LCEF Home Equity Loans are available to qualified Rostered Church Workers (RCWs) who have an existing mortgage. Find out if you are a RCW. Prior to applying for a Home Equity Loan from LCEF, please check the list at the end of this page to verify that you reside in a state where this loan is available.
Home Equity Loan program participants receive and give the “ministry dividend.” We ask that you also invest with LCEF in order to help us help other RCWs in the future. Your true investment is in helping others—just as others have helped you!
To see information regarding LCEF’s federal and state licensing, please visit the State Disclosure page.
LCEF Home Equity Loans allow borrowers to pay off high-interest debt, purchase an automobile, make large-scale home improvements, pay tuition or make other major purchases. We offer competitive and fixed interest rates that allow borrowers to consolidate bills into one monthly payment.
See all loan rates.
Interest rates are based on the borrower’s credit rating, how many of the underwriting guidelines are met and the term of the loan.
APR = Annual Percentage Rate. The Annual Percentage Rate is a uniform measurement of the cost of a loan, including interest and financed costs of closing, expressed as a yearly percentage rate.
Home Equity Loan applications are accepted from:
* Specific state regulations are applicable. Call 800-843-5233 between 7 a.m. to 6 p.m. (CT) Monday through Friday for details.
All LCEF home equity loans are fixed-rate mortgages with a one-time disbursement. We currently do not offer a home equity line of credit (HELOC).
LCEF offers home equity loans from $5,000 up to $100,000. LCEF can fund a home equity loan up to 95% loan to value (LTV) with approved credit. To calculate the LTV ratio, the current market value of the home is multiplied by 0.95. This amount equals the available loan amount. Then, all amounts owed on any outstanding mortgage(s) are subtracted. The amount remaining is available for a home equity loan from LCEF.
For example, if a house with a market value of $100,000 has an outstanding mortgage of $40,000, then with approved credit, the homeowner could obtain an LCEF home equity loan for up to $55,000 ($100,000 x 0.95 = $95,000 – $40,000 = $55,000).
Borrowers are also responsible for appropriate closing costs, including but not limited to: credit report expenses, title insurance premiums, appraisal fees, title company closing fees, and applicable transfer taxes and attorney fees.