Home Equity Loans
LCU offers both fixed and variable rate Home Equity Loans which use your primary residence as collateral. Maximum loan amount up to $500,000.
Fixed Interest Rates
Up to 180 Month Repayment
Open-end Lines of Credit
Using the home as collateral, this line of credit offers members the ability to draw pre-approved credit, as needed.
- Variable interest rate as low as the Prime Rate.
- 5 year draw period with 15 year repayment
- Up to 100% of equity
- Minimum credit limit – $10,000. Maximum credit limit – $500,000
Convenient pre-approval and automatic payment available. Simple interest with no pre-payment penalties. Consult your tax advisor to learn about possible tax deduction of interest.
Tap Into the Power of Your Home
You work hard to pay off your home, building equity in your property. You can make that equity work for you with home equity loans. Whether you are thinking about remodeling your home or you would like to consolidate your credit card bills, home equity loans can be one of your best options. These loans often have a similar interest rate to a mortgage and can be used for a number of things to help you get in a better financial situation.
Use It for Anything
The great news is you can use home equity loans for just about anything you can imagine. Because they typically have better interest rates than your average consumer loan and your home serves as the collateral, you will find they are more cost-effective than other loan options. Whether you are looking for money to fund a big family vacation, you want to consolidate your credit cards for a lower monthly payment or your home needs repairs or renovations, you will be able to finance it and pay it back over time.
Apply for Your Line of Credit Today
If you need cash and want to tap into the equity in your home, apply for your home equity loan today. Our professional staff is ready to help you determine the amount of money you need and whether home equity loans will best suit your needs.
We proudly serve members in the following areas: Franklin Park, Schiller Park, River Grove, Melrose Park, Elmwood Park, Elmhurst, Northlake, as well as the townships of Leyden, Addison, Elk Grove, Lyons, Maine, Proviso, and York.