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Mortgage Banking at it's Best. The Lake Bank.

 

Purchases/Refinances

 

Whether you are purchasing a new home or refinancing your current one, The Lake Bank offers a wide variety of products to meet your needs.

  • Fixed Rate Mortgage – A fixed rate mortgage structures your payment so that there will be no increases or decreases in the interest rate or your payment over the life of your loan.  Various repayment terms are available.
  • Balloon Mortgage – A balloon mortgage combines the features of short-term variable rate mortgages with long-term fixed rate mortgages. The Loan provides a level interest rate and payment for an initial term, with payments calculated on a longer amortization schedule. Interest rates are generally lower than a traditional fixed-rate mortgage.  At the end of the initial term the loan is paid off or refinanced at current rates.  This is a good choice if you are not planning on staying in your home for a long period of time, or if you are expecting a large sum of money in the near future.
  • Adjustable Rate Mortgage (ARM) – An Adjustable Rate Mortgage is a mortgage in which the interest rate and, generally, the payments change over the life of the loan.  The interest rate is adjusted to match the rise or fall of a pre-selected interest rate index and the borrower’s regular payments will increase or decrease accordingly.  The benefit of an ARM is the initial interest rate is generally quite low.  Various repayment terms are available.
 

 

 

 

 

  
FDIC deposit insurance set permanently at $250,000 per depositor. The Lake Bank is also participating in the FDIC's Transaction Account Guarantee Program. Under that program, through December 31, 2010, all noninterest-bearing transaction accounts are fully guaranteed by the FDIC for the entire amount in the account. Coverage under the Transaction Account Guarantee Program is in addition to and separate from the coverage available under the FDIC's general deposit insurance rules. Investment Checking accounts earn a rate higher than allowed under this program, therefore, are not guaranteed above normal FDIC insurance limits.

THE LAKE BANK
Main Office
613 First Avenue
Two Harbors, Minnesota 55616
Phone: (218) 834-2111
Fax: (218) 834-4753
Equal Housing Lender
©2005 The Lake Bank. All Rights Reserved.
THE LAKE BANK
Silver Bay Branch
88 Outer Drive
Silver Bay, Minnesota 55614
Phone: (218) 226-4959
Fax: (218) 226-4962