Mortgage Loans
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Helpful Mortgage Resources
Contact a Premier Mortgage Consultant today!
Nick Crichton
2866 White Bear Ave N, Maplewood, MN 55109
(651) 855-1140
ncrichton@premierbanks.com
Kent Gillespie
421 First Avenue SW, Rochester, MN 55901
(507) 285-3700
kgillespie@premierbanks.com
Jim Weinzettel
101 East 10th Street, Hastings, MN 55033
(651) 438-0011
jweinzettel@premierbanks.com
Fixed Rate Loans
Borrowers who plan to stay in their homes for more than seven years will benefit most from this type of mortgage.
Our Fixed Rate Loans provide long-term rate protection, and are available in the following terms:
- Various terms available to suit your needs.
- Maximum loan to values (LTV) for purchase or refinance of a primary residence or second home is 95%.
FHA 203(b) Loans - Federal Housing Administration / FHA Section 203(b) Single Family Mortgage Program
FHA has been helping people realize their homeownership dreams since 1934. FHA is a part of HUD and insures the loan which allows lenders to offer better terms. FHA offers low down payments, low closing costs and easy credit qualifying. FHA allows for financing on owner occupied 1-4 unit properties as well as manufactured homes and factory built homes.
Adjustable Rate Mortgage Loans - ARM
This option is best suited to borrowers who expect a significant increase in their income over the next three years, or for borrowers who plan to live in their home for less than two to three years.
Adjustable Rate Mortgage Loans offer several financing options. ARMs with a one year adjustment period, are tied to the weekly average of U.S. Treasury Securities. The most common ARM programs offer annual and lifetime interest rate caps. Interest rates and interest rate caps vary by program.
Premier Banks do no typically recommend Adjustable Rate Mortgage products but they are available for the right borrower.