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The Real Estate Department offers a variety of loans to meet your individual borrowing needs. For more information, select from the following:
Home Loans
A home is probably the single biggest investment decision you will ever make. If you are planning to buy a home, let our experienced staff guide you through the borrowing process. We offer a variety of options including: 10,15,20, and 30 year conventional, VA, Investment Properties, No Income Verification Products, and 100% financing.
You can be pre-approved for your home loan before you start to shop for your house. By being pre-approved you know exactly how much you can afford to spend and
it's like you are shopping with cash. Now all you have to do is find your dream home!
Advantages:
- Financing on new and pre-approved homes.
- Get pre-qualified within minutes.
- Fixed and Adjustable Rate Mortgages are available to fit your budget.
- Low closing costs.
*As a safeguard, Texas law requires a 12-day cooling-off period before Home Equity Loans may be closed. There is also a three-day Right of Rescission after closing before the funds may be disbursed. Home Equity loans are limited to 80 percent of fair market value. Minimum loan amount is $10,000. Existing LFCU Home Equity Loans can be refinanced at this special offer if the new advanced amount is greater than $10,000.
**Annual Percentage Rate (APR) of 6.00% is based on loans with repayments up to 60 months. Your final APR may vary based upon customary fees and closing costs, which are treatable as interest when calculating your finance charge. Rates and terms are subject to change without prior notice; other restrictions may apply.
Loan example: $25,000 at 6.00% with terms of 60 months equate to $483 principal and interest payments. Loan terms for more than 60 months are available.
Residential Lot Loans
The purpose of this loan is to purchase a residential lot with the intention of building a home or to refinance an existing loan.
Advantages:
- Financing available with down payment as little as 5 percent down
- Low fixed rates
- Low closing costs
- No hidden fees
- Loan terms up to 15 years
- Credit Life and Credit Disability Insurance available at low cost
- Automatic payment available
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Disclosures: Membership eligibility required. Subject to credit approval.
Rates and terms are subject to change without notice.
Home Equity Loans
Take advantage of the opportunity to access the equity in your home. A Home Equity Loan* is an economical way to borrow money because not only will you have a low-rate loan but you may enjoy a possible federal tax deduction**.
Use the equity in your home to consolidate debt, pay for higher education, start a business, take a dream vacation, or for just about any other
borrowing need.
Advantages:
- Financing available up to 80 percent of the fair market value of the home.
- Low fixed rates
- Low closing costs
- No hidden fees
- Loan terms up to 30 years
- Credit Life and Credit Disability Insurance available at low cost
- Automatic payment available
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*Membership eligibility required. Loans subject to credit approval. Rates and terms subject to change without notice. As a safeguard, a 12-day cooling-off period is required by Texas law before Home Equity loan funds may be closed. There is also a three-day Right of Rescission after closing before the funds may be dispersed. Total loans outstanding on a residence limited to 80 percent of fair market value. Fees and charges to make the loan may not exceed 3 percent of the loan amount. Minimum lien amount is $10,000.
**Consult a tax advisor about your specific situation.
Home Improvement Loans
If your house isn't everything you've dreamed it could be, consider a Home Improvement Loan to make your house home sweet home.
Advantages:
- No equity
- Maximum loan amount is $50,000
- Financing up to 10 years
- Low fixed rates
- Low closing costs
- Automatic payment available
Note: In order to preserve your ability to gain a Home Improvement Loan, do not have any work started or any materials delivered to your property prior to fulfilling certain steps.
Disclosures: Membership eligibility required. Loans subject to credit approval. Rates and terms subject to change without notice. As a safeguard, a 5-day cooling-off period is required by Texas laws before Home Improvement Loan funds may be closed. There is also a three-day Right of Rescission after closing before the funds may be dispersed.
Call the Real Estate Department at (956) 722-3971 for specific details on our loans.
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