Purchase and Refinance Loans – Lusitania Savings Bank

Home Purchase and Loan Refinance

Our Lending philosophy has always focused on designing loan programs that meet the financing needs of our community while maintaining the highest standards of service.

Whether you choose to take advantage of our personal one-on-one service by beginning a traditional mortgage application face-to-face at our Main Office Lending Department or submitting your application conveniently through our online application process, our goal is to look at your unique situation and help find the loan program that is the best fit for your home purchase or refinance.

Our Loan Processors will be available by phone or e-mail to answer any question you may have along the way and to guide you through the mortgage process from start to finish. Our exceptional customer service doesn't end there! Lusitania Savings Bank's Loan Servicing Department will be available even after your loan closes to address all your needs.

Home Purchase

Knowing how much you can afford before you find a home may be the best thing you could do! Give us a call and schedule an appointment to meet with one of our Loan Processors at your convenience to discuss financing options based on your specific needs. With a better sense of what you can afford, looking for a new home will be that much easier.

If you’re in need of a pre-qualification letter to assure real estate brokers and sellers that you are a qualified buyer, we can help with that too. Having a pre-qualification letter for a mortgage may give more weight to any purchase offer you make.

When you find the perfect home and have your sales contract ready to go, you can simply start an application online through our convenient to use Mortgage Loan Center, or call your Loan Processor for an application package to get your loan request started.

Loan Refinance

With so many financing options out there, comparing loan programs and deciding if it’s the right time to refinance your home loan can be overwhelming, but the potential advantages to refinancing may be too good to pass up! By refinancing your home loan with Lusitania Savings Bank you may lower your monthly payment, free up additional cash for you to use towards other financial goals and potentially save thousands of dollars over the life of your loan. Contact us and schedule an appointment to meet with one of our Loan Processors at your convenience to discuss loan refinancing options based on your specific needs.

FIXED RATE vs ADJUSTABLE RATE

FIXED RATE MORTGAGE LOANS

Interest rates on fixed rate loans stay the same for the entire repayment term of the loan. This means the cost of borrowing money stays constant throughout the life of the loan and won't change with fluctuations in the market.

One of the most popular fixed rate loan options is the 30 year fixed rate mortgage. Many homeowners choose the fixed rate option because it allows them to better plan and budget for their monthly payments.

This is especially helpful for consumers who have stable but tight finances, as it protects them against the possibility of rising interest rates that could otherwise increase the cost of their loan.

ADJUSTABLE RATE MORTGAGES - ARM

An Adjustable Rate Mortgage (ARM) loan is a home loan with an interest rate that adjusts periodically over the life of the loan. The initial fixed rate period is typically from 3 to 5 years. After the introductory rate term expires, the rate becomes a variable for the remaining life of the loan.

During the adjustable rate period, the estimated payment and rate may change, depending on the loan market.

ARM loans provide the lowest interest rate and monthly payments during the initial rate period. These loans are ideal for borrowers who plan to move or refinance within this initial period of time and can provide significant savings or added affordability.

ARM HANDBOOK

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