Mortgage Loans

The Bank of Elk River offers a wide variety of mortgage products including:

• 30- year adjustable rate in-house
• 10, 15, 30 year fixed rate in-house
• 15, 20, 30 year fixed rate options through the secondary market

We also provide construction loans as well as partner with other mortgage vendor partners providing FHA, Rural Development, and VA Loans.

Whether you’re a first-time homebuyer, buying that dream home or lake property, refinancing your home to reduce your monthly mortgage payments, or purchasing an investment property, we want to help you find the right program for your needs.

Find out how much you can afford

The first step in obtaining a mortgage is to determine the type and amount of loan for which you qualify for. In the case of buying a home, it is extremely beneficial to determine how much home you can afford even before you begin looking. In doing so, you will be able to have an accurate price point when you are looking for the right home and will be able to begin to establish an accurate budget for homeownership. By completing a mortgage application and gathering a few items, you can be pre-qualified to purchase your new home!

When should I refinance?

It is often said that you should refinance when mortgage rates are 1% lower than the rate you currently have on your loan. This is not always the case. Refinancing may be a good option even if the interest rate difference is minimal. Also, you may not be in the best mortgage product for your current financial situation. For example, you might have an ARM (adjustable-rate mortgage) and now you might be better off with a Fixed Rate Mortgage. We can help determine if refinancing is the best option for you at this time.

How do I apply?

• To apply for a fixed-rate loan, fill out this Online Mortgage Application.
• To apply for an adjustable-rate mortgage, fill out this Mortgage Application, gather items from the Application Checklist, and then drop them off at one of our four locations.
• To apply for a Home Equity Loan, fill out this Home Equity Loan Application.
• To apply for a Home Equity Line of Credit, fill out this Home Equity Line of Credit application.



Need help choosing which loan to apply for, or just want more details? Send us an email to Loans@TheBankofElkRiver.com or give us a call at 763.441.1000.