Which type of loan is right for you? Lincoln Savings Bank offers a variety of loan programs available to meet your specific financial situation. Let's see if a conventional loan is right for you!
With a conventional loan, the lender assumes the risk for lending you money. As a result, conventional loans have more stringent credit requirements and higher down payment requirements.
With government-sponsored loans, like an FHA Loan or USDA Loans, the government backs the loan or assumes the risk of lending you money. These loans typically have lower credit and down payment requirements to make it easier for you to obtain a mortgage. Learn more about the types of home loans we offer.
Fixed-Rate Mortgage Loans
A fixed-rate mortgage has a fixed interest rate and monthly payments that never change. These mortgages are a good choice if you plan to stay in your home for several years as they offer steady monthly payments and stable interest rates.
Adjustable-Rate Mortgage Loans
An adjustable-rate mortgage (ARM) has variable interest rates that change during the life of the loan according to movements in the market. These mortgages are a good choice for borrowers who may only be in the home for a short time. There are many different types of ARMs, ranging from annual to monthly to hybrid.
If you're looking to purchase a home but are unsure which option is right for you, we'd like to help. Start the home buying process by filling out the form below, or contact one of our experienced mortgage lenders.
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