Once you have made the decision to purchase or refinance your home, it is important to find the right partner to help you through financing. Lakestone Bank & Trust offers many different mortgage programs, including:
Fixed Rate Mortgages
Conventional conforming fixed rate mortgages can be a good fit for homeowners and buyers who want the security of knowing that their interest rates, monthly principal and interest payments will never change during the course of their loan.
Adjustable Rate Mortgages
These mortgages can be an ideal solution for the home buyer who is looking to pay a lower interest rate at the onset of their loan. The loan begins with a low interest rate for a specific period of time then changes to a variable rate that reflects the current market. This is a perfect option for borrowers who are planning on refinancing or selling their home within a few years.
Federal Housing Administration (FHA) loans are a popular option for home buyers seeking to put down less money than typically needed through conventional fixed rate financing. Qualifying existing homeowners can also use FHA mortgages to refinance their existing mortgage. FHA loans can also be used for property improvements and financing manufactured homes permanently affixed to real estate.
Veterans Administration (VA) mortgages are available to qualifying veterans and active duty military personnel. One of the biggest benefits to VA financing is that it requires a zero down payment and VA funding fees and closing costs may be covered by gift funds, paid by the seller or a portion may be financed.
Rural Development (RD) Loans are designed by the government to help qualifying medium income families living in rural and suburban communities buy a new home. RD loans are typically the most competitive loan in the market offering zero to low down payments, low fixed interest rates and flexible credit guidelines.
If a homeowner owes more or close to the value of their home and have demonstrated an acceptable payment history, they may qualify to take advantage of a lower interest rate with a Home Affordable Refinance Program (HARP) loan.
If a borrower needs a mortgage for an amount that exceeds the area’s conforming loan limit, then a Jumbo Mortgage may be a good solution. A Jumbo Mortgage can have a fixed or variable interest rate.