LaPorte Savings Bank is one of top 30 largest banks based in Indiana and one of the largest home mortgage lenders in Northwest Indiana. LaPorte Savings is a leading lender in the origination of first mortgage loans for the purchase or refinancing of one- to four-family residential real property in the region.
LaPorte Savings Bank offers one- to four-family residential mortgage loans that are financed predominantly with fixed rate and adjustable rate conventional loans, as well as FHA loans and VA loans. The fixed rate loans are generally originated for terms of 10 to 30 years. The bank’s adjustable rate mortgage loans come with fixed terms of three, five or seven years before converting to an annual adjustment schedule based on changes in the London Interbank Offered Rate designated United States Treasury index.
Mortgage loans are not restricted to simple home purchases and refinances but also include loan options for second homes, jumbo loans, investment properties and new construction financing.
LaPorte Savings Bank also originates both fixed- and adjustable-rate commercial real estate and five or more family home loans and home equity loan products. The bank lending mix goes on to include fixed and variable rate home equity loans and variable rate home equity lines of credit.
The bank currently offer home equity loans with terms of up to 10 years with principal and interest paid monthly from the closing date. The home equity lines of credit provide for an initial draw period of up to 10 years, and payments include principal and interest calculated based on 2% of the outstanding principal balance. Interest-only home equity loans are made available with a five year term with payments of monthly interest. At the end of the initial term, the line must be paid in full or renewed.
A sample of current mortgage rates in Northwest Indiana offered by LaPorte Savings Bank includes the following interest rates and terms for June 11, 2013:
The 30 year mortgage rate at LaPorte Savings Bank is 4.250% with no points and an APR of 4.312%.
A 15 year mortgage has an interest rate of 3.375%, no points and a 3.446% APR.
The 30 year fixed rate FHA loan rate is 3.625%, 0.00 points with a 4.701% APR.
The listed mortgage rates are for a home purchase of $325,000 and a loan amount of $250,000.00 in LaPorte County. The LaPorte Savings Bank mortgage rates and costs are based on certain assumptions and are subject to change without notice. The mortgage rates, points and APR may be adjusted based on several factors including, but not limited to, state of property location, loan amount, documentation type, loan type, occupancy type, property type, loan to value and the borrower’s credit score.
Mortgage loan shoppers in the region served by the bank can call or email one of the LaPorte Savings Bank mortgage representatives to answer any questions or to ask for advice. A bank mortgage customer service representative can be reached by calling 219.362.7511 or 219.872.9430. Additional mortgage arte and loan information is available at the bank web site located at laportesavingsbank.com.
The mortgage interest rates are based on the institution’s online published rates and may have changed since this publication date. This information is believed to be reliable, but the information is not guaranteed. Contact the bank directly for the most up to date and accurate bank mortgage rates and mortgage lending programs. A list of bank branches with the hours of operation, branch telephone number and branch address can be found at LaPorte Savings Bank locations.
Additional resources to help consumers find the best mortgage rates in the region is available at SelectCDrates.com under the heading Indiana mortgage rates.