The Loan Process Consumer Loans Home Equity / Mortgage Loans Repayment Options Our loan rates are VERY competitive, especially for those with good credit. You may apply for a loan by any of the following methods; Online through the "Secure Loan Application" 24 hours a day. By telephone Monday - Wednesday 9 a.m. - 5 p.m. Thursday & Friday: 9 a.m. 6 p.m. EST In person during regular business hours. Wage verification is not required for existing members with good, established credit. Consumer loan applications that meet our lending requirements are typically approved in less than 60 minutes or by the following business morning. Credit pre-approval is available to vehicle shoppers, eliminating the hassle of arranging last minute financing. For dealer purchases, you may complete your purchase with an Autodraft, a pre-approved check given to you by the Credit Union which you complete and give to the dealer. Qualified members may sign their loan agreements with a secure e-signature. If you are unable to visit the Credit Union office you will receive an electronic copy of your documents by secure e-mail. You may review and sign your documents using any PC, tablet or smart phone. New consumer loan proceeds may be disbursed by check via Federal Express (no charge), by electronic transfer, wire-transfer or in person. Repay your loan through convenient payroll deductions (from any employer), automatic transfer from a LMFCU account, or through the mail. Auto, truck, boat, RV, motorcycle and personal loans receive a 0.25% rate discount for automatic repayment. Apply for a vehicle, boat, RV, motorcycle or personal loan online and you'll receive a 0.10% interest rate discount (subject to our minimum rates). Apply Now loan payment calculator You may apply for a loan by any of the following methods: Online through the Secure Loan Application 24 hours a day. By telephone Monday - Wednesday 9 a.m. - 5 .pm. Thursday & Friday: 9 a.m. 6 p.m. EST In person during regular business hours. Applications that meet our lending requirements are approved within 24 hours of receipt. Members should submit the following information after submitting the loan application: Verification of income (recent paystub) Copy of recent first mortgage loan statement Copy of recent statement for any mortgage that is to be paid off Copy of the current homeowners insurance policy Clear copy of the state issued ID for all borrowers and property owners Your home appraisal and property title search are then ordered (if an appraisal is required); results are received in less than a week. Your settlement date is then scheduled, typically within one week. For Maryland residents, settlements are held at the Credit Union office or by meeting our mobile settlement officer at a location convenient to you. For MD, DC, VA, PA, DE, NY, FL or NJ residents, the settlement is held at a location convenient to you. The home must be your primary residence in MD, DC, VA, PA, DE, NY, FL or NJ and be zoned for residential use. Mobile homes are not eligible. Adequate property insurance and flood insurance (if your home is located in a flood plain) must be maintained on the home during the life of the loan. LM Federal is an equal housing lender. Loan to Value Maximum loan may be as much as 85% of the appraised value of your home less any existing mortgage that won't be paid off with the new loan. The maximum home equity loan available is $200,000, depending on your credit history. Additional rate discounts apply for lower Loan to Values (LTV's). For example: Appraised Value $250,000 X up to 80% x 80% = $200,000 Less 1st Mortgage - $120,000 Maximum Loan $80,000 loan payment calculator Repay your loan through: Payroll deduction or direct deposit (from any employer) (one payroll deposit may be allocated to multiple Credit Union accounts)* Set up automatic transfers from a Credit Union account in LMFCU Online or Mobile Banking or arrange recurring transfers through a Member Service Representative* A2A (account to account) transfers, where you initiate a transfer from your account at another financial institution directly to your Credit Union loan. (the Credit Union initiates the payment transfer on the date specified by you) Initiate a periodic ACH transfer from your local financial institution to your Credit Union savings or checking account (routing 252076390), and then have the Credit Union set up an automatic transfer to your loan* Drop your payment in our night envelope depository (by our front door) Contact a Member Service Representative to transfer funds from your LMFCU Account (not recurring). Through your Bill Payment system at your local financial institution. These are usually sent by check through the mail. By check or money order through the mail In person *Indicates this payment type qualifies for the ¼% automatic payment rate discount for personal, auto, truck, boat, RV, motorcycle and education loans.