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The Loan Process

  • 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 between 9 a.m. and 6 p.m. Monday through Friday EST (7 p.m. on Fridays)
    • 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).

You may apply for a loan by any of the following methods:

  • Online through the Secure Loan Application 24 hours a day.
  • By telephone between 9 a.m. and 6 p.m. Monday through Friday EST (7 p.m. on Fridays)
  • 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 DC, VA, DE, NJ and PA residents, the settlement is held at the office of a title company in your area.

The home must be your primary residence in MD, PA, DC, VA, DE 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 90% 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 $210,000
X up to 90% x 90%
  = $189,000
Less 1st Mortgage - $120,000
Maximum Loan $69,000