First Bank of the Lake is very customer-focused, and we know that every borrower’s situation is unique. That is why it is important to us that we offer a variety of mortgage financing options to accommodate your needs. If you are interested in purchasing or building a home at the Lake of the Ozarks we invite you to talk to one of our mortgage lenders in Osage Beach. If you would like to know more about the types of mortgage financing available at our bank at the Lake of the Ozarks just keep reading! We are going to talk about 3 of our most popular mortgages!
Fixed Rate Mortgage
A fixed rate mortgage is a perfect solution if you plan to
stay in your home for a long period of time and have the peace of mind knowing
that your monthly payments won’t change.
The interest is locked in, so you’ll have a consistent monthly payment
and have the flexibility to choose the length of your loan. Knowing your
payment will be the same each month may give you greater ability to plan
a budget and pay other expenses without jeopardizing your mortgage payment. With
a fixed rate mortgage from First Bank of the Lake, you have a choice of a
variety of available loan terms. The overall interest you pay is more over the
life of the longer-term loan, but a short-term loan often has a higher monthly
principal and interest payment.
Key Features:
- A
variety of loan terms are available.
- Consistent
payments for the life of the loan.
- Low
down payment options.
- Single
family loan amounts up to $510,400.
- Attractive interest rates and low closing costs.
Construction Permanent Loan
A Construction Permanent Loan makes new home financing
simple. There’s just one loan application and one closing. You can use the
construction loan to build either a primary or vacation home. Our construction
loans offer low closing costs, and we offer a closing credit on your permanent
loan when the construction/renovation project has been completed. Our
construction loan approval and construction disbursing processes have been
refined to provide a superior borrower and builder experience.
Key Features:
- Loan
amounts up to $5 million.
- Construction
period up to 12 months.
- Loan
Program options provide flexibility.
- Secure your permanent interest rate before you begin building.
Bridge Loan
It’s not uncommon for a buyer purchasing a new home to have
to secure financing prior to the sale of an existing home. In this case, a
bridge loan – also known as “gap financing” or a “swing loan” – can provide the
money you need to help complete the new purchase. The funds from the bridge
loan are then used as a down payment on the new home by leveraging the equity
in your current home. By using the equity in your current home to acquire your
down payment funds, you can purchase your new home now, and then pay off the
temporary bridge loan when you close on the sale of your existing home.
Bridge loans can be the perfect solution for a number of
different situations:
- Your
dream home has come on the market for sale.
- You
need to relocate for a new job.
- Your
family is about to outgrow your current bedroom count.
- You
don’t have a temporary housing solution between selling and buying homes,
Simply put, bridge loans are to help people transition into
the next home. They say timing is everything, but real estate opportunities and
life transitions rarely come at a convenient time – bridge loans can span the
transitional gap.
Key Features:
- Interest
only payments on a fixed rate.
- Short
loan term with no prepayment penalty.
- Intended to help smoothly navigate this all-too-common homeownership predicament.
Financing Options to Fit Your Needs at First Bank of the Lake!
If none of these three loans exactly fit your needs, we have
more to tell you about in another blog!
But if you can’t wait until then, you can go to https://www.fblake.bank/for-you/mortgage-financing-options to read about them on our website. If you are not sure which option is right for
you, reach out to our lending experts.
They will help guide you through the process to choose the best rate and
term to make your dream home a reality!
Our team of mortgage lenders at Lake of the Ozarks makes the loan
process easy. You can start your
application online or call us at (573) 348-2265. To hear about all our latest announcements
and tips, use the links below to follow us on our social media channels!
(573) 348-2265
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