Refinancing First Mortgages

Refinancing your first mortgage can be done through the credit union.  We require 20% of the equity in your home to remain available.  To calculate what is available for you to refinance, we take the appraised value of your home, minus 20% of that value, and that is what is available for refinancing, all outstanding mortgages considered.  The application fee is $300 and is non-refundable.  Closing costs are $1,500 and can be included in the loan.  We have a 15 and 30 year mortgage loan available.  To see our current rates, click here.

Home Equity Loans

Option 1 - Our Home Equity Line of Credit is a variable rate loan based on the Prime Rate plus 0%.  We can adjust your annual percentage rate semi-annually on the first day of January and July, if the prime has changed throughout the year.  The fees required to open the line of credit will be paid by the credit union.  The loan has a four year reimbursement clause, so if you close your line of credit prematurely, you agree to reimburse back to the credit union a portion of the fees paid depending on what year you close the line.    

20% of the equity must remain available in your home.  To calculate this, we take the appraised value, minus the 20% equity,  and subtract  the balance of the current mortgages.  That leaves you with the amount available for the line of credit. You can obtain credit advances for five years.  After the “draw period” ends, the repayment period will begin and the length of the repayment period will depend on the balance at that time.

Option 2 – We have a Home Equity Fixed Rate Mortgage available.  Everything from above also pertains to this loan, except the loan is not a line of credit and cannot be advanced on.  The Home Equity Loan remains at a fixed rate throughout the term of the loan which is a maximum of ten years.

To view our mortgage loan rates, click here .

Please contact one of our offices for an application for any of our mortgage loan products or click here to request a mortgage application to be mailed to you.

Home Purchases

LCE has a relationship with e-Choice Solutions mortgage consultants who will work directly with you to find a program that best fits your unique situation.  They understand that not everyone's credit is perfect.  Their diverse lending programs can give you the fresh financial start that you need.