Do you have all the information required to apply for a mortgage loan? Check out our Mortgage Loan Checklist.  The following mortgage loan options are available for construction, purchase, home improvement or refinance of your home. 

Click here to be pre-qualified

Fixed Rate Mortgage

• Down payment as low as 3%
• A variety of terms available
• Lower closing costs available with In-House servicing
• Down payment of 20% private mortgage insurance waived

Construction/Permanent

• Lower closing costs due to construction phase and permanent financing all in one loan
• Up to 1 year construction period
• During construction phase, interest paid monthly
• Select from one of the following for the permanent mortgage:
  • 3-year Adjustable
  • 30-year Fixed

One Year Adjustable

• Down payment as low as 5%
• A variety of terms available
• Interest rate adjusts annually
• Rate calculated as 1 year Treasury Bill plus 2.75%
• 2% cap per adjustment, 6% lifetime cap
• May be converted to fixed rate after 1st adjustment but before 6th adjustment. A $250.00 conversion fee will be assessed.

Three Year Adjustable

• Down payment as low as 5%
• A variety of terms available
• Interest rate adjusts every 3 years, maximum of 3% per adjustment with 5% lifetime cap
• Rate calculated as 3 year Treasury Bill plus 2.25%, rounded to the nearest .125%

5/1 and 7/1 Adjustable

• Down payment as low as 5%
• A variety of terms available
• Fixed rate for the initial period, then adjustable annually.

5 and 7 year Balloon

• Down payment as low as 5%
• A variety of terms available
• Fixed Rate
• Right to Refinance option

Lafayette Savings Bank is a community bank, lending to residents of Tippecanoe County and contiguous counties.

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