My Lakeview Loan: A Cautionary Tale of Predatory Lending

Lakeview Loans has been providing financing solutions to customers for over 20 years. Headquartered in Chicago, Lakeview Loans first started by offering mortgage loans to homebuyers in the Chicagoland area. Over the years, Lakeview Loans has expanded to offer a variety of lending products while still maintaining exceptional customer service and competitive rates.

Today, Lakeview Loans provides loans for various needs, including mortgages, auto financing, personal loans, and student loans. With an easy online application process and knowledgeable loan officers available to assist, Lakeview Loans aims to make the loan process straightforward for borrowers. Lakeview Loans takes pride in understanding each customer’s unique financial situation and goals to find the right loan product at the best rate. From first-time homebuyers to students looking for ways to pay for college, Lakeview Loans has a lending solution to fit your needs.

Types of Loans Offered

My Lakeview loan offers several types of loans to meet your financial needs:

Mortgage Loans

• Purchase loans: Finance a home purchase with competitive interest rates and flexible terms. Choose from fixed or adjustable rate mortgages.

• Refinance loans: Lower your monthly payment or tap home equity by refinancing your existing mortgage with us.

• Home equity loans: Use your home’s equity to finance home improvements, major purchases, and more. Flexible terms available.

Auto Loans

• New auto loans: Get low rates and affordable payments when financing a new car purchase through My Lakeview. Online applications available.

• Used auto loans: Buying a used car? We offer financing for pre-owned vehicles with extended terms to keep payments low.

• Refinance auto loans: Refinance your existing auto loan and potentially lower your interest rate and monthly payment. Quick online approvals.

Personal Loans

• Debt consolidation loans: Simplify your finances by rolling high-interest credit card balances into one lower fixed rate personal loan.

• Home improvement loans: Finance renovations and upgrades like a new roof, flooring, or kitchen with a personal loan.

• Major purchase loans: Pay for a dream vacation, medical procedure, or other large purchase over time with an unsecured loan.

Student Loans

• Undergraduate student loans: Borrow for college with competitive variable and fixed rates and flexible repayment options.

• Graduate student loans: Finance your post-graduate education including law, medical, and business school with low rate graduate student loans.

• Parent student loans: Help pay for your child’s college education with Parent Plus loans at My Lakeview. Easy applications.

Mortgage Loans

My Lakeview offers a variety of mortgage loans to meet your home buying needs. We have options for first-time homebuyers as well as those looking to refinance.

Types of Mortgages

• Conventional Loans – These mortgages are not backed by the government. Typically you’ll need a down payment of at least 20%.

• FHA Loans – FHA loans are insured by the Federal Housing Administration. You can qualify with a down payment as low as 3.5%.

• VA Loans – VA loans are guaranteed by the Department of Veterans Affairs. Qualified veterans and service members can receive 100% financing.

• Jumbo Loans – Jumbo loans are for luxury properties over $510,400 (limits vary by county). At least a 20% down payment is required.

• ARM Loans – Adjustable rate mortgages have interest rates that fluctuate over time. This can help qualify borrowers who plan to sell or refinance within 5-7 years.

Interest Rates

Interest rates on mortgages at My Lakeview range from 3.5% to 5.5% for fixed-rate loans. Adjustable rate mortgages may start lower, around 2.5% to 3.5%. Actual rates depend on your credit score, down payment, and other qualifications.

Terms

We offer terms of 10, 15, 20, and 30 years. 30-year mortgages have lower monthly payments but pay more interest over time. 15 and 20-year mortgages cost less overall but have higher monthly payments.

Down Payments

• Conventional loans require at least 20% down
• FHA loans need just 3.5% down
• VA loans can be 100% financed
• Jumbo loans typically require 20% down or more

Work with one of our mortgage experts to determine the down payment you’ll need for your specific situation. We want to help you achieve homeownership!

Auto Loans

My Lakeview offers competitive auto loans to help you purchase a new or used car. We understand buying a vehicle is a major investment, which is why we offer flexible terms to meet your needs and budget.

New vs. Used Auto Loans

When it comes to new versus used auto loans, interest rates are generally lower for new cars. This is because new cars depreciate less quickly than used cars. At My Lakeview, interest rates for new cars start at 2.99% APR while used car loans start at 4.99% APR.

