Fixed Rate Mortgages

A fixed-rate mortgage provides you with the security of having the same interest rate over the life of the loan, no matter how interest rates change in the financial markets.  If you plan to own your home for a long time, this may be the perfect choice for you.  And, with our Pre-Approval Program, you can have a pre-approved mortgage amount before you decide on the home you want! 

• Maximum Loan-To-Value (LTV): 97%
• Choose from a 10 yr., 15 yr., 30 yr. or 40yr. term; with or without points.

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Adjustable Rate Mortgages (ARMs)

A 30 yr. or 40yr. adjustable rate mortgage can, many times, offer a lower starting interest rate than a fixed rate loan. Lifetime interest rate floor and ceiling caps are built into these loan products. These caps may protect you and help you keep your interest rate and payments within your reach. ARMs are of special interest to buyers who know their income will rise in the future or who don’t plan to own the home for many years.

• Maximum Loan-To-Value (LTV): 97%
• 30 or 40 yr. term: with or without points
• Maximum periodic (12 mo.) adjustment +1.5%; + 6% cap over life of loan.

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1stLine Home Equity Line of Credit

Today’s smartest, most economical way to borrow.  Secured by the equity in your home, this line is a great way to get extra cash for a new car, consolidate bills, improve your home, or whatever.  It is available whenever you need it simply by writing a check, you pay no interest until you use the line, and the interest you pay may be tax deductible (consult your tax advisor).  Contact us for additional terms and information. 

• This 15 year revolving line of credit can be used over and over at your discretion
• There are no closing costs or application fees.  We even waive the $40.00 annual maintenance fee for the first year.
• Monthly payment is interest only, or $100.00, whichever is greater.

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100% Financing

This loan is available on your home purchase of single-family owner-occupied dwellings only, including modular homes and condominiums (no rentals, mobile homes or commercial properties). A first mortgage of up to 80% of the purchase price is provided by First Federal Savings of Lorain at competitive market prices. The remaining 20% of the purchase price is secured by a second mortgage which is a fixed-rate simple interest loan that is also competitively priced. Ask about our Maximum loan programs if you wish to refinance.

• 10yr., 15 yr., or 30 yr. terms available on first mortgage.
• 15 yr. term only available on second mortgage.

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Construction Loan to Individuals

This unique program allows you to hire your own general contractor or sub-contractors and build at your own pace. During construction, you pay interest only on the total funds used. After your 6 month construction period is complete, your loan goes automatically to the 10 yr., 15 yr., 30 yr fixed or adjustable rate mortgage that you have chosen, which eliminates you from having to pay a second set of closing costs for end financing.

• Maximum Loan-To-Value: 85%.
• Maximum construction period: 6 months.
• Maximum 30 year amortization.

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Contractor Construction Loans

We cater to Contractors! Call your nearest First Federal Savings of Lorain Office for rates and program information.

• Maximum Loan-To-Value:  Spec:  80%     Sold: 85%
• Term: 30 year amortization with a 2-year balloon.
• Full payments in 13th  month from loan origination date.

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Investment Property Loan

Unlike many loan programs offered by other lending institutions, our Rental Property Program allows you to borrow a greater portion of the appraised value of the property. We can also assist you if repair work needs to be done before your property can be rented out.

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Commercial Loans

Whether you’re starting a new business venture or your existing business is undergoing growth, we offer the financial tools to help your business succeed. Commercial loans are made to corporations, partnerships and individuals, for real-estate only. Call your nearest First Federal Savings of Lorain office for current rate.

• Maximum Loan-To-Value (LTV): 80%
• 20 year, variable rate loan; 2 points.
• Periodic rate adjustments: monthly

First Time Home Buyers

If you are a First Time Home Buyer, let a First Federal Savings loan specialist explain to you some of the benefits that you may qualify for. Our First Time Home Buyers program provides home ownership with no down payment.  Rates change daily.  Call your nearest First Federal Savings of Lorain office for current rates.

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Refinancing

Interest rates offered by lenders can fluctuate from time to time, depending on the economy. Refinancing may enable you to turn the equity you have into cash, or lower your monthly mortgage payment, or decrease the term of your current mortgage loan, depending on your financial goals.  When rates go down, it may be in your best interest to replace your old mortgage with a new First Federal 10-year, 15-year, 30-year or 40-year Fixed Rate mortgage or an Adjustable Rate mortgage.   Let our experienced Loan Counselors show you how you may be able to save money by refinancing your home.

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Second Mortgage

With a First Federal Savings fixed rate second mortgage, you borrow the equity in your home.

• Maximum Loan-To-Value: 85%
• 15 yr. fixed rate;

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Lot Loan

Buying a lot but not quite ready to build? We can help you with that too! Lifetime interest rate floor and ceiling caps are built into our Lot Loans. These caps may protect you and help you keep your interest rate and payments within your reach.

• Developed lot - Maximum Loan-To-Value (LTV): 80%
• Undeveloped lot - Maximum Loan-To-Value (LTV): 65%
• Maximum term: 15 yrs.
• Variable rate loan: 2 points.
• Maximum periodic (5 yrs.) adjustment: + 2 % every 5 years; + 4% cap over life of the loan.

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Land Acquisition and Development Loan (LADL)

This loan is for builders who are interested in financing for a complete development or subdivision. Call your nearest First Federal Savings of Lorain Office for rates and program information.

• Maximum Loan-To-Value: 75%
• Term: 5 yr. Balloon
• Variable rate
• Rate change period: monthly (Prime + 1% interest charged monthly)

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Developed Builder's Lot Loan (DBLL)

Builders who have chosen to build their home on a developed lot may find our special financing program very helpful. Call your nearest First Federal Savings of Lorain Office for rates and program information.

• Maximum Loan-to-Value: 75%
• Term: 3 yr. Balloon
• Variable Rate
• Rate change period: monthly (Prime + 1% interest charged monthly)

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Secondary Market Loan

We also offer a wide variety of mortgage loans that are sold on the secondary market.  The rates on these loans may change daily. Call your nearest First Federal Savings of Lorain office for current rates.

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Jumbo Loan

We have set up special terms for properties of very high value that exceed typical lending standards.  Call your nearest First Federal Savings of Lorain office for current rates and terms.

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