Mortgage Loans

A fixed rate mortgage provides you with the security of a monthly payment that doesn't change. Fixed rate loans are a secure way to ensure a stable payment and rate on your loan. By choosing a 30 year fixed rate loan, you will have the lowest monthly payment of all the fixed rate loans we offer.

An adjustable rate mortgage has a monthly payment that may change over the term of the loan.

Lafayette Federal is proud to offer two ARM Programs: our Equity Builder and Wealth Builder Mortgages. They were created to help meet the financial needs of our members. The premise behind our Equity Builder Mortgage was to link the borrowing member to relatively low and comparatively stable indexes, thereby providing the member with a low and historically stable mortgage rate and generally reducing the amount of interest paid relative to other ARM loans during the life of the loan. It comes in in a 1 year variation that has the ability to adjust every year.

Our Wealth Builder Mortgage is based off the Treasury Constant Maturity Rate index and comes with longer adjustment periods. Our favorite is our 5 Year Wealth Builder Mortgage; it provides the security of a longer period while providing the other benefits associated with our other Lafayette Federal ARM Programs.

A Lafayette Federal Bridge Loan helps you bridge the gap between having the money to purchase the home of your dreams and selling your existing residence. If you’re under a time crunch to sell, a Bridge Loan, which leverages the equity of your current home, gives you the money you need for a down payment, allowing you to close on your new home without having to worry about selling your current home. The Bridge Loan is paid off with the proceeds of your current home (also known as your departing residence).

• Financing up to 80% Loan-to-Value (LTV) on your current home
• Treated like a first mortgage refinance
• 12 month balloon
• Monthly payments are optional – but not required – interest accrues and balance is due at maturity or payoff (whichever comes first)

Our Construction-to-Permanent loan covers construction while you’re building, then converts to a fully-amortized mortgage when completed.

• Interest-only payments during the construction phase, up to 18 months
• Purchase and Refinance transactions
• Loan amounts up to $3 million based on the home’s future appraised value
• Commonsense approach to underwriting

Our Essential Worker Mortgage Program was built for those who show the utmost in courage and resilience in helping some of the most vulnerable, day in and day out.

• Loan eligibility for several essential worker categories
• Discounted rate to lower your monthly payment
• Up to 100% financing means less actual upfront funding
• Loan amounts up to $750,000 to increase your home affordability
• Combined Loan-to-Value ratios up to 105% to allow for Grant Program funds