Mortgage Loans & Refinancing
Fixed-Rate Mortgages
A standard fixed-rate loan where the interest rate is locked for the entire term of the loan. This is traditionally the most popular way to finance a home.
Conventional, VA, FHA and USDA Rural Development are available. Fixed monthly payment. Low down payments available for qualified borrowers. Escrow service available for taxes and insurance.
Balloon mortgage options are also available. The balloon is a fixed-rate mortgage in which the principal and interest payments are amortized over a longer period than the actual term of the mortgage. As a result, the borrower must refinance or pay off the outstanding balance at the end of the mortgage term. This is a good option for a non-traditional or agricultural property that may not conform to traditional fixed-rate guidelines.
Mortgage Refinancing
Refinancing your mortgage is a great way to take advantage of lower interest rates, consolidate debt, or reduce one’s monthly payment or term of loan. It is very important to discuss your goals and all options with a mortgage professional who can evaluate your situation.
All fixed rate mortgage options are available.
- Take advantage of lower interest rates.
- Pay off your home sooner. Lower your monthly payment.
- Pay for home improvements or pay off other existing debt.
Other Mortgage Loans
For all your home mortgage needs, contact one of our experts at 507-775-2316.
Construction Loans
A line of credit that you draw from to cover the costs of building a new home. Interest is accrued and billed monthly on only the money you have drawn.
*Competitive, fixed interest rate through the construction period.
Residential Lot Loan
Loan used to buy the land you want to build your new home on. Fixed interest rate and payment amount.
*Flexible term and down payment options available.
Vacation Home Loan
Affordable vacation home financing options available. Similar rate and term options available to vacation homes as primary home.
*Fixed rate and balloon mortgage options.
Calculators
Loans FAQs
If I have a checking account and a loan, can I make an automatic loan payment?
You may have First Security Bank set up the transfer for you, or you may establish a transfer in on-line banking.