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Mortgage Loans

March 29, 2023

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?

For more information about mortgage or construction loans:

Main Street Office:
Corey Wemple | 763.274.6890 - NMLS #956625
Beth Keller | 763.241.8559 - NMLS #539118

School Street Office:
Shawn Butler | 763.241.8556 - NMLS #932424

Otsego Office:
Tricia Schultz-Haemig | 763.241.8590 - NMLS #923849

Zimmerman Office:
Sandra Bouten | 763.274.6851 - NMLS #1186307