Frequently Asked Questions

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 info@lakemortgage.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.

Apply for a Home Loan in IN or IL Now

Are you ready to take the next step toward buying a home anywhere in Indiana or Illinois? To begin, please give us a call today at (219) 756-5626 to schedule your consultation.

See What Our Clients Are Saying About Us

Nancy Turoci
Nancy Turoci
14:15 17 Feb 21
My experience with Lake Mortgage was pleasant. Carol Hasler was awesome to work with. She knows her stuff and if she didn't she'd find out for you. They keep you in the loop every step of the way of closing on your house and they send you all the documentation as well. I give Carol a 5 star and her team for doing an awesome job.
james walton
james walton
23:25 05 Nov 20
Came here 5yrs ago as a first time home buyer and here I am back again just closed on my refinance. The process was smooth & the service was excellent from beginning to end. My loan officer Mike Conley was terrific and so was Corina my mortgage loan closer..Any questions I had they answered. Happy to have done great business again with Lake Mortgage. I would give 10stars if I could
linda jansky
linda jansky
17:55 18 Mar 20
Excellent customer service! I highly recommend Lake Mortgage. Michael Conley and his staff were very professional and helpful. They were available to answer my questions and walk us through the process. You will get personal service and not feel like a number with them.
Mark Toth
Mark Toth
20:23 27 Sep 19
Lake mortgage made the process of purchasing my first home super exciting and stress free. Sean Conley was extremely helpful and very detail oriented. He was always immediately available when I had questions. I am very grateful to have dealt with lake mortgage for all of my home buying needs!!
Kim Gonzalez
Kim Gonzalez
16:07 19 Jun 19
Thank you for everything and walking me through this mortgage process. It is having the comfort and knowing I have a good lender. Lake Mortgage Co is a local lender located in Merrillville, IN. They educate you on home buying and lending and make sure you're receiving the type of mortgage, rate and amount you need. No overselling and always upfront and honest. Sean Conley, you and your team, Teena, Susan and Corina were very professional and very helpful through my home buying and lending process.Thank you for giving me a another good home purchase experience.