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Look through the information below and
feel free to contact our Mortgage Department for further assistance.
Contact Information
Jenny Hundley
Mortgage Consultant
2866 White Bear Ave N
Maplewood, MN 55109
(651) 855-1119
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Sue Struckness
Mortgage Consultant
4134 Deegan Court
Monticello, MN 55362
(763) 295-5664
email
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Kent Gillespie
Commercial and Mortgage Loan Officer
421 First Avenue SW
Rochester, MN 55901
(507) 285-3700
email
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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 90%.
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.
Homeowner Benefits:
- Lower initial rates – purchase MORE house for your money
- Lower payments – a smart choice if you have a high likelihood of selling or refinancing
- Easier loan approval – lower monthly payments make it easier to qualify
- No surprises – adjustments at specified times during the life of the loan means you know exactly when to expect change and how high the change may be
Enjoy lower ARM rates now, and switch to a Fixed Rate later.
Convertible ARM:
- Lower initial ARM rates and the option to convert to a fixed rate within the first 5 years of the loan
- 7-day look back option allows YOU to decide when to convert
Flexible Payment Options:
- Ask about the Interest-Only feature for your ARM
- Buy down your interest rate with no additional cash required at closing with some programs
Interest Only Mortgage Loans
Our Most Innovative Program
Delivers to you:
- The Lowest Monthly Payments
- Loan Approval for a Larger Home Purchase
- Greater Monthly Cash-Flow Flexibility
For more information on how you could benefit from one of our Interest-Only Mortgage Loan Programs, contact our mortgage department (651) 777-7700.
Construction to Permanent Loans
Construction loans are available to provide temporary financing to borrowers or their buildings, while their new home is under construction. Then, when the construction phase is complete, the construction loan converts to a permanent loan using our “Single Close” program where closing costs are not duplicated. Competitive rates and terms are available as well as extended rate locks.
Save time, money and the hassle of two closings.
Peace of Mind
We offer protection from interest-rate increases during the construction period. You can establish the permanent-loan interest rate before breaking ground – in fact, we offer rate locks for as long as 360 days.
Avoided Cost of Two Closings
We commit to financing the permanent loan at the same time the construction loan closes with another lender. You can avoid the cost of two closings associated with a typical refinance.
Flexible Loan Terms
You can choose a fixed or adjustable-rate permanent loan, make no permanent loan payments during the construction period and have no down payment on the permanent loan.
Jumbo Loans
Bigger dreams require Jumbo solutions!
Regardless of your need, you will benefit from our incredible selection of Jumbo mortgage options. From fixed to adjustable-rate (ARM) Jumbo programs, we will find the perfect program for you including “No Income/No Asset” or “Limited Documentation” for our self-employed customers.*
Interest-Only
Available on Jumbo ARMs, you could qualify for a larger home while enjoying all the benefits of a dramatically reduced mortgage payment during the interest-only payment period.
Low Dow Payment Options
Keep your money in the bank and ask about our programs requiring a minimal down payment.
Reduced Income Documentation
If you are self-employed, working at home, a small business owner, on a commissioned income or retired, you will appreciate programs that let you qualify with as little as an appraisal and a credit score!
Many Property Types
Jumbo financing available with second homes, investment properties and high-rise condos!
Home Equity Line of Credit (HELOC)
Combine our Jumbo ARM with a HELOC second mortgage and qualify for a no down payment mortgage while avoiding the need for Mortgage Insurance.
Residential Lot Loans
Residential Lot Loans can be customized to meet your needs.
Have you found the lot of your dreams but are not ready to build? If so, we have the perfect lot loan. With our flexible Lot Loan program, we can help get you into the lot of your choice at a great rate even if you are not ready to build your new home.
MyCommunityMortgage
A New Affordable Home Loan Solution
In partnership with Fannie Mae, we offer the MyCommunityMortgage program, which helps you say “Yes” to an increasingly diverse population of low – and moderate – income borrowers.
Features include:
- Fixed or adjustable rate loans
- LTV/CLTV up to 100% / 105%*
- Reduced Mortgage Insurance requirements
- Financed Mortgage Insurance up to 100% CLTV
- Non-traditional credit profiles accepted
- Only $500 borrower contribution required in some cases
- Boarder Income permitted
- Income limits waived in FannieNeighbors areas
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Home
Equity
Whether you're looking to improve your home, consolidate debt,
or pay for college tuition, a Home Equity loan through Premier Banks
is the ideal solution. We offer short-term, fixed-rate loans
specifically designed to fit your needs.
As an added bonus, save money by having your Home Equity payments
automatically deducted from your Premier Bank account.
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Installment
Loans
Whatever the purpose, we can provide a loan to fit your needs.
Installment Loans are an excellent solution as they let you pay
for your purchases over time. Premier Banks offers secured
and unsecured loans for:
- Automobile
- Boat
- RV - Recreational Vehicle
- Mobile Home
- Motorcycle
- and more!
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