Lakeshore Federal Credit Union offers several types of real estate loans. You can choose from:
Home Equity Fixed Rate loans
Home Equity Line of Credit loans
Our Home Equity loans are a great way to take advantage of the equity you have in your home. You can use the equity in your primary residence or seasonal home as security. You may borrow up to 90% of the combined loan to value with an appraisal* or 80% using the state equalized value. The credit union covers all closing costs such as title insurance and closing and filing fees.
To get started, submit your application and the following documents:
$25.00 application fee (one time fee – due at time of application);
Current tax assessment or an appraisal;
Mortgage, deed or survey;
Current wage receipts; or
Last two years tax return and Schedule E (if self-employed) or Schedule C (for day care providers);
Homeowners insurance policy; and
All statements on debts to be paid (for debt consolidation loans only).
The benefits are numerous when considering a Home Equity loan. The interest you pay on these loans may also be tax deductible. You’ll agree that a Home Equity loan makes good financial sense.
*Appraisals must be performed within the last two years. Applicants are responsible for any costs incurred in obtaining an appraisal. The Credit Union will order the appraisal from its’ approved appraisal company.
Home Equity Fixed Rate
Lock in your rate with our Home Equity Fixed Rate loan. Your rate is guaranteed for the life of the loan so you never have to worry about the rate or your payments changing.If you are considering purchasing a vehicle or other large ticket item, remodeling or putting an addition on your home, a Home Equity Fixed Rate loan may be the perfect solution for your financing needs. If you don’t foresee a need to borrow again in the near future, you should consider this type of loan. You may add-on to your loan at any time but you may have closing costs involved.
Home Equity Line of Credit
Whatever the purpose – remodeling your home, going on vacation, or consolidating your bills, a Home Equity Line of Credit is the way to go. Once you have your Home Equity Line of Credit loan, you can borrow against it at any time, for whatever you need. It’s as simple as making a withdrawal or writing a check.Home Equity Line of Credit loans are offered at a variable rate of interest. The interest rate is reviewed each month and will match the prime rate. You can borrow against your loan for 2 years without updating your application.
Since your balance may change from month to month as you borrow against your loan, your term and payment will also change. The following range is used to determine the term of your loan:
Up to $6,000
$6,001 – $12,000
$12,001 – $50,000
$50,001 – $200,000
You will receive a free order of checks when you receive your loan and you can also access your loan by phone, online, through an ATM or at the credit union office. Borrowing has never been more convenient.