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Types of Loans

Types of Mortgage Loans

Thirty-Year Fixed Rate Mortgage
The traditional 30-year fixed-rate mortgage has a constant interest rate and monthly payments that never change. This may be a good choice if you plan to stay in your home for seven years or longer. If you plan to move within seven years, then adjustable-rate loans are usually cheaper. As a rule of thumb, it may be harder to qualify for fixed-rate loans than for adjustable rate loans. When interest rates are low, fixed-rate loans are generally not that much more expensive than adjustable-rate mortgages and may be a better deal in the long run, because you can lock in the rate for the life of your loan.

Fifteen-Year Fixed Rate Mortgage
This loan is fully amortized over a 15-year period and features constant monthly payments. It offers all the advantages of the 30-year loan, plus a lower interest rate—and you'll own your home twice as fast. The disadvantage is that, with a 15-year loan, you commit to a higher monthly payment. Many borrowers opt for a 30-year fixed-rate loan and voluntarily make larger payments that will pay off their loan in 15 years. This approach is often safer than committing to a higher monthly payment, since the difference in interest rates isn't that great.

Adjustable Rate Mortgages (ARM)
When it comes to ARMs there's a basic rule to remember...the longer you ask the lender to charge you a specific rate, the more expensive the loan.

New Home Construction
Build your dream home and work with our experienced lenders.  Our one-year (1) construction loan offers a competitive interest rate and limited closing costs.

Home Equity Line of Credit (HELOC)
A method of borrowing in which a homeowner may borrow against home equity as needed. It differs from a standard loan in that the borrowing may be done over a period of time, preventing excess borrowing and limiting interest costs.

Specialty Loans

97% Home Loan Program
Eligible borrowers who have not owned property in the last 3 years now have the opportunity to purchase a primary residence with as little as 3% down.

Rural Housing (Purchase Only)
Eligible borrowers have the ability to purchase a home with no down payment with a 30 year fixed rate loan.  (Escrows are required and there are income and property location restrictions.  See your lender for details).

VA Home Loan Purchase
This program offers Veterans a 15 and 30 year fixed rate mortgage for a primary residence home purchase through the US Department of Veterans Affairs. No mortgage insurance or down payment required.

Types of Consumer Loans

At Lincoln Community Bank, you will find that we offer very competitive rates for all of our consumer loans.  There are no pre-payment penalties.  Should you choose to pay more than your minimum payment, two things will happen:

  1. The extra amounts will go directly to your loan balance
  2. When the additional Amounts equal a full payment, we will advance your due date ahead

Vehicle: Includes cars, trucks & motorcycles

Sporting Goods: Includes ATV's, UTV's, boats, snowmobiles, Jet Ski's, campers, garden tractors, ect...

Terms available to 72 months depending on year of item

Personal: These are usually smaller loans for shorter periods of time, and generally for miscellaneous purchases, paying bills or covering unexpected expenses.

Terms available to 36 months

Minimum loan amount: $2,500.00

  

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