Mortgage Loans

We want to help.   Before you apply, take our Home BuyAbility Test; it will help you find out how much home is right for you before you start to shopping.  Then, we are ready to help you through the application process.  We can get your pre-approval ready, and when you have found your home, you will be set with a convenient mortgage loan with Mid-Central.

Select A Mortgage Loan To Fit Your Financial Situation.   Talk with one of us to help you decide which type of loan may be right for you.

• Conventional Loans have a fixed interest rate for the entire life of the loan.   We will estimate your closing costs so there are no surprises.
• Adjustable Rate Loans usually start with lower rates or lower fees than conventional loans. We’ll let you know how much the rate can be adjusted over the life of the loan, so you’ll know  the maximum interest rate you would ever have to pay. Adjustable rate loans are a great option for that starter home or if you may be moving in a few years.
• Construction Loans if you are ready to build your one-of-a-kind dream home.  You only pay interest on the amount you borrow.

Once you know approximately how much home is in your price range, use the guide below or our convenient Mortgage Loan Calculator to estimate your monthly principal and interest payment.

The rates below are for illustrative purposes only. They are based on the Annual Percentage Rate (APR) indicated for principal and simple interest over 30 years with 360 payments. Most Mortgages require at least 20% down payment to determine the mortgage amount.

Monthly Mortgage Payment Guide
Mortgage Amount		4% APR	5% APR	6% APR	7% APR	8% APR
$ 60,000		$ 286	$ 322	$ 360	$ 399	$ 440
$ 80,000		$ 382	$ 429	$ 480	$ 532	$ 587
$ 100,000		$ 477	$ 537	$ 600	$ 665	$ 734
$ 120,000		$ 573	$ 644	$ 719	$ 798	$ 881
$ 140,000		$ 668	$ 751	$ 839	$ 931	$ 1,028
$ 160,000		$ 764	$ 859	$ 959	$ 1,064	$ 1,174
$ 180,000		$ 859	$ 966	$ 1,079	$ 1,198	$ 1,321
$ 200,000		$ 955	$ 1,074	$ 1,199	$ 1,331	$ 1,468

Closing costs are normally paid in a lump sum at the time you take out the loan. Other annual costs such as taxes, property insurance and mortgage insurance are not included on the chart and may be added to your monthly payments.

Is Refinancing Right For You?

Use your existing equity to payoff higher-interest debt, make improvements, or other larger cash needs.  We will discuss your options and give you our best advice.

 

Speak to one of our mortgage loan experts below.

Alanna or Brian in Wadena at 218-631-1414, Dan in Long Prairie at 320-732-6191 or Angie in Staples at 218-894-3900