Whether you are shopping for your first home or you are a returning homebuyer, we know you have questions about buying a home. Below, you can read answers to some of our most frequently asked questions here at Lake Mortgage Company.
Q: Why should I choose Lake Mortgage Company?
Lake Mortgage is a neighbor you can trust. We are “steps away from your home”. Established in 1946, Lake Mortgage has deep roots in the Region and has helped thousands of families fulfill their dream of home ownership.
Q: How do we start the process?
You have several options. Register and apply online with us and a loan officer will follow up with you by phone or email. You can also call (219) 756-LOAN and ask to speak with a loan officer. You can continue the process by phone, email or in person. Not sure how you want to begin or want to ask a question? You can also email us at email@example.com.
Q: How do I know which type of mortgage is best for me?
There is no simple formula to determine the type of mortgage that is best for you. It really depends on a number of financial and credit factors, as well as what your goals are. We can help you evaluate your situation and help you make the most appropriate decision. Contact us to learn more.
Q: How do I know how much house I can afford?
Generally speaking, an affordable home purchase equals two to three times your annual household income. You may be able to qualify for more than that, depending upon your employment history, credit history, current savings and debts, and the amount of down payment you are willing to make. You may also be able to take advantage of special programs intended to help you buy more house with less money down. Contact us today so we can help you determine exactly how much you can afford and which loan program is best for you.
Q: What are the benefits of home ownership?
Knowing that the house is yours brings you satisfaction in itself. You can also enjoy the savings that can come when you deduct your property taxes and mortgage loan interest on your federal income taxes and in most cases your state income taxes too. With every payment, you build more equity in your house. This equity is like a savings account which you can cash if you sell your home in the future. You may also be able to borrow against your growing equity by refinancing or obtaining a home equity line of credit.
Q: What are your current interest rates?
A: Interest rates fluctuate continuously based on what the market is doing at any point of time. Other factors also influence interest rates, including what type of mortgage you apply for and your income, credit score, and debt-to-income (DTI) ratio.
For that reason, the only way we can tell you the current interest rates is for you to contact us for a consultation. We can then provide you with more specific information.
Q: How long does a loan application take?
A: As with interest rates, the time it takes to process a mortgage application can vary from customer to customer. The specifics of your financial scenario, the type of mortgage you are applying for, and details that pertain to the transaction, the home, and the seller all have an impact on when you can close.
Q: Do you have any first-time homebuyer programs?
A: Yes, we work with many first-time homebuyers throughout Indiana and Illinois. We can connect you with a variety of different types of loans that may serve your needs. These include conventional loans, FHA loans, VA loans, jumbo loans, and USDA loans.
We love answering questions and explaining how our process works. During your consult, we look forward to learning about your situation and your dreams. So, we will be asking you lots of questions as well! That way, we will know we are recommending the ideal mortgage product to you.
Q: Can I apply for a mortgage online?
Yes! You can fill out our application online quickly and easily. With the Lake Mortgage mobile app or web portal, you can track your loan progress, upload docs, and sign disclosures and closing docs. We also offer an eClosing solution for your convenience.
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.