest you pay from your taxes. According to the IRS, you must use your equity to buy, build onto, or substantially improve your primary residence or second home. We recommend you see your tax professional for details before applying for a home equity loan.
No Annual Fee
When you choose a home equity loan or line of credit from a credit union like us, you can benefit from no annual fee. Many credit cards and loan companies charge you a fee every year just for having the account open with them. But when you choose a credit union whose focus is serving its members like you, you benefit from having no annual fee to worry about.
Easy Application Process
We make it easy to apply for the funding you need. If you’re already a member, you can apply to add your home equity loan to your existing account for easy money management. Not yet a member? Don’t worry! You can get started by applying for your home equity loan or HELOC and share how you’re eligible for Lanco FCU membership, such as living or working in Lancaster County, PA.
Easy Access to Funds
If your application is approved, you’ll have access to your funds in approximately four weeks. Speak with a lender for details on how your funds will be distributed. For home equity lines of credit, you can conveniently take advances by transferring funds with online banking, the mobile app, or telephone banking. Either way, you can easily access the equity in your home.
Ready to Apply for a Home Equity Loan or Line of Credit?
A home equity loan or line of credit allows you to leverage your home’s value to access funds for significant expenses. With Lanco FCU’s competitive rates and flexible terms, you can make your financial goals a reality without blowing your budget or wiping out your savings. Plus, our experienced lending experts are here to guide you every step of the way. Get started today by applying online!
A Home Equity Loan vs. Line of Credit: Choose the Home Equity Financing that Works Best for You
As a homeowner, you take great pride in your home—and for a good reason! You worked hard to find the perfect home for you and your family, saved the down payment you needed, and found a lender with reasonable mortgage rates to purchase it.
That’s why we want you to fully understand the differences in our home equity products before you apply. You deserve to be able to leverage the power of the equity you’ve built in your home. The choice between a home equity loan and a home equity line of credit depends on your specific needs. You can learn about the differences below. If you’re still undecided about whether a home equity loan or line of credit in Lancaster, PA, is right for your needs after reading the details below, give us a call at (717) 569‑7180 to speak with a lender.
Fixed-Rate Home Equity Loan
A home equity loan from Lanco FCU provides a specific amount of money secured by your home. You’ll get a fixed interest rate for the term of your loan, which also means a fixed payment amount for easy monthly budgeting.
You can use a home equity loan for almost any borrowing need. A home equity loan can be a great way to finance debt consolidation, education expenses, and home improvement projects. With a home equity loan from Lanco FCU, you’ll get:
- A loan term of up to 15 years.
- Ability to use automatic payments from your Lanco FCU checking or savings account.
- Rate is determined by borrower qualifications, amount of equity available, and the loan term.
- Loan amounts must be $5,000 or greater.
- Maximum loan amount of 80% LTV*.
- Closing costs exist and affect the APR. Speak with a lender for details.
- Interest may be tax-deductible if you use the funds for home renovations. See your tax professional for details.
Current Home Equity Loan Rates
Use this chart to determine the estimated APR1 of your home equity loan. First, find your credit score from the list of ranges and decide how long you’d like to repay the loan from the available options. The box where the two intersect reflects the current home equity loan rate offered. Remember that closing costs apply and may affect your APR.
|700 – 749
|660 – 699
|620 – 659
Home Equity Lines of Credit (HELOC)
While a home equity loan provides a lump sum of money to a homeowner, a credit line offers a source of funds to draw on when needed. In other words, a HELOC is a variable-rate loan that provides open-ended borrowing for ongoing use.
HELOCs can be approved for almost any purpose and are great for educational expenses, home improvement projects, or to meet other continuous borrowing needs. You can take advances from your line of credit quickly and conveniently by transferring funds with online banking, mobile banking, or Gabby telephone banking.
- Rate is determined by borrower qualifications and the amount of equity available.
- Set up automatic payments from your Lanco FCU checking or savings account.
- The loan amount must be $5,000 or greater.
- The first payment stream is 10 years, and payments will be interest-only during the draw period.
- The second payment stream is 15 years, and payments will be principal and interest, with a minimum monthly payment of $100.
