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Home Loans
We offer a full array of mortgage options and our prices are competitive with those of any lender.
Conventional Loans
Get Pre-Approved| Product | Rate | Points | APR* | Payment Schedule |
|---|---|---|---|---|
| 30 Year Local Servicing | 5.875% | 0.000% | 5.958% | 359 payments of $976.04 at an interest rate of 5.875% 1 payment of $973.23 at an interest rate of 5.875% |
| 20 Year Local Servicing | 5.625% | 0.000% | 5.733% | 239 payments of $1146.69 at an interest rate of 5.625% 1 payment of $1148.65 at an interest rate of 5.625% |
| 15 Year Local Servicing | 5.625% | 0.000% | 5.761% | 179 payments of $1359.16 at an interest rate of 5.625% 1 payment of $1358.47 at an interest rate of 5.625% |
| 1 Year Construction Loan | 1.950% | 0.000% | 3.791% | 12 payments of interest only on the amount of credit outstanding during the construction period at an interest rate of 1.950% with primary checking account and direct deposit with Lake Ridge Bank 1 payment of $300,000 at maturity |
Certificate of Deposits
Fixed Rate Certificate of Deposit/IRAs/ESAs
Learn More| Type | Min. Opening Balance | Interest Rate | APY** |
|---|---|---|---|
| 3 Months | $1,000 | 0.32% | 0.32% |
| 6-11 Months | $1,000 | 0.45% | 0.45% |
| 12-23 Months | $1,000 | 0.75% | 0.75% |
| 24-35 Months | $1,000 | 1.01% | 1.01% |
| 36-47 Months | $1,000 | 1.16% | 1.17% |
| 48-59 Months | $1,000 | 1.31% | 1.32% |
| 60 Months | $1,000 | 1.40% | 1.41% |
Home Loan Rates are effective 3/24/2023, all rates, points and programs are subject to change at any time. All loans are subject to credit approval.
*APR = Annual Percentage Rate; APR will vary based on final loan amount and finance charges.
Conventional Loans: APRs are based on Purchase Transactions, on a loan amount of $165,000 with 40% down payment, 1 unit owner occupied. Monthly payment does not include real estate taxes and homeowner’s insurance premium. The actual payment obligation may be higher.
Construction Loan: APRs are based on a loan amount of $300,000 for 12 months, interest payable monthly on advances made and a 20% down payment, 1-4 unit owner occupied with an established Lake Ridge Bank banking relationship.
Monthly payment does not include real estate taxes and homeowner’s insurance premium. The actual payment obligation may be higher.
Adjustable Rate Mortgages (ARM) loan rates are variable. The interest rate and subsequently your payment may change over the life of the loan. The interest rate is calculated by adding the Index (Weekly average yield on US Treasury adjusted to a constant maturity of one year) plus the margin. Contact a mortgage lender for our current rate and margin.
A 5/1 ARM loan payment can adjust after the 60th payment and every year thereafter for a total loan term of 30 years. A 7/1 ARM loan payment can adjust after the 84th payment and every year thereafter for a total loan term of 30 years. The 7/7/7 ARM loan payment can adjust after the 84th payment and every seven years thereafter with a total loan term of 21 years.
The information provided on this page is for comparative purposes only. Your actual rate, terms and costs could be different; get an official Loan Estimate before choosing a loan. Your rate, fees and terms may differ based on when your rate is locked, actual occupancy status, loan purpose, loan amount, credit score, debt to income ratio, loan to value (LTV) ratio, etc.
Lake Ridge Bank | NMLS# 441735
CD, Checking, Savings and Forward Money Market rates effective March 17, 2023 - Rates subject to change
**APY = Annual Percentage Yield
Balance computation method: We use the daily balance method to calculate interest, by which a daily periodic rate is applied to the balance in the account each day.