Services

Home Loans | Refinancing | Second Mortgage & Home Equity Line of Credit

HOME LOANS

Mortgage lending has become very sophisticated in today's complex financial arena. The decisions you make can have significant consequences for years to come. We provide you with detailed information and skillfully guide you through the loan options so you can make the best financial choices.

The typical steps to obtaining a home loan are:

1. Get Pre-Approved
Before you start house hunting, it is to your benefit to get pre-approved. The assurance of an approval letter will give you a strong negotiation position when you are ready to make an offer and the confidence that you will qualify for home financing.

2. Find a Home
Once you have found your home and are ready to make an offer, contact us. We will provide you with all of the information you need to structure your offer to best suit your particular situation.

3. A Successful Closing
Karen’s team, led by her assistant Denise, will confidently guide you through the process to a successful and stress-free closing.

 

REFINANCING

Whether you are looking to lower your interest rate and monthly payment, pay off your loan with a shortened term, or obtain cash for home improvements, college education or debt consolidation, we can assist with analyzing your situation to structure your refinance to maximize your goals.

Common reasons to consider refinancing include:

Lower Your Payment - Save Money
If interest rates fall below your current mortgage rate, refinancing may be a great idea. The old concept that rates must be 2% below your existing loan is no longer accurate. There are a variety of “low” and “no-cost” options that have greatly decreased the rate difference needed to make refinancing profitable. We'll analyze your situation and goals to determine whether refinancing in the current interest rate environment makes sense for you.

Get Cash Out
If you are looking for ways to obtain cash for home improvements, college education or debt consolidation– or perhaps to invest in other real estate, the equity in your home can be an excellent source. Depending on the current market rates, a second mortgage or home equity loan may be a better choice for you. We'll be happy to run comparisons for you so you can make an informed decision.

Adjustable Rate Conversion
If you originally financed your home with an adjustable rate mortgage and you want more stability in your mortgage payments, call us to discuss refinancing to a fixed rate mortgage.

 

SECOND MORTGAGE & HOME EQUITY LINE OF CREDIT

A second mortgage is a loan secured by the equity you have in your home. It is set up as
an installment loan with fixed payments. While interest rates on second mortgages are
higher than those charged on first mortgages, closing costs are generally lower.

A home equity line of credit (HELOC) also allows you to borrow against your equity, but
with a key difference. The loan is set up as a variable rate credit line giving you the
ability to borrow and pay back the funds on an ongoing basis. It can be a great way to
give you the security of knowing that you have funds readily available should you need
them – while only paying interest on what you actually borrow.

We are here to help you determine what type of loan would be best for your particular situation.

 

 

 

 

 
   
 

Contact Karen

CALL 651.203.8303
FAX 651.203.8333
Karen.Montour@Alerus.com

 
   
     
RMG/Alerus  
   

 

   
Equal Housing Lender

 

 

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