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 Mortgage Home Page
Today's Mortgage Rates as of May 9, 2008
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30 Year Fixed Rate |
15 Year Fixed Rate |
FHA Fixed Rate |
MHFA First Time Buyer Program |
| Rate |
5.875%
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5.375%
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5.750%
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5.625%
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| APR |
5.968%
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5.530%
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5.843%
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5.717%
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| Points |
0%
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0%
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0%
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0%
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* Rates are subject to change and may differ depending on your individual circumstances. Please contact a Mortgage Advisor for your personal quote.
Click here for Home Equity Rates Click here for Mortgage Calculator
What are my financing options?
There are literally hundreds of financing options available, making it easier than ever to find a program to fit your needs and budget. There is no simple formula to determine the type of mortgage that is best for you. This choice depends on a number of factors, including your current financial picture and how long you intend to keep your home. Your Mortgage Advisor can help you evaluate the choices available to you and help you make the most appropriate decision. Contact us today!
Here is a quick summary of some of the mortgage solutions available:
First Time Home Buyers – Lake State FCU offers zero down below-market fixed rate financing to first time homebuyers through the Minnesota Housing Finance Agency. MHFA has limits on income and the cost of your new home. To find out if you qualify, contact your Mortgage Advisor!
Conventional Mortgages – One of Lake State Federal Credit Union’s most popular programs! Ask your Mortgage Advisor if a conventional loan is right for you. Purchase and Rate/Term Refinancing up to 100% of your home’s value! Available products include:
* Interest Only – Pay only the interest on your loan for lower monthly payments. A potential solution if you need extra cash upfront for projects such as home improvements. But be aware, this is not the right solution for everyone! Ask your Mortgage Advisor for the pros and cons!
* Fixed Rate Mortgages – A fixed rate provides a monthly payment that doesn't change for the life of the loan. The fixed rate mortgage is the most popular loan option available today.
* Adjustable Rate Mortgage (ARM)– Initially offers a lower interest rate than a fixed rate loan. This loan is ideal if you plan to stay in your home for five years or less. A variety of terms are available.
* Balloon Mortgage – Pay a fixed rate for a pre-determined short term and either pay off the loan or finance when that term ends.
FHA/VA Mortgages -Two of the Government programs offered. These programs offer purchase financing of 97.75-100%, and are great options for purchasing or refinancing your home. Ask a Mortgage Advisor about the benefits!
It’s all in the Details. Your Mortgage Advisor has an eye for detail and can provide a variety of solutions to meet your needs. Call for more information on:
* Construction/Rehabilitation Loans –Building or improving your dream home begins before construction. Along with your contractor, the Mortgage Advisor plays an important role on your dream team. Your Mortgage Advisor can answer your questions, guide you through the process, and keep things moving smoothly. Ask us about Self Builds!
* Bare Land Loans – You’ve found the perfect lot but are not ready to build just yet? Found a Prime Piece of Hunting Land? We are experts in financing bare land and city lots!
* Unique Properties - Own a manufactured home? Have “excess” acreage? Ask your Mortgage Advisor if Lake State FCU can help you obtain financing!
* Documentation Types - Self Employed? Don’t want to provide Tax Returns? We have several low and no documentation options available. Ask your Mortgage Advisor for details!
Home Equity Loans - Lake State FCU offers several Home Equity plans to fit your needs. Whether you are looking for a fixed rate loan to consolidate, or a Home Equity Line of credit to improve your home, Lake State FCU has you covered! Click Here for our Home Equity Rates!
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Meet our Mortgage Advisors
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Terry Nummela
Moose Lake
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Connie Blazek
Sandstone
Hinckley
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Vanessa McWilliams
North Branch
Isanti
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Links to non-Lake State FCU websites are provided solely as pointers to information that may be useful to Lake State FCU website users. Lake State FCU has no control over the content on such non-Lake State FCU websites. Lake State FCU makes no warranties, either express or implied, concerning the content of such linked sites, including the accuracy, completeness, reliability or suitability thereof for any particular purpose, nor does Lake State FCU warrant that such site or content is free from any claims of copyright, trademark or other infringement of the rights of third parties or that such site or content is devoid of viruses or other contamination. Lake State FCU does not guarantee tha authenticity of documents on the Internet. Links to non-Lake State FCU sites do no imply any endorsement of or responsibility for the opinions, ideas, products, information or services offered at such sites, or any representation regarding the content at such sites.
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