LCEF Home Equity Loan Program

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.

Benefits & Features

  • Loans ranging from $5,000 to $100,000 with terms up to 15 years.
  • Fixed rates, so monthly payments remain the same for a specific period of time
  • Competitive interest rates (often lower than those on credit cards and other consumer loans)
  • Interest payments may be tax deductible—consult your tax advisor to learn more
  • Ability to consolidate several bills into one single payment
  • Friendly, knowledgeable loan officers and servicing staff
  • Online and automated telephone access to loan information

Home Equity Loan Rates

December 2017
Loan TermRateAPR Range
* APR is based on a $50,000 mortgage amortized over the maximum term allowed with no origination fee.
Up to 5 years - fixed rate3.500% - 4.000%3.987% - 4.490% *
6 - 10 years - fixed rate4.500% - 5.000%4.758% - 5.260% *
11 - 15 years - fixed rate5.500% - 6.000%5.685% - 6.190% *

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.

Availability by State

Home Equity Loan applications are accepted from:

  • Arizona*
  • California
  • Colorado
  • Florida
  • Indiana
  • Iowa*
  • Kansas
  • Michigan
  • Minnesota
  • Missouri
  • Nebraska
  • Ohio
  • Washington
  • Wisconsin*

* Specific state regulations are applicable. Call 800-843-5233 between 7 a.m. to 6 p.m. (CT) Monday through Friday for details.

Frequently Asked Questions

  • What type of home equity loan does LCEF offer?

    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).

  • How much can I borrow?

    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).

  • What other loan costs might the borrower incur?

    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.