Lake Mortgage Company: What You Need to Know Before You Apply
Are you in the market for a new house? But you also want to work with a good, and reliable lender? Then this Lake Mortgage guide will help you learn all the valuable information about them before deciding if they are the lender for you. In this Lake Mortgage review, we will also cover their fees, interest rates, loan options and more so you can understand them better. So, let’s begin!
Lake Mortgage Inc is a mortgage lender that offers a variety of mortgage products, and services to its customers. The company has a wide range of products that cater to the needs of different types of borrowers. For instance, Lake Mortgage Inc offers first time home buyer mortgages, refinancing of mortgages, conventional loans, VA loans, USDA loans, FHA loans and jumbo loans.
Lake Mortgage also provides its customers with a number of value-added services such as loan pre-approval, home equity lines of credit, and refinancing options. In addition, the company offers a wide range of resources on its website that can help borrowers better understand the mortgage process and make informed decisions about their options.
They hold both BBB and HUD accreditation and they have been in business since 1945. They are based in Merrillville, Indiana.
|Loan Amount||Up to $1,250,000|
|Loan Terms(Years)||10, 15, 20 and 30-year terms|
|Credit Score Range||619-740|
|Mortgage Programs||Conventional, USDA, FHA, VA, Jumbo, First time home buyer, Refinancing loan|
|Employment Statuses Considered||Employed full-time or part-time|
|Intended Use||Home purchase and refinancing|
|Joint Loan Applications Accepted||N/A|
|Verification Documents Required||Pay stubs, social security number and tax returns.|
How much money can you borrow from Lake Mortgage Company
Lake Mortgage Company is a direct lender that offers a variety of loan products, including both conventional and government backed-up mortgages. They have a wide range of loan amounts and terms available, making them a good option for borrowers who need flexibility in their financing.
Lake Mortgage Company offers jumbo loans for higher-priced homes. They go up to $1.25 million and require a minimum credit score of 700 or more
Lake Mortgage Company Pros & Cons
Like with any other mortgage banker, Lake Mortgage company has both pros and cons that you should consider before deciding to work with them. One of the biggest benefits working with Lake Mortgage brings is that they have been in business for 75 years. On top of that, they also hold accreditation from both BBB and HUD respectively.
On the other hand, they are operating in Indiana and not in other states, which makes them only available for borrowers in that state. They also have origination fees, but in comparison to other lenders, they are considered an average fee lender.
- BBB accredited
- HUD accredited
- Long years in business
- Only available in the state of Indiana
- They have origination fees
What is the longest loan term you may obtain from Lake Mortgage Company?
The longest loan term you may obtain from Lake Mortgage Company is 30 years. This is a typical loan length that is offered by many other mortgage lenders. This long term allows you to spread out your payments over a longer period of time and lower your monthly payment as much as possible.
In addition to this, if you experience financial difficulties during the life of your loan, you may be able to qualify for a forbearance or modification, which could provide some relief.
And lastly, besides the 30-year term, you can also choose to take out a mortgage for 10, 15 or 20 years if those terms better suit you.
What mortgage rates do Lake Mortgage Company offer?
In regards to the Lake Mortgage Company Inc rates, they are also considered an average rate lender. This is because their interest rates start from 4.5% and go up to 7%. Generally speaking, this is considered great.
Also, remember that the interest rate you will get depends on the loan amount you are borrowing and the credit score you have. Of course, we do advise you to speak with your loan officer to see what interest rates you qualify for.
What is the estimated funding time?
This mortgage lender offers a variety of mortgage products, including FHA, VA, and conventional loans. And due to this, the funding time will differ depending on the loan type you are trying to take out.
What we found is that the estimated funding time for a loan through Lake Mortgage Company is 10-15 days from the time your application is approved. This is relatively fast compared to some other lenders, who can take up to 30 days or more to fund a loan.
Do they charge mortgage origination fees?
When you first begin looking for a home loan, you may be surprised at all of the fees associated with taking out a mortgage. One of these fees is the mortgage origination fee, which is charged by the lender for processing your loan application.
This fee can range from 0.5% to 1% of the total loan amount and is typically paid at closing. In the case of Lake Mortgage Company we are unsure what their exact origination fee is.
Keep in mind that there are alo lenders who do not charge this fee at all, so if you are looking to save on this expense, you will need to find another company.
Does Lake Mortgage Company charge prepayment fees?
Lake Mortgage Company does not charge any prepayment fees.
This is one of the many benefits of working with this particular lender. So, in case you want to pay off your loan early you will not have any additional charges for doing so.
In addition, this can save you quite a bit of money in interest charges and help you get debt-free faster.
What mortgage programs are available?
There are a variety of mortgage programs available through this mortgage lender. Some of the most popular programs include conventional loans, and government-backed loans.
This variety of options helps the company meet the needs of all kinds of borrowers. Whether you’re a first-time homebuyer or not, they have a loan program that’s right for you.
Here is what their offer includes:
- Conventional mortgages
- First time home buyer
- Jumbo loans
- Refinance loans
What property usage types does Lake Mortgage Company allow?
Lake Mortgage Company offers a variety of mortgage programs that cater to different types of homebuyers and homeowners. Some of their most popular programs include:
- Single family home
- 2-4 unit property
So, no matter if you are looking for a primary residence or investment property, Lake Mortgage Inc may be a good option. However, keep in mind that they do not offer a second/vacation home as a property usage type.
How do people rate the customer service and user experience?
In regards to Lake Mortgage Company Inc customer support and customer ratings, they hold a very good score. Yes, some people have complained that their customer support is a bit slow in giving a response back but overall, clients are happy with them saying they are friendly and nice.
Customer satisfaction with Lake Mortgage Company is very good as well since they hold an online rating of 4.5 out of 5 stars. Overall, that is a very good rating in comparison to other lenders of this type. And in case you want to find more reliable and good-rated lenders, feel free to reach us. We are more than happy to assist you in finding the lender that is most suitable for you and your needs.
Contacts of Lake Mortgage Company
If you are interested in working with Lake Mortgage Company, we will provide you with their office location, phone number and email. You can also reach them over their website or you can also fill out an application form.
Office location: 4000 W Lincoln Hwy, Merrillville, IN
Phone number: (219) 756-5626
Fax: (800) 627-5566
Availability of Lake Mortgage Company
In case you’re interested in getting a loan from Lake Mortgage Company, you may be wondering about their availability. Well, they operate from the state of Indiana in the following cities:
- St John
- Cedar Lake
- Crown Point
Lake Mortgage Company Summary
- Lake Mortgage Company is a mortgage lender based in Merrillville, Indiana.
- They have been in business for almost 80 years, and have been BBB accredited since 2010.
- The company offers a variety of loan products for both home purchasing and refinancing.
- Online customer reviews praise this company as being good and reliable. They have an overall rating of 4.5 out of 5 stars.
FAQs About Loan Company:
How to Contact Lake Mortgage Company?
You can contact Lake Mortgage Company on their corporate phone number (219) 756-5626 or on this email: [email protected].
What Services Does Lake Mortgage Company Offer?
Lake Mortgage Company offers a variety of loan programs for both purchasing a property or refinancing a loan.
How Can I Obtain a Loan at Lake Mortgage Company?
You can obtain a loan from this mortgage lender by going into one of their branches and filling out an application form, or do so online.