Lending Options to Fit Your Life

With a variety of loans available and on-site loan specialists, we’ll help you understand your options and determine the loan that’s best to fit your needs. Click here to see our current rates.

At Lake Shore Savings, we offer:

When it comes to buying your home, there are various financing options available to you today but few financial institutions can offer the wide variety of choices that Lake Shore Savings offers. You’ll enjoy quick underwriting, fast approval and low rates on conventional fixed rate and adjustable rate mortgages.

Lake Shore Savings’ Variety of Mortgage Options

Looking for your first home?  We have a program called Homebuyer Dream Program that could assist you with the purchase of your dream home. Click here for more information.

  • Homebuyer Dream Program (HDP) is a first-time homebuyers program through the Federal Home Loan Bank of NY that provides subsidy funds to assist households earning 80% or less of area median income overcome the financial difficulties of purchasing a home. As of August 2020; these guidelines are:
      • Family size of 1-2 persons: $68,080
      • Family size of 3+ persons: $78,292
  • The program provides households with a grant amount to not exceed $9,500.00
  • HDP provides an additional subsidy of up to $500 to cover the costs of attending a required homebuyer education and credit counseling class through an approved non-profit housing agency.
  • Enrollees must remain in the home for a period of five (5) years. The subordinate mortgage for the subsidy is forgivable over this period at a rate of $158.33/month.  At end of five (5) years if the borrower has remained in the home, the subordinate mortgage is discharged.
  • Enrollees must obtain mortgage financing thru the lender that they established a reservation through. Enrollees may finance the home through any LSSB offered product for which they qualify – Conventional, No Closing Cost, etc.
  • Customers will apply for the grant at the same time they are completing an application for a mortgage.
  • Once approved by Federal Home Loan, the borrower must close on their home within 120 days.
  • Enrollees must contribute at least $1,000.00 into the Home Purchase process. This can be through earnest money, application fee, appraisal fee, etc.
  • An excellent way to lock in a low interest rate for the life of your loan
  • Multiple repayment terms available to fit your financial needs
  • Interest rate remains the same for the life of the loan
  • An ideal option for people who like payment stability
  • Great fit for homebuyers with limited funds for closing or down payment
  • The bank will cover all traditional closing costs
  • Home can be located anywhere
  • Perfect loan product for borrowers with steady work history but limited cash to purchase a home

Future Value loans are for:

  • Renovating the home that you live in – making it your perfect home when you love where you live
  • Can be used to add more living space (bedrooms, bathrooms, family rooms, etc.)
  • Loan amount will be based on the future value of your home after the renovations are completed
  • Funds are dispersed as the renovation milestones are met

Construction loans are for:

  • Building your future dream home
  • Land on which you want to build must be owned
  • Funds are dispersed as construction milestones are met
  • Interest-only payments on dispersed funds during the construction period
  • At the end of the construction period, loan automatically converts to permanent financing
  • Perfect for those borrowers who might only stay in their home for a short time
  • The low interest rate is locked for a set period and then it will be adjusted annually
  • Able to lock the rate for 1 year, 5 years or 7 years
  • Can use the funds not needed for your mortgage payment to pay college expenses or pay down other debt
  • Two programs available: Low Interest Rate Program and Achieving the Dream Program
  • Fixed rate for first-time homebuyers or those that have not owned a home in three years
  • Down payment can be as low as 3% of your own money
  • Down payment assistance is available for both of the programs in an amount of $3,000 or higher, depending on the loan amount
  • Easy-to-meet requirements to qualify
  • Great for someone with limited funds to purchase a home
  • No down payment required; you can finance up to 101% of the value of the home
  • Can only be used for single-family homes
  • Must be located in a rural market, which could be the outskirts of any city
  • Excellent loan program for those people who have a steady job and credit history but no down payment savings
  • Can finance 100% of the purchase price
  • 1% borrower contribution required and this can be thru down payment; homeowners insurance and other costs are typically paid prior to the loan closing
  • 1-4 family homes eligible as long as you live in one of the units

If you’re not sure which loan is right for you, or if you have questions, please call or stop in to your local Lake Shore Savings branch. We will be happy to help you determine the loan that best fits your financial needs.

If you have built up equity in your home, borrowing against it has rarely been more favorable. With our “All in One” Home Equity Loan, you have a line of credit available where payments are only calculated on the portion you actually use; you also have the option to fix a portion or all of your line into a fixed-term loan with a fixed rate. A clear advantage of this is that as you pay the term loan balance down, the funds become available to be reused on the line of credit.

Whether you are consolidating debt, paying tuition expenses, remodeling the kitchen or taking that well deserved vacation, look no further. Borrow only the amount you need, and only pay interest and principal on the amount you borrow. Or get the money you need all at once; either way you will enjoy:

  • Fast and easy application process
  • No application fees
  • No closing costs
  • No points
  • No annual fees

For individuals interested in applying online today for a home equity loan, please click the link below to be taken to our online application.

Go to our Online Mortgage Center to get started.

Lake Shore Savings can help you get the extra money you need. Whether you would like to consolidate debt, make home improvements or buy a new car, we have the financing options you need at a rate you can afford.

Our loan options include:

  • Auto loans
  • Secured and unsecured consumer loans
  • Home improvement loans
  • Overdraft lines of credit

If you have questions, please call or stop in to your local Lake Shore Savings branch. We will be happy to help you!

Simply Rewards™ VISA® Credit Card

Your life. Your Choice.
Earn more rewards for all your everyday purchases.¹

3X points on …
  • Grocery stores
  • Discount stores
  • Gas stations
  • Restaurants and fast food
1X points on …
  • All other purchases
We Make it Easy to Redeem Points

Access your account to see how many points you’ve earned through online banking or your monthly statement at www.cardcenterdirect.com.

Redeem your reward points for account credits, gift cards, travel, entertainment and more.¹

Additional Visa Benefits

Fraud ProtectionVisa’s Zero Liability Policy means you won’t be held responsible for any unauthorized charges made with your card or account information.²

Including auto rental coverage, emergency cash, travel/emergency assistance, warranty manager and more.³

Online Credit Card Control 


Cardholder Self-Service Contacts:

If you have questions, please call or stop in to your local Lake Shore Savings branch. We will be happy to help you!

Online Account Access – www.cardcenterdirect.com
Rewards Points Redemption – www.cardcenterdirect.com
Customer Service – (800) 821-5184

Cards issued by UMB Bank, n.a.
¹Cardholders earn 3 points per dollar on purchases with MCC codes: 5411 (Grocery Stores), 5541 or 5542 (Gas), 5310 (Discount Stores), 5812 (Restaurants) and 5814 (Fast Food). Cardholders earn 1 point per dollar on all other purchases. See Simply Rewards Rules for details.
²Visa’s Zero Liability Policy covers U.S. issued cards only and does not apply to certain commercial card transactions. You must notify your financial institution immediately of any unauthorized use. For specific restrictions, limitations and other details, please consult your issuer.
³See the Rewards Rules and Guide to Benefits that accompany your card for details. Certain terms and conditions may apply.

  • Line of credit for 1-4 family non-owner-occupied investment properties
  • 20-year term
  • Can borrow up to 70% of the value of the property
  • Borrower must have owned the property for a minimum of 12 months

Let's Get Started

Have you found a home you're interested in? Apply now or crunch some numbers to see what your mortgage could look like!