- Closing costs exist. Speak with a lender for details.
Interest may be tax-deductible if you use the funds for home renovations. See your tax professional for details.
Current HELOC Rates for Lancaster, PA Homeowners
Our competitively low HELOC rates are based on your credit score and the Wall Street Journal Prime rate. Find your credit score in the list of ranges in the table and get your approximate APR for your HELOC. Remember that closing costs apply for lines of credit, as well.
|700 – 749
|660 – 699
Using the Power of the Equity in Your Home Is as Easy as 1, 2, 3!
If you have a large, upcoming expense and don’t want to pay the high annual fees and interest rates associated with a credit card, a home equity loan or line of credit may be right for you. And there’s no better place to apply for one than at your local, friendly credit union.
Here at Lanco FCU, our members come first. We’re member-owned and offer personalized service for all your personal checking or savings account, lending, and business needs. We want to provide the best products and services to help you achieve your life goals by promoting financial health.
We provide affordable credit with our current home equity loan rates and HELOC rates that provide reasonable loan terms and repayment periods that work best for you. The process is easy, too! All you must do is:
Step 1 – Choose Your Loan Type
Choose either a home equity loan or a line of credit. A HELOC (Home Equity Line of Credit) is a revolving credit line with an adjustable interest rate, while a home equity loan is a fixed-rate, lump-sum loan. Both options use your home’s equity as collateral, but the repayment terms and interest rates vary. Lanco FCU’s lending experts can help you understand the nuances of each option and choose the one that’s right for you.
Step 2 – Apply Online
Use our online loan application to apply for funding. You’ll need to provide certain information, such as:
- Social security number
- Unexpired valid photo identification
- Date of birth
- Physical address
- Membership number if already a member, or your eligibility if not
- Home value
- Mortgage balance
Step 3 – Approval
Once you apply for the loan, our loan officers will review your qualifications. We’ll contact you to collect any additional information, if needed, and review the next steps. If approved, funding of your HELOC or home equity loan typically occurs in about four to six weeks. You can then use the funds how you wish, including paying for tuition, funding your home renovations, consolidating high-interest debt, paying for college tuition, and more.
Optional Protection and Insurance for Members
Once you’ve received the funds you need for your significant expense, you may feel added pressure to protect your assets and worry about unexpected life events. Here at Lanco FCU, we’re neighbors helping neighbors, so we want you to feel comfortable and protected, no matter what life throws your way.
That’s why we offer two programs to give you peace of mind: Lanco FCU Debt Protection and discounted home insurance rates. It’s just some of the many benefits you receive when you trust Lanco FCU with your lending needs!
Lanco FCU Debt Protection
Lanco FCU Debt Protection is a voluntary loan-payment protection product that could help you get relief from loan payments if a protected life event unexpectedly happens to you. Simple eligibility requirements help ease the enrollment process, and protected events include loss of life, disability, and involuntary unemployment. When you apply for a home equity loan or HELOC, a lender can provide you with additional details, so you can determine if adding Debt Protection is the right choice for you.
Insuring Your Home
For Home Equity Loans and Lines of Credit in Lancaster, PA, Check out Lanco FCU!
When you need money, tapping into your home’s equity is a great way to get the cash you want at a low interest rate. Our current home equity loan rates allow you to receive the funds you need with a fixed interest rate for easy monthly budgeting. Alternatively, our HELOC rates for Lancaster, PA, homeowners offer you a funding source to be drawn upon as you need it.
Either way, you can’t go wrong when trusting the caring and personalized service you receive from Lanco FCU. Get started today by applying online for your home equity loan or line of credit in Lancaster, PA, and start on your journey to achieving your goals!
*LTV is the loan-to-value ratio. The option to borrow up to 90% LTV may be available for borrowers with a credit score of 700 or higher. 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 ]
¹Annual Percentage Rate (APR) accurate as of 2/20/2024 and may change at any time. 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 $25,000 for 15 years at 7.49% APR will require 180 monthly payments of $231.61. 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.
²APR is accurate as of 2/20/2024 and variable based on the Wall Street Journal prime rate, plus a margin of 0–2, depending on credit score. Rates advertised for financing up to 80% 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.