Mortgage Loans

 

Mortgage Prequalification

Mid-Central Federal Savings Bank’s Rediqual mortgage prequalification program will assist you in knowing how much you qualify for so you can shop for your home with confidence! This is only the initial step to receive conditional approval, which will determine the amount you qualify for. A loan officer will contact you to assist you in the final steps of the preapproval process Or, if you prefer to reach out to us our number is (218) 631-1414. Thank you for applying on line, we look forward to helping you achieve your goals of home ownership!

Prequalification vs Preapproval

Financial institutions typically make reference to preapproval as being conditionally approved. Real estate agents often inquire about your prequalified or preapproved status to determine what type of home will match your needs and budget. Mortgage prequalifications are only a preliminary decision and not a full approval, but will assist you to establish if buying, building or refinancing a home is right for you.

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We make it easier to buy a new home

 

By PreQualifying we can help you choose the Mortgage Program that best fits your needs.

  • Conventional Loans have a fixed rate and monthly payment for the entire life of the loan. It’s easy to budget for this type of loan because your payment will always be the same. The rate on a conventional mortgage loan is generally higher than an adjustable rate mortgage.
  • Adjustable Rate Loans usually start with lower rates than conventional loans. We’ll let you know how much the rate can be adjusted over the life of the loan, so you’ll know from the beginning the absolute maximum amount you would ever have to pay. If you will be moving in a few years, or if you think interest rates will be going down, you’ll want to consider an adjustable rate since monthly payments may be lower.
  • Home Improvement Loans offer lower interest rates, require a relatively small down payment, and are insured through the Federal Housing Administration.
  • Construction Loans
  • Secondary Market Loans

 

Is Refinancing Right For You? Generally, it’s a good idea for you to consider refinancing whenever the interest rate for mortgages is more than two percentage points below your present mortgage. And whether you apply with us for a new mortgage to buy the home you want, or to refinance your present mortgage, ask about a Homeowner’s Credit Line. It can help you save on fees when you apply; interest when you want to borrow money; and, on taxes at the end of the year.