Before you can receive the keys to your new home, you need the key to affordable homeownership—and that is the right mortgage.
Home loans are not one-size-fits-all. The loan that is suitable for you will depend on your financial situation, how long you plan to live in the area, the specific place you are shopping for a home, your down payment ability, and even your veteran status.
We know that trying to figure out the right type of mortgage on your own can be daunting. But with Lake Mortgage Company working closely with you on every step of the mortgage process, you are never on your own.
During your mortgage consultation, we will take the time to learn about your financial scenario and goals.
Based on what you share with us, we can point you toward specific loan types that may suit your needs.
Here are the mortgage products we offer in Merrillville and throughout the states of Indiana and Illinois.
A conventional loan is not backed by a government agency, unlike FHA, VA, and USDA mortgages. Loan terms and interest rate formats can be tailored to your needs. Most borrowers inquiring about these types of mortgages specifically want to apply for conforming loans that fit the Fannie Mae and Freddie Mac conforming loan limits.
We can connect veterans, active-duty service members, and eligible surviving spouses with VA mortgages. These home loans are guaranteed by the Department of Veterans Affairs. Loose credit requirements, affordable rates, and no down payment make them some of the most flexible mortgages around.
The income-based USDA mortgage program is guaranteed by the US Department of Agriculture. Qualifying homebuyers can move into rural homes with no down payment. A range of other features for affordability help to bring the American dream within reach of low- and middle-income families.
Any of the types of mortgage we offer can be suitable for first time homebuyers. But we know you may have extra questions about the mortgage process and require additional guidance along the way. Our team is excited to help you buy your first home with the mortgage that is right for you.
Lake Mortgage is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age, because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. Disclaimer: Programs subject to change without notice. All borrowers must qualify per program guidelines.