Home Equity Loans
Use your home’s value to finance almost anything
Lanco FCU’s home equity loans and lines of credit offer financing at a great rate for nearly any purpose:
- transform your space
- pay off credit cards
- upgrade appliances
- cover tuition expenses
- and so much more
Undecided about whether a home equity loan or line of credit is right for your needs? Give us a call at (717) 569‑7180 to speak with a lender.
Fixed Rate Home Equity Loan
Lanco FCU’s fixed rate home equity loan offers a fixed rate for the term of your loan, which also means a fixed payment amount. 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.
- 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 80% LTV*
- Closing costs exist and affect the APR. Speak with a lender for details.
Limited-Time Offer: No Closing Costs
Lanco FCU is waiving closing costs on home equity loans of $25,000 or more.†
Qualifications and restrictions apply.
Current Home Equity Loan Rates
|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%|
Home Equity Line of Credit (HELOC)
A HELOC is a variable rate loan that offers 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 ongoing borrowing needs.
You can take advances from your line of credit quickly and conveniently by transferring funds with online banking, mobile banking, Gabby, or writing a check.
- Rate is determined by borrower qualifications and amount of equity available. Click here for current rates.
- Loan amount must be $5,000 or greater.
- 1st payment stream is 10 years, and payments will be interest-only during the draw period.
- 2nd 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.
Current Home Equity Line of Credit Rates
|700 – 749||4.25%|
|660 – 699||5.25%|
Apply Online for a Home Equity Line of Credit
Optional Protection and Insurance for Members
Lanco FCU Debt Protection
Lanco 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. Protected events include loss of life, disability, and involuntary unemployment. Learn more about Lanco FCU Debt Protection.
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.
*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, see the following example:
Value of Home ($150,000) x LTV (80%) = ($120,000)
($120,000) – Mortgage Balance ($100,000) = Available Equity ($20,000)
† No closing costs offer is available only for fixed home equity loan borrowers with a credit score of 660 or greater, loan amount of $25,000 or greater, and 80% loan-to-value (LTV) maximum. If no home value evaluation is available or evaluation is considered low confidence, an appraisal may be required and will incur a fee should the applicant wish to proceed. Primary residence, owner-occupied properties in Pennsylvania only. Property insurance required; flood insurance may be required. Second-lien positions only. Offer not available for borrowers refinancing a Lanco FCU loan with less than 25% in additional new funds. Offer may be changed or withdrawn at any time.
¹Annual Percentage Rate (APR) accurate as of 11/2/2020 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 10 years at 4.49% APR will require 120 monthly payments of $258.98. 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 11/2/2020 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.