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.
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