Bank of Louisiana offers
the following types of loans. In order to determine which loan product
best fits your individual needs, please stop by the bank and visit
with one of our experienced loan officers.
Fixed
Rate Mortgages
Fixed Rate Mortgages maintain the same interest rate
for the life of the loan. That means the principle and interest
portion of the monthly payment will never change. Fixed Rate Mortgages
are available in a variety repayment terms that can be as long as
30 years. A 20% down payment is usually required, however a smaller
down payment is required if the borrower has PMI (Private Mortgage
Insurance). The longer the loan term, the lower the monthly payment
will be, but the shorter term loans have the benefit of a lower
interest rate.
A Fixed Rate Mortgage may be right for you if:
• You have a steady, consistent income
• You plan on staying in your home longer than 7 years
• You prefer knowing how much your payment will be each month
Balloon
Mortgage
Balloon Mortgages are short term loans that offer
consistent monthly payments like Fixed Rate Loans. The initial mortgage
term comes in a variety of options; however, at the end of the loan
term, there is still a remaining principle loan balance which must
be paid. This is usually accomplished either through conversion
to a Fixed Rate Mortgage or through refinance.
A Balloon Mortgage may be right for you if:
• You have a steady consistent income
• You plan on selling your home in less than 7 years
Construction
Loans
Construction Loans are available on a 6-month term
to those building a new house or wanting to remodel an existing
home. The bank provides advances on the loan as bills and lien wavers
are submitted. Interest is charged on the outstanding balance each
month. Once the project is complete, the construction loan is then
rolled over into a permanent mortgage product.
A Construction Loan may be right for you if:
• You are building a new home
• You are remodeling a home
Bridge
Loans
Bridge Loans are 6 month (one-time renewable) loans
that are used to assist borrowers that want to purchase a new home
prior to the sale of their current home. Interest is payable monthly
on the amount borrowed. Once the sale of the current home is complete,
the loan is rolled over into a permanent mortgage product.
A Bridge Loan may be right for you if:
• You want to buy a new home but need to sell your current
home
• You have equity in an existing home to apply toward the
purchase of a new home
Lot
Loans
Lot Loans are available for borrowers that wish to purchase land
for residential construction, whether they are ready to build or
planning to do so in the future. The loan can extend up to a 20
year term with an in-house adjustable rate. A 25% down payment or
comparable equity is also needed.
A Lot Loan may be right for you if:
• You found your future home site
• You are interested in purchasing residential lots with the
intentions of reselling.
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