Last Updated: 04/18/2025
Lawrence Memorial Hospital Employees FCU Home Equity Loans
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Last Updated: 04/18/2025
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Highlights
Credit Score Range
N/A
Amount Range
Up to $75,000
Maximum LTV
90%
Loan Term (Years)
3 - 10
Lawrence Memorial Hospital Employees FCU Home Equity Loans Review
Lawrence Memorial Hospital Employees FCU Home Equity Loans is offered by Lawrence Memorial Hospital Employees Federal Credit Union (NMLS #405027), a credit union founded in 1959 and based in New London, CT. Lawrence Memorial Hospital Employees FCU Home Equity Loans are available in 50 states and Washington, DC.
Key Takeaways
- Only primary residences considered. Lawrence Memorial Hospital Employees FCU Home Equity Loans does not offer financing for vacation homes or investment properties.
- Charges a prepayment fee. This means you will be charged an additional fee if you repay the mortgage early.
- No origination fees. Lawrence Memorial Hospital Employees FCU Home Equity Loans does not charge fees for processing your application.
- High maximum LTV ratio. Lawrence Memorial Hospital Employees FCU Home Equity Loans has a maximum loan to value ratio of 90%.
Lawrence Memorial Hospital Employees FCU Home Equity Loans Pros & Cons
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Lawrence Memorial Hospital Employees FCU Home Equity Loans FAQ
How much can you borrow with a Lawrence Memorial Hospital Employees FCU Home Equity Loans home equity loan?
A home equity loan allows homeowners to borrow money using their home as collateral (similar to a mortgage). Loan amounts vary depending on the value of the home minus the balance of any mortgages or liens on the property.
Lawrence Memorial Hospital Employees FCU Home Equity Loans allows borrowers to apply for home equity loans of up to $75,000.00. The actual maximum loan amount will vary depending on the value of the property, how much you owe on it, and your creditworthiness.
What are the home equity loan requirements of Lawrence Memorial Hospital Employees FCU Home Equity Loans
This lender's maximum loan to value rate is 90%. That means the total debt secured by the property cannot exceed 90% of its value. Let's say you own a property with a current market value of $100k, but you still owe $20k on your mortgage. Your equity would be $80k. In this scenario, if you have good credit, you may qualify for a line of credit of up to $70k.
Generally, the APRs of home equity loans do not include points and financing charges, just the interest rate. However, Lawrence Memorial Hospital Employees FCU Home Equity Loans does not charge an origination fee.
What fees does Lawrence Memorial Hospital Employees FCU Home Equity Loans charge for a home equity loan?
Good news. Lawrence Memorial Hospital Employees FCU Home Equity Loans does not charge a mortgage origination fee.
Some lenders charge an origination fee for processing, underwriting, and funding a mortgage. Typically fees range from 0.5% to 5% of the loan amount. Whenever possible, go with lenders that don’t charge origination fees.
What types of property can you use as security for a home equity loan with Lawrence Memorial Hospital Employees FCU Home Equity Loans?
Lenders often have restrictions on the type of properties they will accept as security for a home equity loan. Lawrence Memorial Hospital Employees FCU Home Equity Loans will consider loans secured by the following property types:
- Primary home.
Is Lawrence Memorial Hospital Employees Federal Credit Union a legit company?
Lawrence Memorial Hospital Employees Federal Credit Union was founded in 1959, it is a well-established company that has been in business for 67 years.
Unfortunately, we don't have sufficient community reviews to provide a reliable rating of their user experience and customer service.
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Hours of Operation
Sunday
Closed
Monday
9:00AM - 4:30PM
Tuesday
9:00AM - 4:30PM
Wednesday
9:00AM - 4:30PM
Thursday
9:00AM - 4:30PM
Friday
7:15AM - 4:00PM
Saturday
Closed