Quickly and Easily Apply for a Home Equity Loan or Line of Credit
When you need to fund significant expenses, don’t use a high-interest credit card that will take more of your hard-earned money. Instead, use the equity in your home with Lanco FCU’s current home equity loan and HELOC rates in PA to get the funding you need. Get started today with our online application!
Use Your Home’s Value to Finance Almost Anything
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.
Now you’re faced with needing funds for a considerable expense—like home renovations or helping your child with college tuition—and wondering if you can use your home’s value as collateral to get the money you need.
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.
Lanco Federal Credit Union offers home equity lines of credit—or HELOC—and loans for qualified homeowners who want either open-ended borrowing for ongoing use (HELOC) or a lump sum of money (home equity loan).
We understand how important it is that you get the money you need. Our current home equity loan and HELOC rates in PA are some of the lowest rates you’ll find! Use your funds to:
- Transform your space
- Pay off credit cards
- Consolidate debt
- Upgrade appliances
- Cover tuition expenses
- Pay for a wedding
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.
Choose the Home Equity Financing that Works Best for You
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 and providing affordable credit.
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 either a home equity loan or line of credit.
Step 3
After approval, funds become available in about four weeks.
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 have to repay the loan from the available options. The box where the two intersect reflects the current home equity loan rate you’d pay. Remember that closing costs apply and may affect your APR.
| Credit Score | APR¹ | |||
|---|---|---|---|---|
| Term… | 3-Years | 5-Years | 10-Years | 15-Years |
| 750+ | 5.24% | 5.49% | 5.99% | 6.74% |
| 700 – 749 | 6.24% | 6.49% | 6.99% | 7.74% |
| 660 – 699 | 7.24% | 7.49% | 7.99% | 8.74% |
| 620 – 659 | 8.24% | 8.49% | 8.99% | 9.74% |
| Under 620 | 9.24% | 9.49% | 9.99% | 10.74% |
Home Equity Lines of Credit (HELOC)
While a home equity loan provides a lump sum of money to a homeowner, a line of credit offers a source of funds to draw on when you need it. 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, Gabby telephone banking, or by writing a check.
- 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 PA Homeowners
Our competitively low HELOC rates are based on your credit score. 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.
| Credit Score | APR² |
|---|---|
| 750+ | 8.25% |
| 700 – 749 | 9.25% |
| 660 – 699 | 10.25% |
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 investment 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.
Insuring Your Home
Members of Lanco Federal Credit Union are eligible to receive discounted home insurance through our partnership with TruStage. Get a quote from TruStage.
For Competitively Low-Interest Rates, 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 PA homeowners give 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 and receive a decision within three business days!
*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 5/4/2023 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 5.99% APR will require 120 monthly payments of $277.43. 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 5/4/2023 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.