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To Get Started
- Complete the home equity loan application.
- Review application for accuracy and completeness.
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Mail or fax application to LCEF.10733 Sunset Office DriveSuite 300St. Louis, MO 63127-1020Fax: 314-996-1131
- Call 800-843-5233 if you have any questions.
Home Equity Loans for Rostered Church Workers
Homeowners often use the money from these types of loans to pay off higher-interest debt, purchase an automobile, make large-scale home improvements, pay tuition or for other major purchases. Our home equity loans offer competitive and fixed interest rates that allow borrowers to consolidate bills into one monthly payment.
LCEF home equity loans are available to qualified applicants in approved states who have an existing first mortgage. Before submitting your application, please view the approved states in which LCEF is able to provide RCW home equity loans.
Features:
- Fixed rates so monthly payments remain the same for a specific period of time.
- Competitive interest rates (often lower than credit cards and other consumer loans).
- Interest payments may be tax deductible.*
- Ability to consolidate several bills into one single payment.
- Friendly, knowledgeable loan officers and servicing staff.
- Internet and automated telephone access to loan information.
- Loans ranging from $5,000 to $100,000 with terms up to 15 years.
*Consult your tax advisor.
Find out here if you are a Rostered Church Worker (RCW).
| Home Equity Rates | May 2013 Rates | |
| Rate | APR | |
|---|---|---|
| Loan Term up to 5 Years, Fixed Rate | 3.750% - 4.250% | 4.238% - 4.740% * |
| Loan Term 6-10 Years, Fixed Rate | 4.750% - 5.250% | 5.009% - 5.512% * |
| Loan Term 11-15 Years, Fixed Rate | 5.750% - 6.250% | 5.936% - 6.439% * |
The interest rates are based on the borrower's credit rating, how many of the underwriting guidelines are met and the term of the loan
APR = Annual Percentage Rate. The Annual Percentage Rate is a uniform measurement of the cost of a loan, including interest and financed costs of closing, expressed as a yearly percentage rate.
* APR is based on a $50,000 mortgage amortized over the maximum term allowed with no origination fee.
Applications Accepted From
- Arizona *
- California
- Colorado
- Florida
- Indiana *
- Iowa *
- Kansas
- Michigan
- Minnesota
- Missouri
- Nebraska
- Ohio
- Washington
- Wisconsin *
* Specific state regulations are applicable. Call 800-843-5233 between 7:45 a.m. - 4:15 p.m. (CT), Monday through Friday, for details.
Program participants receive and give the "ministry dividend." We ask that you also invest with LCEF (in which you earn a competitive interest rate), and these invested dollars further help us help other church workers in the future. Your true investment is in helping others—just as others have helped you.
Frequently Asked Questions
- What type of home equity loan does LCEF offer?
- All LCEF home equity loans are fixed-rate mortgages with a one-time disbursement. We currently do not offer a home equity line of credit (HELOC). Rates are based on LCEF's LCEF Cost of Funds, where allowed, plus administrative costs.
- How much can I/we borrow?
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LCEF offers home equity loans from $5,000 up to $100,000. LCEF can fund a home equity loan up to 95% loan to value (LTV) with approved credit. To calculate the LTV ratio, the current market value of the home is multiplied by 0.95. This amount equals the available loan amount. Then, all amounts owed on any outstanding mortgage(s) are subtracted. The amount remaining is available for a home equity loan from LCEF.
For example, if a house with a market value of $100,000 has an outstanding mortgage of $40,000, then with approved credit, the homeowner could obtain an LCEF home equity loan for up to $55,000 ($100,000 x 0.95 = $95,000 - $40,000 = $55,000).
- What other loan costs might the borrower incur?
- Borrowers also are responsible for appropriate closing costs, including but not limited to credit report expenses, title insurance premiums, appraisal fees, title company closing fees, and applicable transfer taxes and attorney fees.