Lake Federal Savings and Loan
can assist you in purchasing, building or refinancing your home. We
offer fast, friendly service, local processing and decision making. We
offer personal service in providing you with the best program available
for your borrowing needs. We offer conventional uninsured and insured
mortgage loans that meet your specific housing needs.
Fixed Rate Mortgages
Adjustable Rate Mortgages
Mini-Fixed Adjustable Rate Mortgages
Construction/Permanent Loans
Lot Loans
With a fixed rate mortgage
you’ll know exactly what your principal and interest payments will be
for the full term of your loan. The 30 year fixed rate mortgage offers
lower monthly payments providing long term tax advantages.
The 10 and 15 year fixed rate mortgages builds equity more quickly and
will have substantial interest savings over the life of the mortgage.
All fixed rate mortgages have a constant principal and interest payment
for the entire term of the loan
Check out our rates
Adjustable rate mortgages (ARMs)
offer a lower initial interest rate than a fixed rate mortgage, thus
having lower interest costs in the early years of the loan. The interest
rate can change periodically, depending on the index, and monthly
payments can increase or decrease. Interest rate caps, both annual and
lifetime, are established to protect you from substantial rise in
interest rates. We offer several different terms to choose from.
Check out our rates
Lake Federal also offers 5
and 7 year ARMs, amortized over 30 years and fixed for 5 or 7 years,
after which the interest rate can adjust annually.
Check out our rates
Wrap your construction and
permanent loan in one and avoid two closings. Lake Federal offers a
construction loan with the advantage of having your permanent end loan
with one easy loan application. You may simply select any Lake Federal
mortgage loan rate for your construction loan which requires draws. Lake Federal allows for the normal commitment construction time
of six months from the time of application. Interest only on the
construction loan is paid monthly on the amounts fully disbursed. At the
end of the construction period your loan becomes a mortgage end loan for
the remaining selected term.
Check out our rates
Available for the purpose of
purchasing a residential lot where the borrower intends to build their
primary residence. The lot must be located in a platted, fully improved
residential subdivision. The loan rate is fixed for a maximum five year
term based on a 10 year loan amortization!
Check out our rates
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