A Fixed Home Equity loan is a traditional closed end loan often referred to as a second mortgage. The borrower receives a one-time lump sum to be repaid over a fixed term and interest rate. Monthly payments remain the same throughout the lifetime of the loan.
Commonly referred to as HELOC, this is a line of credit available for a set length of time. Funds can be advanced via check, debit card, online banking or at any branch location and can be used as needed. Funds come with an interest-only draw period. You can pay the principal balance at any time. When the line of credit expires, you enter the repayment period. Money owed must be repaid before or at the time of selling your home.
By moving your 1st Mortgage to LMCU, we may be able to provide you with a lower rate, shorter term and no closing costs. Call (616) 207-3240 for requirements on this great way to move your mortgage! Finishline Mortgages are subject to value and ownership validation, and exclude existing LMCU mortgages. $5.00 deposit required for membership. 1 year of membership required to qualify for an investment property with LMCU.
Did you know that LMCU offers loans on unique property types? We have loans for Hobby Farms, Log Homes, Manufactured Homes, Non-Warrantable Condos and others. Loans are subject to value and ownership validation, credit review, etc. Call us today at (616) 207-3240 to learn more about our great loan options!