Mortgage Loans

Achieving home ownership can be tough in today’s market, but with Bank of Luxemburg’s warm local lenders and feel-good financing, you can strive to purchase your dream home. 

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Each mortgage loan is designed to meet the specific financial needs and timeline of the borrower. When looking to purchase a home there are many options to consider. Below are the different types of mortgage loan options the bank has to offer based on whether you are purchasing a home, building a home, remodeling your existing home or consolidating debt.

Let us help you build the home of your dream with a construction loan. A construction loan is a short-term loan designed to fund the building of your home. As the construction progresses, it provides funds in stages known as draws. Once the construction of the home is complete, the construction loan is typically refinanced into a long-term mortgage loan.

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Home Equity Loan
Need to remodel your bathroom or kitchen? Improvements to your home can increase the value of your biggest investment, your home.  A home equity loan is a type of loan where you borrow against the equity in your property, using your home as collateral. 

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Home Equity Line of Credit (HELOC)
A HELOC is a revolving line of credit secured by the equity in your home. It allows you the flexibility to borrow funds as needed up to a predetermined credit limit.  Use the funds to purchase a vehicle, improve the curb appeal of your home or to provide funds for major life events. You can access and manage your HELOC through your online banking account.

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Adjustable Rate Mortgages (ARMS)
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 publicly published and a margin set by the financial institution. An ARM allows you to take advantage of lower closing costs and competitive interest rates, that follow the market. A lower interest rate allows you to qualify for a larger loan and a more expensive home than that of a 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. 

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• 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 mortgage consultants

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