Customer Connection: (763) 241-3637
NOTICE FOR YOUR PROTECTION All in-person debit card transactions made outside of Minnesota will require that you use your PIN
First Bank of Elk RiverFirst Bank of Elk RiverFirst Bank of Elk RiverFirst Bank of Elk River
  • Online Banking
    • Internet 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
      • Disclosure of Our Funds Availability Policies
      • Legal Disclosures
      • Privacy Policy
    • More
      • Contact Us
      • Donation Request
      • Identity Theft
      • Ransomware Information

Choosing A Loan

  • What To Expect
  • Getting Organized
  • Choosing A Loan
Home Private: Personal Private: Mortgage Choosing A Loan

Loans for Just About Any Circumstance

Choosing the right loan program is probably one of the more technical steps in the loan process. Here are a few basics to help guide your decision making process:

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.

Quick Links

  • Remote Deposit
  • Order New Checks
  • ATM Locator
  • Identity Theft

Quick Links

  • Lost or Stolen Card
  • Protect Your Internet Banking
  • Privacy Policy
Logo
Routing #091903844 | NMLS #408946
Member FDIC | Equal Housing Lender | Copyright 2020 First Bank Elk River | All Rights Reserved
  • Online Banking
    • Internet 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
      • Disclosure of Our Funds Availability Policies
      • Legal Disclosures
      • Privacy Policy
    • More
      • Contact Us
      • Donation Request
      • Identity Theft
      • Ransomware Information
First Bank of Elk River
This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Cookie settingsACCEPT
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are as essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
SAVE & ACCEPT