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With the right mortgage plan, your dream can come true. That’s
why we are proud to specialize in flexible mortgage options.
Home ownership is one of life's top goals. At First National Bank
of River Falls-Prescott, we’re pleased to provide affordable
loan plans that will fit just about every financial situation.
Our team of home financing experts is equipped with a wide selection
of mortgage loan programs and options. No matter what your situation,
they will guide you through the mortgage selection and then finalize
the details of your financing quickly and efficiently. Our Home
Team offers you more than 100 years of financial mortgage experience.
Then try these links:
Take a look at our Calculators.
Today’s home buyers have unique needs. Loan terms should be
suited to meet your lifestyle and budget. Our many mortgage options
include the following popular programs.
The interest rate on this agreement never changes for as long
as you hold your mortgage. It offers the comfort of steady payments.
Fixed rates are available in a number of different terms. Longer
Fixed Ideal for:
- Those who plan to own a home for a long time.
- Those who want the comfort of steady payments.
- Those who have set incomes.
- Those who want low monthly payments.
Shorter Fixed Terms Ideal for:
- Those who want rate consistency.
- Those who can afford slightly higher payments.
- Those who want to reduce interest costs.
- Those who plan to keep the loan 7 years or more.
- Those with set incomes.
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This type of mortgage option became popular when interest rates
were high. On ARMs the interest rate is subject to adjustment
at periodic intervals. The starting rate is typically lower
than on other mortgage loan plans. Ideal for:
- Those who believe rates will stay the same or drop in
the future.
- Those who can count on income increasing in the future.
- Those who plan on owning their homes for up to 5 years.
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Balloon mortgages are fixed rate loans that may be amortized
over a period of years. They have low monthly payments but require
a lump sum payment of the mortgage at the end of the term. Their
rates are typically lower than fixed rate loans. Ideal for:
- Those who plan to sell their home within a few years.
- Those who believe the lower rate more than compensates
for the potential rate adjustment after a few years.
- Those who expect increased income over a few years.
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An FmHA mortgage is insured by the federal government. It
requires no down payment. Loans may be made up to the property's
appraised value. Mortgages are long term with a fixed interest
rate.
Ideal for:
- Those who have only a small down payment.
- Those who want the comfort of steady payments.
- Those who have set incomes.
- Those who want low monthly payments.
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The Wisconsin Housing & Economic Development Authority
provides affordable financing for first-time Wisconsin home
buyers. This mortgage plan requires a minimal down payment
and carries below market interest rate.
Ideal for:
- Low and moderate income levels.
- Wisconsin resident purchasing their first home.
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Fixed rate financing at below market interest rates is available
for Wisconsin Veterans, a Wisconsin Veteran who entered the
service before 4-1-75 or a Veteran who has lived in the state
for the past 5 years, may be eligible. A minimum 5% down payment
is required with typically lower rates than other fixed rate
mortgages. Ideal for:
- Eligible Wisconsin Veterans
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These mortgages are guaranteed by the federal government. They
are offered to qualified Armed Forces personnel, active military
personnel, Veterans or their widows. A VA loan allows flexible
credit standards and the mortgage is often assumable. Ideal
for:
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Building a new home can be very exciting. But financing new
construction requires a special type of mortgage loan. Contractors
and subcontractors will require payment as the construction
proceeds. First National Bank of River Falls - Prescott can
help you through this process and help move you into an adjustable
or fixed rate mortgage.
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At First National Bank of River Falls-Prescott, customers have the
option on all non-government mortgages to have them serviced here-at
home. Choosing a mortgage with this option, means that we handle
your monthly mortgage payments.
- Take care of the accounting of the principal and interest portion
of your payments.
- Calculate ARM adjustments and inform you of payment changes.
- Answer your questions on payment coupons, interest figures,
payoffs, etc. with a local phone call to someone you know.
These options are intended for owner occupied 1-4 family dwellings.
They may be subject to government funding, and/or other restrictions.
When you are choosing a mortgage plan, it is important to learn
all you can in the early stages of the mortgage process. For help
in picking the plan that best meets your financial needs, give one
of our Mortgage Specialists a call at (715) 425-2401 or (715) 262-5000.
To help speed up this process, here is a list of preliminary information
that will be needed for your loan application.
- Employer(s) name, address & phone number for past 2 years
- W-2’s for the past 2-years
- Pay stubs covering wages for the most recent 30-day period
- Last 2 statements for all deposit accounts – checking,
savings, investment, IRA etc.
- If self-employed, provide last 2 years signed and dated personal
& business tax returns (if applicable) with all schedules
attached.
- Landlord’s name and address for past 2 years.
Now take advantage
of Mortgage Express... A streamlined process that allows you to apply anytime, from anywhere, in as little as 20 minutes.
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