 |
 |
| |
| |
|
|
Real
Estate
At
First National Bank of Walker our variety of mortgage
options is as diverse as you and your dreams.
Whether you are purchasing a home, cabin or investment
property… or refinancing an existing loan;
our experienced lenders will work with you to
determine the best type of loan for your current
financial situation.
In-House
loans are underwritten, funded and serviced right
here at First National Bank. 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
stay the same for the duration of the loan.
Fixed rate loans can either balloon after the
term expires or be fully amortized, to be paid
off without a balloon.
| ADJUSTABLE
RATE MORTGAGES (ARM) |
An
adjustable rate mortgage usually starts with a
lower initial interest rate than a fixed rate
mortgage. After an initial fixed period
of 1 year, 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 of Walker 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.
Building
a home can be complicated and frustrating, but
financing doesn’t have to be. First
National Bank of Walker offers construction loans
for primary and seasonal residences or improvements
to an existing residence. We will approve
your permanent loan at the same time we approve
your construction loan, saving you valuable time
with minimal duplication of costs.
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 |
Home
equity lines offer financial convenience.
First National Bank of Walker offers a line of
credit secured by the equity you have in your
home. It can be used to purchase an auto,
boat, computer, education, 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.
Rates for these lines of credit are variable rate
based on Wall Street Prime and set up for a 5-year
term with monthly payments determined by the amount
advanced to date.
Another
option, if you are thinking of a home equity line
of credit, is a more traditional second mortgage
loan. This type of loan provides you with
a fixed amount of money repayable over a fixed
period of time. Usually, second mortgages
require fixed payments that will pay off the loan
within a set time frame.
First
National Bank of Walker provides access to the
Secondary Real Estate Market and is able to offer
the best available terms, rates and programs.
Secondary market loans are processed, closed and
funded at First National Bank and then assigned
to a servicer. Whether you're looking at
purchasing or refinancing, a conventional or government
loan, First National Bank of Walker is able to
get you there. If your needs do not fit
into the Secondary Market, First National Bank
has a variety of In-House products to satisfy
your financial needs.
A
conventional loan through the Secondary Market
can be a fixed rate, adjustable rate or balloon
mortgage. For as little as 5% down, you can purchase
a home to be used as a primary residence, second
home, or an investment property. You may also
refinance your existing mortgage to take advantage
of debt consolidation or cash out. The experienced
lenders at First National Bank will help you determine
which loan package is best for you based on how
long you plan to live in your home, the current
rates and your personal financial picture.
The
Federal Housing Authority (FHA) offers all qualified
home purchasers an insured or guaranteed loan
with low down payment and the option for either
a fixed or adjustable rate. FHA loans are
limited in size, but they are typically generous
enough to accommodate most buyers.
The
Veterans Administration (VA) offers an insured
or guaranteed loan to those individuals qualified
by military service or other entitlements.
This loan features low or no down payment and
can be either a fixed or adjustable rate.
VA loans are limited in size, but they are typically
generous enough to accommodate most buyers.
First
National Bank of Walker 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.
|
|
|
|
|
