Why LUSO home equity?
Need to make home improvements? Cover a tuition bill? Consolidate debt? Borrow against the value in your home to secure the funds you need for these and more. Choose from a first or second position fixed-rate home equity loan or a flexible home equity line of credit (HELOC), a form of revolving credit that you can tap on demand and repay as you go.
Fixed Home Equity Loan Special* – Happening now through March 31, 2024
- 1.00% Discount on posted rates for 2nd Position Fixed Home Equity loans with first mortgage loan at LUSO.
- 50% Discount on posted rates for 2nd Position Fixed Home Equity loans with first mortgage loan NOT at LUSO.
- 0.25% Discount on posted 1st Position Fixed Home Equity loans.
What is first or second position home equity?
If you’re still paying down your original mortgage (your “first” mortgage) and you take out a home equity loan or HELOC, that loan takes a “second position” (essentially, a second mortgage). If you own your home or use the loan or line to pay off your mortgage, it’s a “first position.”
*Offer excludes investment properties. Discount applies to to owner-occupied homes only. Rate discount applies to 80% loan to value products only. No exceptions. Offer valid through March 31, 2024.
First Position Home Equity Fixed Rate Loans
As of 3/19/2024
LTV | Minimum | Maximum* | Term | 1st Position Loan Rate | 1st Position Loan APR | 1st Position Payment per $1,000 Borrowed |
---|---|---|---|---|---|---|
80% | $5,000 | $250,000 | 5-Year | 6.500% | 7.124% | $19.57 |
80% | $5,000 | $250,000 | 10-Year | 6.625% | 6.959% | $11.42 |
80% | $5,000 | $250,000 | 15-Year | 6.750% | 6.988% | $8.85 |
80% | $5,000 | $250,000 | 20-Year | 6.875% | 7.067% | $7.68 |
85% | $5,000 | $250,000 | 5-Year | 7.000% | 7.627% | $19.80 |
85% | $5,000 | $250,000 | 10-Year | 7.125% | 7.462% | $11.68 |
85% | $5,000 | $250,000 | 15-Year | 7.250% | 7.492% | $9.13 |
85% | $5,000 | $250,000 | 20-Year | 7.375% | 7.571% | $7.98 |
90% | $5,000 | $250,000 | 5-Year | 7.500% | 8.130% | $20.04 |
90% | $5,000 | $250,000 | 10-Year | 7.625% | 7.966% | $11.94 |
90% | $5,000 | $250,000 | 15-Year | 7.750% | 7.996% | $9.41 |
90% | $5,000 | $250,000 | 20-Year | 7.875% | 8.075% | $8.29 |