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Conventional Mortgages
Our most popular type of loan, a Fixed-Rate mortgage is a great solution because it's predictable and stable.
- Common uses include purchasing and refinancing a home
- Allows for precise budgeting
- Interest rate remains the same for the life of the loan
- Serviced in-house by people you know
- Loan can be seen in both Online and on our Mobile Banking App
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Balloon Mortgages
Certain situations don’t fit the cookie-cutter mold of the secondary market; a balloon mortgage can be a great alternative!
- Commonly used for bare land acquisition, unique property purchases and properties with a blend of residential and commercial purposes
- 5-7 year interest rate lock
- Payment amount may increase or decrease, based on the interest rate
- Terms can be customized to fit your preferences
- Generally faster turnaround times
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HELOC's
Home Equity Lines-of-Credit (HELOC's) take advantage of the equity in your home. Use this line-of-credit to update your home... and more!
- Commonly used for updates to your home, a HELOC is a great tool to have in your back pocket for updates now and in the future
- Approvals based on the equity in your home and your loan-to-debt ratio
- The funds can be used for anything – home remodel, debt consolidation or a vehicle purchase
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Construction Loans
Building new? Adding on? Use this type of loan to fund your project.
- Interest-only payments on principle drawn until completion
- Loan draws are handled by FNB Osakis (or a title company, whichever you prefer)
- Loan amounts are determined by the cost of the build and the projected value of the property
- Loans are typically refinanced to either convention or balloon mortgages after completion
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Construction-to-Perm Loans
This loan is the all-in-one solution for purchasing a lot and building a home!
- Interest-only payments until completion
- Eliminates the need for additional appraisals and closing costs by having a single closing loan
- 2-Phase loan – initial phase is typically 6 months to cover the build/remodel of the property, and the loan automatically rolls into the 2nd phase, which include regular amortizing payments
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Refinance
Refinancing your existing mortgage could be very worthwhile! If you're considering refinancing, you may benefit from one (or more) of the following:
- Better interest rate
- Lower monthly payments
- Stabilized costs
- Shorten loan term
- Combine mortgages
- Consolidate other debt
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Meet Our Mortgage Pro!
Ryan Peterson
Assistant Vice President & Residential Lender (NMLS #1069585)
(320) 335-5803 | rbpeterson@fnbosakis.net
Alexandria Native | Bicycle Enthusiast | Neat Freak | Father | Adventure Seeker
I love being a part of and helping customers cross financial milestones.
“Sometimes you will never know the value of a moment until it becomes a memory.” - Dr. Seuss
*Programs listed subject to change and availability