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Purchase Loan Features:
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Payment example: $100,000 loan amount; 4.000% rate; 4.205% APR; 300 monthly payments of $527.84, which includes principal and interest only. APR based on $100,000 loan amount; 15% down; 1 point. Program available on 1-4 family owner-occupied homes. Other rates and programs are available. For well qualified customers; subject to certain underwriting restrictions and guidelines. RATES AND OFFER SUBJECT TO CHANGE WITHOUT NOTICE.
Refinance Loan Features:
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Payment example: $100,000 loan amount; 4.000% rate; 4.205% APR; 300 monthly payments of $527.84, which includes principal and interest only. APR based on $100,000 loan amount; 15% down; 1 point. Program available on 1-4 family owner-occupied homes. Other rates and programs are available. For well qualified customers; subject to certain underwriting restrictions and guidelines. RATES AND OFFER SUBJECT TO CHANGE WITHOUT NOTICE.
Have you found a house that you want to make your “dream home” with an addition, repairs or some updating?
Our Renovation Loan not only lends you the money for the purchase of the home, but also the money for the addition and improvements too!
Renovation Loan Features:
Ask about the terms and conditions for borrowing up to 95% with mortgage insurance.
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Payment example: $100,000 loan amount; 4.000% rate; 4.205% APR; 300 monthly payments of $527.84 which includes principal and interest only. APR based on $100,000 loan amount; 15% down; 1 point. APR will vary based on the dollars borrowed for renovation. Program available on 1-4 family owner-occupied homes. 15% down, no mortgage insurance for well qualified customers; subject to certain underwriting restrictions and guidelines. Other rates and programs are available. RATES AND OFFER SUBJECT TO CHANGE WITHOUT NOTICE.
At First Federal Savings of Lorain, we want to help you build your dream home, your way. Our construction loans are designed to provide you with the flexibility to hire a general contractor or be your own general contractor and oversee the project yourself.
Construction Loan features include:
Ask about the terms and conditions of borrowing up to 95% with mortgage insurance.
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Payment example: $100,000 loan amount; 4.750% rate; 4.987% APR; 360 monthly payments of $521.65, which includes principal and interest only. APR based on $100,000 loan amount; 15% down; 0 points; $1,000 Construction Loan Fee + 3 months interest. Program available on 1-4 family owner-occupied homes. Other rates and programs are available. For well qualified customers; subject to certain underwriting restrictions and guidelines. RATES AND OFFER SUBJECT TO CHANGE WITHOUT NOTICE.
Have you found the perfect location to build your dream home, but not quite ready to build?
We have the right loan for you!
Lot Loan Features:
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Payment example: $50,000 loan amount; 4.250% rate; 4.521% APR; 180 monthly payments of $376.14, which includes principal and interest only. APR based on $100,000 loan amount; 20% down; 0 points. Loans can be made on acreage up to 25 acres, if the primary use is the owner-occupied home. For well qualified customers; subject to certain underwriting restrictions and guidelines. RATES AND OFFER SUBJECT TO CHANGE WITHOUT NOTICE.
Condominium Loan Features:
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Payment example: $100,000 loan amount; 4.000% rate; 4.205% APR; 300 monthly payments of $527.84, which includes principal and interest only. APR based on $100,000 loan amount; 15% down; 1 point. Program available on 1-4 family owner-occupied homes. Other rates and programs are available. For well qualified customers; subject to certain underwriting restrictions and guidelines. RATES AND OFFER SUBJECT TO CHANGE WITHOUT NOTICE.
Jumbo Loan Features:
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Payment example: $500,000 loan amount; 4.750% rate; 4.769% APR; 360 monthly payments of $2,608.24, which includes principal and interest only. APR based on $500,000 loan amount; 20% down; 0 points. Program available on 1-4 family owner-occupied homes. For well qualified customers; subject to certain underwriting restrictions and guidelines. RATES AND OFFER SUBJECT TO CHANGE WITHOUT NOTICE.
Doctor Loan Features:
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Payment example: $500,000 loan amount; 4.750% rate; 4.769% APR; 360 monthly payments of $2,608.24, which includes principal and interest only. The above rates apply to in house loans only. APR based on $500,000 loan amount; 3% down; 0 point. 3 % down available on PURCHASE of single family owner-occupied homes only. Construction loan guidelines apply to all construction loans. For well qualified customers; subject to certain underwriting restrictions and guidelines. RATES AND OFFER SUBJECT TO CHANGE WITHOUT NOTICE.
| Type | Max Term | Down Payment Required | Example Loan Amount | Interest Rate | Annual Percentage Rate | Example Payment |
|---|---|---|---|---|---|---|
| New Mobile Home* | 15 yrs | 20% | $10,000 | 7.500% | 7.750% | $92.70 |
| Used Mobile Home** | 10 yrs | 20% | $10,000 | 7.500% | 8.748% | $118.70 |
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Please Note: There is a $400 appraisal fee required at the time of application.
*Rate may increase after consummation. A mobile home loan is a 1 year adjustable loan, maximum adjustment each time is 0.5% with a lifetime adjustment of not more than 5.00% up and a floor of 6.5%. Payment example: $10,000 loan amount; 7.50% rate; for 180 payments of $92.70, which includes principal and interest only.
**APR based on a $10,000 mobile home loan with normal closing costs and 20% down payment. Payment example: $10,000 loan amount; 7.50% rate; for 120 payments of $118.70, which includes principal and interest only.
A Home Equity Line of Credit (HELOC) is a convenient way to manage both planned and unexpected expenses. Because you control the flexibility, a HELOC from First Federal Savings of Lorain can help pay for weddings, vacations, home improvements, vehicle purchases and debt consolidation as well as unexpected emergencies.
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