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Mortgage Loans

Don’t miss out on your dream home! Get prequalified now to have all your finances in order before starting your home search. Bank of Luxemburg Mortgage Consultant Tracy Everard shares more about prequalification, why it streamlines the home buying process and how to get started today.

 

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Are you interested in:
  • purchasing a home?
  • building your dream home?
  • remodeling your existing home?
  • consolidating debt?

There are various types of home mortgages. Each mortgage loan is designed to meet specific financial and timeline needs for the borrower. When looking to purchase a home there are many options to consider for financing. One of the first things you need to consider is whether to choose a fixed rate mortgage or an adjustable rate mortgage (ARM). Talk to one of our mortgage consultants to learn more about these home financing options.

Home and Construction Loans

Let us help you buy or build that dream home with a construction loan or fixed rate mortgage. Need help deciding what kind of Residential Mortgage is right for you? 

Home Equity Loan / Home Equity Line of Credit (HELOC)

Improvements to your home can increase the value of your biggest investment and make it a more enjoyable place to live. Or, borrow against the equity in your home for just about any reason.

Adjustable Rate Mortgages (ARMS)

When the mortgage interest rates are trending upward ARM loans may be a good alternative. Historically, ARM loans tend to have  reduced cost of financing than that of fixed rate market loans.

An adjustable rate mortgage is a home loan where the interest rate is set for a period of time, after the initial rate period the rate can change. The interest rate is tied to an index that is publically published and a margin set by the financial institution. The ARM allows borrowers to take advantage of lower closing cost and interest rates that are competitive and follow the market. Lower interest allows borrows to qualify for a larger loan, subsequently a more expensive home than that of a higher fixed rate mortgage loan.

ARM loans can also be used for consolidating debt, home improvements or any time you need additional funds for any life events. 

Loan Payments Typically Include?

  • Principal: The portion of the house price financed by your financial institution.
  • Interest: The percentage the financial institution receives for lending you the money.
  • Property Tax: The local government tax fee, based on percentage of the assessed value of your home.
  • Mortgage Insurance: Insurance coverage designed to protect the financial institution against home purchasers who do not make their mortgage payments. (Applicable only when the down payment is less than 20% of the purchase price of the home.)
  • Homeowner's (Hazard) Insurance: Required coverage that protects your home investment in case of fire, burglary, etc. by funding the rebuilding or replacement of damaged or stolen property.
Bank of Luxemburg can help you every step of the way:
  • Explain the value of credit scores and ways to fix any problems that may exist in your credit history
  • Develop a household budget that will factor in how much of a house payment you can comfortably afford
  • Begin the mortgage process by making an appointment with one of our knowledgeable loan officers
Local Loan Decisions and Servicing
All loan decisions are made locally by people that know the local market and more importantly, have gotten to know you. Loans are serviced by Bank of Luxemburg Employees.


For more information regarding a mortgage loan, contact a mortgage lender today .