While loan rates are beginning to rise and are anticipated to continue to increase, now is still a great time to finance purchases. Clearwater’s American Heritage Bank and Lake Central Bank are here to handle residents’ financing needs.

American Heritage Bank

American Heritage Bank, or ‘the Log Bank’, as it’s sometimes referred to, offers a number of different loan types. They’re a family-owned and operated community bank with lending expertise and knowledge to match or beat anything the big banks can do. 

“Our niche is getting deals done when other banks cannot, or will not, do,” said Mortgage Loan Officer Michael Loften. “While other banks may focus on one product type, we have multiple products to fit many situations, whether you are looking for a home loan, personal loan, or business loan.” 

For those looking for a home equity loan, American Heritage Bank offers both fixed-rate loans, where the borrower receives one lump sum, or home equity line of credits (HELOCs), where the borrower is able to draw funds as needed.

“There are a variety of factors to take into account,” said Loften. “So there isn’t a one-size-fits-all answer. What may be best for one client’s situation may not be best for the next. Fortunately, we have many products and expertise to handle any situation for our customers’ financial needs.”

American Heritage Bank is also a ‘Homes for Heroes’ affiliated lender. The program offers discounts to teachers, healthcare professionals, law enforcement, firefighters, EMS, and those in the military.

When it comes to mortgage loans, American Heritage Bank has multiple loan products to meet their clients’ needs, including conventional, VA, FFA, rural development, and construction loans. They also offer a variety of other loan options when a client or property doesn’t fit into aa typical mortgage. 

Another common loan type are personal loans. American Heritage Bank offers auto loans and lines of credit and personal loans for things such as recreation, boats, other equipment, investments, and more.

Those who would like more information or are ready to apply for a loan are encouraged to call 320-654-9555, or email Info@LogBank.com.

Lake Central Bank

Lake Central Bank, which used to be Annandale State Bank, also offers a wide range of loans. The bank was begun in Annandale in 1893, and today has two additional locations, Clearwater and Maple Lake. Their Clearwater location, which is a full service bank, opened its doors in 1977. 

“Lake Central Bank offers a wide range of loans for consumers and businesses,” said Commercial Lender Austin Peterson. “We finance homes, vacant land, cabins, and other recreational properties, as well as cars and recreational toys. For businesses we offer commercial real estate loans, equipment loans, ad business lines of credit.”

For those needing a home equity loan, Lake Central Bank can do a traditional second mortgage with all of the proceeds advanced at closing, or a home equity line of credit, which offers more flexibility. 

For these and other types of loans such as personal loans, Peterson recommends talking to a lender to see which product is best to meet their needs.

“Rates are expected to raise again this spring, and we expect that will push up interest rates on all types of loans,” he said. “If you are considering financing a purchase, now may be a good time before rates move higher.”

Those in need of financing are encouraged to contact Peterson in their Clearwater Branch by calling 320-558-2271 or emailing APeterson@LakeCentralBank.com.