Buying a home is a major purchase. When you apply for a home mortgage loan at First State Bank Southwest, we make sure you feel right at home. You'll get personalized service, competitive rates and terms to keep your payments low. If you're in a hurry or can't come in, we also offer online loan applications so you can get started today.
Summary
- Competitive interest rates
- Fixed rate and adjustable rate mortgages (ARMs)
- Various term options available
- Low down payment
- Free Pre-approval
- No prepayment penalty
- Experienced loan professionals
- Local processing and underwriting
- Personalized service
- Easy to apply
We also offer:
- Rural Development Loans
- Minnesota Housing Finance Agency Loans
- Construction Loans
- Home Improvement Loans
- Refinancing options
Fixed Rate Mortgages & ARMs
First State Bank Southwest offers fixed rate and adjustable rate mortgage options.
Fixed Rate Mortgages
With this loan option, your monthly principal and interest payments stay the same throughout the life of your mortgage. You can easily plan your budget and financial future because you always know exactly what your house payment will be.
Adjustable Rate Mortgages
This is a mortgage loan with a variable interest rate. The rate is subject to change on a regular schedule known as the anniversary date. With an ARM, your initial payments are lower than with a fixed rate loan, but go up after a certain amount of time. If you plan to move before that time, this option might appeal to you.
For more information on which might be right for you, feel free to contact us.
Special Options
There are many other mortgage options available to you. At First State Bank Southwest, we have partnered with these organizations to offer you more financing choices.
Rural Development Loans
- 100% financing available
- No down payment
- Borrower's adjusted household income restrictions apply
- Home must be used as a primary residence and located in a rural area
- No prepayment penalty
Minnesota Housing Finance Agency
- Attractive fixed interest rate
- Closing costs may be borrowed at 0%
- Income restrictions apply
- No prepayment penalty
