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Lake Bank
houses surrounded by colorful trees

Mortgage Overview

FHLB Grant Available for First Time Home Buyers
We have $7,500 Federal Home Loan Bank (FHLB) grant money to help you purchase your primary residence.
Underwriting guidelines apply. Money can be used for down payment or closing cost assistance, for first time home buyers.
 
The Lake Bank's experienced mortgage bankers will help you choose the right mortgage to fit your needs, and will make pre-qualification simple and fast.  Whether you are purchasing or building a new home or refinancing your current one, we have the right solution for you. 

  • 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.
    • Considerations
      • You're planning to be in your home for a longer term.
      • You're looking for a mortgage that has monthly payments you can rely on.         
    • Benefits
      • Your principal and interest payments will not change over the life of the loan.
      • Flexible terms based on your lending needs. 

  • Adjustable Rate Mortgage (ARM) 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. Various repayment terms are available.
    • Considerations
      • You're planning to be in your home for the short term.
      • You expect interest rates to remain stable or decline.
      • You want a lower initial payment.
    • Benefits
      • Often a lower initial interest rate and payment.
      • Financing options for seasonal properties that do not qualify within the fixed rate market.

  • Construction Loans are available for building your home.  We offer up to 12 month interest only payments with unlimited draw options.  
    • Considerations
      • You're planning on building a new home.
      • You're planning on renovating your current home.
    • Benefits
      • Fixed rates.
      • Interest only payments.

                                                                                                                            
 
 
          

 
218.834.8602