We offer loans for both new and used vehicles up to $75,000. For new cars, you can qualify for a loan term up to 72 months. For used cars, maximum loan terms are 60 months.

Down payment requirements are also lower for new cars. You may qualify for 100% financing on a new car, while used car loans typically require a minimum down payment of 10%. Strong credit scores generally qualify borrowers for the best rates and terms.

Regardless if you are purchasing new or used, our auto loan officers can pre-approve you and help find the financing option that fits your budget. We have relationships with car dealers across the state to make the loan process smooth and convenient.

Personal Loans

Personal loans from Lakeview provide flexible financing for a variety of needs. These unsecured loans offer competitive rates and flexible terms to meet your unique situation.

Loan Amounts

• Lakeview offers personal loans ranging from $1,000 to $50,000. The amount you qualify for depends on factors like your income, existing debt, and credit history.

Interest Rates

• Interest rates for personal loans range from 5.99% to 24.99% APR. Your specific rate is determined at the time of application based on your credit profile. Those with excellent credit scores qualify for the lowest rates.

Terms

• Loan terms range from 12 to 60 months. Shorter terms mean higher monthly payments but less interest paid over the life of the loan. Longer terms create lower payments but increase the total interest.

Qualifying Requirements

• To qualify for a Lakeview personal loan you’ll need:

• A minimum credit score of 600

• Verifiable income

• Debt-to-income ratio under 50%

• At least 2 years of credit history

• No recent bankruptcies or foreclosures

The application process is quick and easy. You can apply online or visit a branch to speak with a loan officer. Lakeview offers competitive rates and flexible personal loans to meet a wide range of needs.

Student Loans

Student loans are an important way for many people to pay for college or graduate school. There are some key differences between undergraduate and graduate student loans that borrowers should understand.

Undergraduate Loans

The most common loans for undergraduate students are federal direct subsidized and unsubsidized loans. Subsidized loans do not accrue interest while the student is in school, while unsubsidized loans do accrue interest during this time. Interest rates on federal undergraduate loans are set by Congress and are currently around 4-5% for new loans.

Undergraduate students can borrow up to $5,500-$12,500 per year in federal loans depending on their year in school and dependency status. Total aggregate limits for federal undergraduate loans range from $31,000-$57,500. Repayment terms on federal undergraduate loans are 10-25 years depending on the repayment plan selected.

Graduate Loans

For graduate school, the main options are federal direct unsubsidized loans and PLUS loans. Both accrue interest while in school and have higher aggregate limits compared to undergraduate loans.

Interest rates on federal graduate loans are currently around 6-7%. Graduate students can borrow up to $20,500 per year in unsubsidized loans. Total aggregate limits are $138,500 for graduate unsubsidized loans (including any loans from undergrad).

Grad PLUS loans have higher limits with a maximum of cost of attendance minus any other aid received. Interest rates are around 7-8% for Grad PLUS. Repayment terms are 10-25 years for both graduate unsubsidized and PLUS loans.

Knowing the key differences in loan options, interest rates, and terms can help students make informed borrowing decisions for graduate versus undergraduate study. Consulting with the financial aid office is also recommended when exploring funding for higher education.

Applying for a Loan

Applying for a loan with Lakeview Loan is easy and straightforward. Here’s what you need to know about our loan application process:

Loan Application Process

To apply for any type of loan, you’ll need to fill out our online loan application or stop by one of our branch locations. The application asks for basic information like your name, address, income, employment details, and the loan amount you need.

Completing the application online takes about 10-15 minutes. You’ll get a faster decision if you have all required documents ready when you apply.

Required Documents

To process your loan application, we’ll need you to provide supporting documents like:

• Pay stubs to verify income
• W2s or tax returns
• Bank statements
• Photo ID
• For a mortgage – your home purchase contract or details about the home you want to buy

Having these documents ready will help speed up the processing and underwriting of your loan.

Approval Process and Timeline

Once we receive your complete application and documents, our loan officers will review your information and may request additional details from you if needed. We’ll let you know if you’re approved within 1-3 business days.

