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Personal Mortgage

    Home Personal Mortgage

    Great Loans Close to Home

    When you purchase financing from First Bank Elk River Mortgage, you’re getting more than just a loan. You’re establishing a relationship with local individuals that have years of experience in the industry.

    Meet Our Mortgage Lender

    Doug Savaloja

    Doug Savaloja offices out of our Main Office at 812 Main St NW in Elk River. Contact him at 763-433-3843, or dSavaloja@fnber.com to get started today! NMLS #431486

    Your Goals Come First

    We look beyond the initial numbers you’ll find in automated pre-qualification calculators to make sure you end up with a loan that’s right for you both in the short-term and the long-term.

    Your Time is Valuable

    You have other things to do with your time. We’ll equip you with tools and checklists to make sure you know exactly what to expect and we’ll provide you with ongoing updates using the communication method of your choice (e-mail, phone, face-to-face, etc). Live your life while we take care of your loan.

    See us Walk the Talk

    Begin the process today by contacting us online. We look forward to serving you.

    Begin!

    The Process in Layman’s Terms

    The First Bank Elk River Mortgage process is intended to provide quality products in a timely fashion. Preparation is key to ensure a stress-free process, so here’s a quick breakdown of the steps in the process:

    1. Pre-Qualifying – Use our mortgage calculator to figure out what you can realistically afford in order to start your shopping. Unlike many lenders, we recommend being conservative in your estimates. We’d rather see you comfortable with a slightly smaller loan than strapped with a larger one.
    2. Applying for a Loan – Contact us electronically, by phone 763-241-3637 or in person. Once you have located your property of choice (or determined that you’re ready to refinance), it’s time to begin the formal application process. Check out our Practical Application Checklist to make sure you have what you need to get going.
    3. Selecting the Specific Type of Loan – After reviewing your application and discussing your short and long-term goals, your Mortgage Banker will work with you to select a specific loan that will meet your needs. Options include: Fixed Rate Loans, Variable Rate Loans, FHA & VA Loans.
    4. Loan Processing / Approval – This step is typically the longest in the process. During this step your Mortgage Banker is hard at work validating your income, arranging for a property appraisal, and completing the necessary paperwork in order to determine whether or not your loan will be approved. (Expect periodic updates from your mortgage banker each step of the way.)You’ll be asked to sign several documents in order to finalize your loan. Once your signed documents are received, your Mortgage Banker will complete the necessary paperwork to prepare for the closing of your loan.
    5. Closing – Generally speaking, the closing consists of the verification and signing of the legal documents necessary to complete the transaction, and the exchange of funds (your down payment and any necessary closing costs). The closing typically takes place at the offices of a title company and/or in front of a notary public.

    Loans for Just About Any Circumstance

    How long do you plan to keep the home?

    If you’re going to sell the house in a few years, you may want to consider an adjustable or balloon loan in order to obtain a lower short-term interest rate. On the other hand, if you plan to keep the house for a longer time, you may want to look at fixed loans so you won’t have to worry about fluctuations in the market.

    Consider “buying down” with points.

    Points are considered to be prepaid interest and are tax deductible. Each point is equal to one percent of the loan. So, for example, one point on a $150,000 loan is $1,500. The more points you pay, the lower the rate you will get.

    Do some loan program comparison shopping.

    Loan programs offer different rates, terms, points and fees. We have a wide variety of programs, with new ones coming out all the time. Talk with a First Bank Elk River Mortgage Banker to review the details of several options before you decide on a specific loan.

    Check out our current mortgage rate sheet for more information.

    Your Practical Application Checklist

    What you’ll need to get the process rolling:

    • Contact information for each borrower
    • Historical address information (two years)
    • Employment history (two years)
    • Copies of last two years of W-2’s and/or 1099’s
    • Most current statements for all asset accounts (including numbers/balances)
    • List of monthly credit payments (creditor, account number, balance and payment)
    • Copy of most recent pay stubs for each borrower
    • Copy of most recent mortgage statement
    • Purchase agreement (if applicable)
    • Payment for credit report and appraisal fees

    Other information you may need:

    • Divorce decree and/or bankruptcy papers (if applicable)
    • Student transcripts
    • If self-employed or commission-based, two years of income tax returns

    Mortgage Loan Officers

    Registered with the Federal Registry
    under the SAFE ACT
    The Secure and Fair Enforcement for
    Mortgage Licensing Act of 2008
    As of January 2023

    Mortgage Loan OfficerMortgage Loan Officer Number
    First Bank Elk River408946
    Angela Christenson884897
    Angie Rasmussen712633
    Becky A Elifrits521593
    Becky Wiehoff1880164
    Chad Vitzthum1470027
    Chris Randall682454
    Courtney Madden2128280
    Doug Savaloja431486
    Jeffrey P. Mueller1661557
    Heidi L Jensen2374281
    Kevin Steffensmeier110423
    Lynn Norris2039962
    Scott Fritz1883280

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    • Online Banking
      • Digital Banking
      • Remote Deposit Login
    • Home
    • Personal
      • Accounts
      • Mortgages
      • Cards
      • Personal Loans
      • Online & Events
    • Business
      • Accounts
      • Services
      • Cards
      • Loans
    • Rates
      • Checking Accounts
      • Savings Accounts
      • Regular and IRA Certificates of Deposit
    • Locations
    • Careers
      • Current Openings
      • Careers At First Bank Elk River
        • Benefits & Compensation
        • Community Events
        • Why First Bank Elk River
    • About
      • Policies & Disclosures
        • FDIC
        • Legal Disclosures
        • Privacy Policy
      • More
        • Contact Us
        • Identity Theft
        • Digital Banking
        • Ransomware Information
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