Construction Loans
Construction Loans
Construction Loans
Our bank offers a comprehensive range of real estate loans to meet your needs, including In-House, Fixed Rate, and Construction loans. We also provide Adjustable Rate Mortgages (ARM), First-Time Homebuyer programs, Home Equity loans, and Home Equity Lines of Credit (HELOC). Additionally, we have options like Secondary Market, Conventional loans, FHA, VA, Rural Development, and MHFA loans for diverse borrowing needs.
In-House loans are underwritten, funded and serviced right here at First National Bank North. We offer competitive rates on primary and seasonal dwellings as well as vacant land and lakeshore. With our own underwriting we are able to offer quick, flexible and convenient financing for most any situation, understanding your unique circumstances.
With a fixed rate mortgage, the interest rate remains unchanged for the full term of the loan. The monthly payment of principal and interest stays the same for the duration of the loan.
With a fixed rate mortgage, the interest rate remains unchanged for the full term of the loan. The monthly payment of principal and interest stays the same for the duration of the loan.
An adjustable rate mortgage usually starts with a lower initial interest rate. After an initial fixed period, the interest rate is reviewed annually and adjusted annually, based on the movement of a specified index. ARMs are subject to a lifetime cap and annual adjustment cap. Your monthly payment changes as the rate changes. ARM loans can be beneficial when interest rates remain steady or decrease, because your initial rate will be lower. If the rate increases, you may adjust to a higher payment as your income increases.
This First National Bank North product offers first time home buyers the opportunity to purchase their first primary dwelling without complications. This loan combines convenience, efficiency, a low down payment and a special low rate.
A home equity loan, either fixed or variable rate, is a loan that uses the equity in your home as security. Home equity loans can be for home improvement, purchase of an auto or other consumer goods. Home equity loans may also provide a tax deduction (consult a tax advisor for details).
Home equity lines of credit offer financial convenience. First National Bank North offers a line of credit secured by the equity you have in your home. It can be used to purchase an auto, boat, RV, finance a wedding, etc. Once your application is approved and a credit line determined, you can conveniently access your loan account by simply writing a check.
First National Bank North offers the Rural Development Loan Program. The program offers a guaranteed fixed rate loan with zero down payment. With few restrictions, this is a great program for buyers to get into a home with little cash.
Minnesota Housing Finance Agency offers home improvement and home energy loans to qualified borrowers at a low fixed rate. This loan is subject to maximum income limits and maximum loan amounts.
