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Home Equity

If you have built up equity in your home, borrowing against it has rarely been more favorable.  With our “All In One” Home Equity Loan, you have a line of credit available where payments are calculated on only the portion you actually use, and also an option to fix a portion or all of your line into a fixed term loan with a fixed rate.  A clear advantage of this is that as you pay the term loan balance down, the funds become available to be re-used on the line of credit.

Whether you are consolidating debt, paying tuition expenses, remodeling the kitchen, or taking that ever needed vacation, look no further.  Borrow only the amount you need, and only pay interest and principal on the amount you borrow. Or get the money you need all at once, either way you will enjoy: 

  • Fast and easy application process
  • No application fees
  • No closing costs
  • No points
  • No annual fees

For individuals interested in applying online today for a mortgage or home equity loan, please click the link below to be taken to our online application.

Online Application

Home Equity Line of Credit Spring 2017 Promotion: 
Jump Start Your Home Improvement Wish List!
2.75% APR* 12 month introductory rate
All processing and decisions made locally 

*2.75 Introductory Annual Percentage Rate (APR) is available on Home Equity lines of credit during the first 12 month introductory period.  Interest rate will be fixed at 2.75% for 12 months.  Offer is available for new applications submitted from March 1- April 30, 2017.  After the 12 month introductory period, the APR is variable and is based upon on index (Prime Rate as published in the Wall Street Journal) plus a margin and are subject to change.  After introductory period, rate reduction of 0.25% applies if borrower maintains autopay from an internal account.  Without autopay, the rate is Prime + a margin.  As of March 1, 2016, the HELOC rates have ranged from 3.75 to 5.00% APR.  Higher rates may apply due to increases in the Prime Rate or due to lower credit score.  Home Equity loans less than $7,500 require borrower to pay all closing costs.  Lake Shore Savings will pay closing cost on loans up to $300,000.  For loans greater than $300,000-$424,100, the following is paid by the customer:  appraisal amount above standard ($225), Mortgage tax above $3,000 and non-standard fees for a HELOC such as attorney fee, or title insurance. If you cancel the line within 3 years you must reimburse us for certain fees.  These fees will generally total between $660 and $4,500 (for a line up to $424,100) plus non-standard fees, as applicable.  The rate will not vary above 15% or below 2.75% APR.  Loan is subject to credit approval and program guidelines.  Interest rates and program terms are subject to change without notice.  Property insurance is required.  Consult your tax advisor for details on the tax deductibility of interest.  See an employee for more details.

Home Equity
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