The exact timeline depends on the loan type:

• Mortgage loans can take up to 2 weeks for full underwriting and approval
• Auto loans are usually approved within 1 day
• Personal loans take 1-2 days for approval
• Student loans have a 5-7 day turnaround

We’ll keep you updated on the status throughout the process. If approved, you’ll receive loan terms and closing documents to finalize your loan.

Our goal is to make getting a loan as quick and smooth as possible. Our loan officers are here to help if you have any questions!

Interest Rates and Fees

When applying for a loan with My Lakeview Loan, there are a few key things to keep in mind regarding interest rates and fees:

Current Interest Rates

Interest rates on our loans vary depending on the type of loan, your credit history, loan amount, and other factors. We offer competitive rates compared to other lenders. Current rates range from 3.5% – 8% for mortgage loans, 4% – 18% for auto loans, and 8% – 28% for personal loans. Check our website or speak to a loan officer for the latest rates.

Origination Fees

We charge an origination fee on most loans to cover the administrative costs of processing the loan. This one-time fee is typically 1-2% of the loan amount. On a $100,000 mortgage, you would pay a $1,000 – $2,000 origination fee at closing. There are no origination fees on student loans.

Late Fees

If you miss a payment, we will charge a late fee, usually around 5% of the monthly payment amount. This fee helps cover additional administrative costs associated with late payments. To avoid late fees, make sure to pay at least the minimum amount due each month by the payment due date.

Prepayment Penalties

Most of our fixed-rate loans include a prepayment penalty if you pay off the loan early. This fee is usually 2-3% of the remaining loan balance and helps the lender recoup costs from interest they would have earned. Prepayment penalties don’t apply to variable rate loans or lines of credit. Check your specific loan agreement for details on any prepayment penalties.

Let us know if you have any other questions on interest rates, fees, or other costs associated with getting a loan from My Lakeview Loan. We want to make sure you understand all the terms and conditions before taking out financing.

Repayment Options

At My Lakeview Loan, we offer flexible repayment options to meet your needs.

Repayment Terms

• For personal loans, terms range from 12 to 60 months. Longer terms mean lower monthly payments but more interest paid over the life of the loan.

• Auto loans terms are typically 36 to 72 months. We offer terms up to 84 months for some vehicles. As with personal loans, longer repayment terms reduce the monthly payment but increase the total interest.

• Mortgage loans have repayment terms of 15 or 30 years. The 30-year mortgage has lower monthly payments, while the 15-year mortgage costs less in total interest over the life of the loan.

Auto-Debit Discounts

Setting up automated payments from your bank account qualifies you for interest rate discounts on personal, auto, and mortgage loans. This convenient option saves you money while ensuring your payments are made on time each month.

Refinancing and Consolidation

If you have existing loans with high interest rates, refinancing with My Lakeview Loan could potentially lower your rates and monthly payments. We also offer debt consolidation loans that allow you to combine multiple debts into one convenient loan with fixed monthly payments. This can simplify repayment and may lower your total monthly obligations.

Refinancing or consolidating your loans is easy to do with our online application and rapid approval process. Contact us to see if we can help you save money by refinancing or consolidating high-interest rate debts.

Customer Support

My Lakeview Loan provides excellent customer service and support throughout the life of your loan. Here are some of the ways we help our borrowers:

Ways to Contact Customer Service

• By phone – call 1-800-555-1234 to speak with a customer service representative.
• Email – send us a message anytime at support@mylakeviewloan.com.
• Secure messaging – log into your account and send a message through our secure portal.
• Live chat – chat with an agent during business hours on our website.

Hours of Operation

Our customer service team is available from 8am to 8pm EST Monday to Friday, and 10am to 6pm EST on Saturdays. We are closed on Sundays and major holidays.

Loan Servicing After Origination

Even after you close on your loan, we are here to help. Our servicing team can assist with:

• Answering questions about your monthly statements or payment history
• Processing extra payments or setting up bi-weekly payments
• Providing payoff quotes for early repayment
• Handling escrow account questions and analysis
• Reviewing options for financial hardship like forbearance
• Managing account changes like address or bank account updates
• Sending annual tax forms and interest statements

No matter what stage you’re at with your loan, our exceptional customer service team is ready to provide support. We are committed to making the lending process easy and stress-free.