LCFB wants to make your home loan experience as simple as possible. Our lending decisions are made locally and all loans stay in-house. LCFB offers low rates, in-house processing, expanded payment options and experienced lenders to guide you through the process.
Fixed Rate Loans
A fixed rate mortgage is the most common type of mortgage product. A fixed rate loan provides the peace of mind of a set monthly principal and interest payment that does not change over the term of the loan. The loan balance is reduced monthly over the set term of the loan, and there is no prepayment penalty for making additional payments to the principal. Repayment terms are available up to 30 years.
Balloon Mortgage Loans
Unlike a conventional fixed-rate mortgage loan, in which monthly payments are calculated to fully pay off the principal balance by the end of the loan term, balloon loans are not fully amortized. They also tend to have shorter terms. You can make a lower monthly payment until the end of the loan term. A “balloon payment” of the remaining principal balance will be due.
To help you prepare for a mortgage loan at LCFB, the following documentation may be required:
When you refinance, you take out a new loan to pay off the original loan and you may be able to borrow additional funds. It may be possible to lower your monthly payment or interest rate when you refinance with LCFB.
Is a change of season inspiring you to make a fresh start with your home? A Home Equity Loan from Lake City Federal Bank makes it easy to pay contractors and purchase supplies for your home renovation project using the equity in your home.
A Home Equity Line of Credit (HELOC) is a great way to make the equity in your home work for you. Whether you are looking to improve your home, pay for your child’s college tuition, or simply need funds to pay for an unplanned expense, a HELOC may be the answer. Access funds as you need them and only pay interest on the portion of the line you use.
To help you prepare for a Home Equity Loan or HELOC at LCFB, the following documentation may be required:
All loans are subject to credit approval. Property insurance is required.
LCFB offers construction to permanent financing. As a locally-owned community bank, LCFB works with our customers to provide flexible loan terms that meet your needs.
How do construction loans work?
Funds are advanced as construction progresses. Inspections are done by bank staff and lien waivers are collected as bills are paid.
How does financing work when building a house?
Construction loans are set up with a 6 month draw period during which time interest only monthly is due. At the end of the 6 months the loan rolls automatically into regular monthly principal and interest payments. The interest rate is fixed at origination for the term of the loan.
To help you prepare for a construction loan at LCFB, the following documentation may be required:
At LCFB, we have the experts who care about your journey and will help you achieve your real estate goals. We finance:
As a community bank, we’re focused on the needs of the communities we serve and the people like you who live here. Our lending decisions are still made right here in town, by people who get to know you and your needs.
Check with LCFB before financing your new or used vehicle, boat, motorcycle, ATV or camper. We offer excellent financing with a range of payment terms with no prepayment penalties. Plus, having your financing pre-approved can give you more options when deciding which purchase to make.
Among our loan options, we offer unsecured loans that offer flexibility and can be very affordable compared to other financing alternatives. Visit with one of our lenders today to learn more about debt consolidating and your options at LCFB.
A Share Loan is a loan that uses a Certificate of Deposit (CD) as collateral. The interest rate is
To help you prepare for a consumer loan at LCFB, the following documentation may be required:
At LCFB, we understand that financial shortfalls happen from time to time and we want to give you options to use your account responsibly without overdrawing it. We offer Overdraft Protection to cover checking account transactions, up to an approved limit.
Monthly payment amount is determined by the outstanding line of credit balance.