When you purchase financing from First National 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.
Personal Mortgage
Great Loans Close to Home
Meet Our Mortgage Lender
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.
The Process in Layman’s Terms
The First National 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:
- 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.
- 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.
- 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.
- 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.
- 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 National 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 April 2015
| Mortgage Loan Officer | Mortgage Loan Officer Number |
|---|---|
| First National Bank of Elk River | 408946 |
| Becky A Elifrits | 521593 |
| Susan L Juenemann | 849024 |
| Lori K Neisess | 521589 |
| Chris Randall | 682454 |
| Dennis Kudak | 407896 |
| Doug Savaloja | 431486 |
| Linda Dalmeida | 1153333 |
| Susan Henderson | 1027480 |
| Jennifer Gilmore | 1235524 |
| Leonard Kirscht | 1249649 |
