- Home Purchase
- Home Improvements
With rates at record lows, now is the time to get a real estate loan with Lamar National Bank.
Purchasing a Home
Conventional? FHA? VA? Fixed Rate? Adjustable? Let Lamar Find the Loan that is right for you.
Lamar National Bank offers both primary and secondary mortgage options. We will show you some of benefits of each.
Some info about Primary Mortgages:
Primary mortgages are loans made by Lamar National Bank to directly to you. This means that your monthly payment will be made to Lamar National Bank and we will not sell your mortgage to another bank.
- Very low closing costs
- Quick closing (usually less than two weeks)
- The interest rate is normally fixed for 5-10 years but the payments can be amortized over up to 20 years if desired
- Not credit score driven
- Typically requires 11+% down
- May or may not require escrow of taxes and insurance
- No mortgage insurance require, however credit life is available
Some information about Secondary Market Mortgages:
Secondary mortgages are mortgages originated here at Lamar National that will ultimately be funded by one of our secondary market partners. All paperwork will be handle right here at Lamar National Bank as our loan officers will guide you through the application process all the way though to closing at one of our local title companies. After your loan closes, you will mail or electronically pay your mortgage payment to our secondary lending bank.
- Very low interest rates fixed from 10 to 30 years.
- Significantly higher closing costs
- Longer closings (30 days conventional, 45 days FHA, 60 days VA)
- Approval and rate credit score driven
- Very low down payment (0% VA, 3.5% FHA or 5% conventional)
- With less than 20% down, loans will require mortgage insurance and escrow of taxes and insurance
Lamar National also offers home improvement loans for repairs, renovations, additions, swimming pools, etc.
Now is an amazing time to refinance, if you have an adjustable rate mortgage or a fixed rate over 6%, you could potentially save a significant amount by refinancing.