Mortgage Financing Options

With a Fixed-Rate Mortgage, you’ll know exactly what your monthly principal and interest payments will be for the life of the loan. The interest is locked in, so you’ll have a consistent monthly payment and have the flexibility to choose the length of your loan. It’s a perfect solution if you plan to stay in your home for a long period of time and have the peace of mind knowing that your monthly payments won’t change.

Unlike an adjustable-rate mortgage (ARM), with rates that fluctuate over time, choosing a fixed-rate loan allows you to avoid unexpected increases in payment during the loan period. A fixed-rate mortgage’s consistent payment schedule gives you the ability to plan a budget and pay other expenses without jeopardizing your mortgage payment.

A variety of loan terms are available. The overall interest you pay is more over the life of the longer-term loan, but a short-term loan often has a higher monthly principal and interest payment.

Let us help with a fixed-rate option that works best for your specific needs. Complete an application for a fixed-rate mortgage to Get Started today!!

To submit your fixed-rate loan application mail or fax your document to: 

ATTN: Mortgage Lending

4558 Osage Beach Parkway,

Suite 100

Osage Beach, MO 65065

Fax: 573.348.0568

We here to help. ARMs can be a popular mortgage choice when interest rates are high, if you only plan to stay in your home for a few years, or if you plan to refinance down the road. Most ARM loans feature an initial rate period, during which the interest rate, principal and interest payments remain the same. Once the initial rate period expires, the interest rate will adjust once per year for the remainder of the loan term. The adjustments are based on a fluctuating index plus a margin. When the interest rate adjusts, your monthly payment will usually increase if rates go up or decrease if interest rates go down.

Often, an ARM loan may have a lower starting principal and interest payment, but at the end of the ARM loan’s initial rate period, the interest rate and monthly principal and interest payment could go up. If that happens, you will need to be prepared to make bigger payments. To help avoid significant fluctuations, interest rate caps limit how much the interest rate can go up or down at each interest rate adjustment and over the life of the loan.

ARM loans are named by the duration of the initial rate period and how often the rate will adjust thereafter. First Bank of the Lake offers a 5/1 Adjustable Rate Mortgage:

Let us help see if an adjustable-rate mortgage is right for you. To apply for an Adjustable Rate Mortgage (ARM), contact your Loan Officer who will email an application to you. 

We’ve got you covered. If you’re buying, financing, or building a home with a higher property value and can manage larger monthly mortgage payments, a jumbo loan, also referred to as a non-conforming loan, may be a good choice for you.

“Non-conforming” refers to loan amounts higher than the maximum conforming limits available for Fannie Mae loans. Jumbo loans are available in a variety of fixed-rate and adjustable-rate options. Although they usually feature both a higher down payment amount and higher interest rate than standard mortgages, a fixed or variable-rate jumbo loan can help some people accommodate large purchases.

Let us help finance your luxury home. Complete an application for a fixed-rate mortgage to Get Started today! To apply for an Adjustable Rate Mortgage (ARM), contact your Loan Officer who will email an application to you. 

We can help you lay a strong foundation for building your new home from the ground up with an interim home construction loan. The location, lot size, design, materials, and choice of builder are just some of the important decisions to make—not to mention what it will cost and how you will pay for it.

With so many considerations to make, it’s easy to become overwhelmed. Let us take care of the financing, so you can focus on creating the perfect home for you and your family.

A Construction Permanent Loan makes new home financing simple. There’s just one loan application and one closing. You can use the construction loan to build either a primary or vacation home. Our construction loans offer low closing costs, and we offer a closing credit on your permanent loan when the construction/renovation project has been completed. Our construction loan approval and construction disbursing processes have been refined to provide a superior borrower and builder experience.

• Loan amounts up to $5 million.
• Construction period up to 12 months.
• Loan Program options provide flexibility.
• Secure your permanent interest rate before you begin building.

When you find it, let us help make it yours. Building your dream home starts with financing the perfect location. When you find the perfect lot, you don’t need to wait until you are ready to build. You can purchase the lot now, work on creating your new home plans, and then select a builder. When you’re ready, we can also provide the construction loan and permanent financing. With so many considerations to make while preparing to build, let us take care of the lot financing.

Let us help you finance your dream lot. Complete an application or contact us today to Get Started!

We’ll work to get you the money you need. It’s not uncommon for a buyer purchasing a new home to have to secure financing prior to the sale of an existing home. In this case, a bridge loan – also known as “gap financing” or a “swing loan” – can provide the money you need to help complete the new purchase. The funds from the bridge loan are then used as a down payment on the new home by leveraging the equity in your current home. By using the equity in your current home to acquire your down payment funds, you can purchase your new home now, and then pay off the temporary bridge loan when you close on the sale of your existing home.

There are countless reasons why homeowners choose a bridge loan:

The common denominator is the need to transition into the next home. They say timing is everything, but real estate opportunities and life transitions rarely come at a convenient time – bridge loans can span the transitional gap.

Let us help bridge the gap between your current home and your new home. Complete an application today or contact us today to Get Started!

We can help with personalized lending for homebuyers with complex financial needs and goals. Our in-house portfolio loans can help potential buyers with special circumstances or atypical financing requirements, which can make it difficult to qualify for a conventional home loan. Portfolio loans offer homebuyers and homeowners with greater flexibility in the loan approval process. They feature fixed and adjustable rate terms, attractive rates, low closing costs and local lending decisions.

• Loan amounts from $300,000 to $30 million.
• In-house processing, underwriting and closing.
• Low down payment options.
• Expanded guidelines and specialized features.
• Interest-only options.
• Financing options for self-employed borrowers.
• Bridge financing.
• Pledged assets in lieu of cash.
• For primary or vacation homes.
• No prepayment penalty.
• No monthly mortgage insurance.
• Escrow for Homeowner’s Insurance and Taxes not required.