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Home > Financial Services > Mortgage Brokers > Lake Region Mortgage
Lake Region Mortgage
A Mortgage is a document that contains the details of an agreement between two parties. One of which is a borrower and the other party is a lender. The Agreement will include information like, Loan amount, Time period of the loan, Interest and the collateral on the loan which is normally the property being bought. A mortgage broker is generally a person or company whose expertise lies in the field of mortgage laws, properties available for sale, and loan procedures. They provide these services to clients for a fee which is usually a percentage of the loan or property amount. The company was established in the year 1997, is a locally owned full service Mortgage Banking Firm based in Willmar, Minnesota. They specialize in all types of residential mortgage loans including purchases, refinances, home equity loans, and home improvement loans. They offer a wide variety of mortgage and loan products typically not available at banks, credit unions, finance companies or traditional mortgage companies. They deal with a large network of national mortgage loan and specialty investors that want to make real estate loans. Their job is to underwrite your individual situation and find the best product for you. They offer Conventional Fixed Rate Loans, Second Mortgages, Home Equity Loans, and Refinances etc.
If you need to borrow money, home equity lines may be one useful source of credit. Initially at least, they may provide you with large amounts of cash at relatively low interest rates and they may provide you with certain tax advantages unavailable with other kinds of loans. Fixed-rate mortgage is the most common type of mortgage program where your monthly payments for interest and principal never change. Property taxes and homeowners insurance may increase, but generally your monthly payments will be very stable. Fixed-rate mortgages are available for 30 years, 20 years, 15 years and even 10 years.
Some second mortgage loans may extend for as long as 15 or 20 years; others may require repayment in one year. You will need to discuss the repayment terms with us and select one that offers terms that best suit your needs. For example, if you need to borrow $20,000 to make repairs on your home, you may not want a loan that requires you to repay the entire amount in one or two years because the monthly payments may be too high.
Lake Region Mortgage is committed to providing the lowest rates, widest variety of loan options, and highest quality service available in the industry. They are able to achieve this through a large network of national lenders who are committed to making real estate loans.
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