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Home Equity/Mortgage Loans

Our first mortgage program has been suspended as we have issued the amount of loans for the funds that we had available.

Please check back on the page for any future updates.

Sorry, loans are limited to $200,000. Home purchase loans are not available.

  • Rates as low as 2.75% for a 15-year term (2.810% APR*)
  • 15-year payment per $1,000 of $6.79
  • No points, no application or credit report fees
  • Maximum loan-to-value of 80%**
  • Maximum repayment term of 15-years
  • Available on your primary residence only

There are many reasons to refinance. Let us help you explore your possibilities to determine if refinancing is beneficial to you.

  • Build equity faster and pay off your mortgage sooner. Consider refinancing your 30-year mortgage to a shorter-term loan. More of your monthly payment goes to principal. Shorter repayment terms also reduce the interest paid over the life of the loan.
  • Get cash for your current equity. Consider refinancing for a loan larger than your current mortgage and use the cash-out for goals such as decreasing other high-rate debt, paying educational expenses or making home improvements.
  • Trade your ARM for a fixed-rate loan. If you’re nearing the end of your ARM introductory rate period and plan to stay in your home, consider refinancing to a fixed-rate, fixed-term mortgage option.

When your primary purpose for refinancing is to lower your interest rate and monthly payment, without taking additional cash out or reducing the term, a simple calculation can help you determine whether a refinance might work for you.

Simply divide the anticipated monthly payment savings by the amount of closing costs required for the new loan. This calculation will give you a close idea of the time needed to “break even.” Here’s an example:

Monthly Payment Savings:  $100
Closing Costs for Refinance:  $2,200
2,200 ÷ 100 = 22

You’ll need 22 months to break even on the closing cost paid with savings from the new, lower monthly mortgage payment. In this example, you will actually begin to save money in month 23—and your savings will continue every month after that, for the life of your loan.

As you can see, how long you expect to stay in your home is a very important factor to consider. If you believe you’ll likely move prior to your break-even point, it may not make sense for you to refinance.

To learn more about refinancing with LMFCU, call 800-410-0501 or email loans@lmfcu.org

* APR = Annual Percentage Rate ** Rates are subject to change without prior notice. Maximum loan amount, rate and loan to value are based on your credit score.
Lower LTV’s and loan amounts apply for credit scores below 730. Loans for a home purchase are not available. Available on your primary residence in MD, PA, DC, NJ and VA. Mobile home financing is not available. Payment quoted does not include escrow. LMFCU is an equal housing lender.