Locations & ATMs
Home Loans
Your homeownership goals + our financing solutions = dream result.
Home mortgage options you can bank on.
Whether you're purchasing or building your first home or refinancing your current one, we've got you covered with loans for almost every need. At The Bank of Elk River, our mortgage lenders are different. They genuinely care about your homeownership goals and will do whatever it takes (within law, of course) to help you reach them.
- Competitive Rates
- Flexible Terms
- Award-winning Lenders
- Quick Closings
Mortgage Loan Options
Fixed-Rate Conventional Mortgage
Best if your priority is knowing your rate will never change and your principal and interest payment will stay the same during the life of the loan. Can also be used to refinance.
In-House Fixed-Rate Conventional Mortgage
Almost identical to a traditional fixed-rate conventional mortgage but we manage your mortgage locally allowing greater flexibility and a quicker closing.
In-House Adjustable-Rate Mortgage (ARM)
Best if you plan to move or refinance within five to 10 years. We manage your mortgage locally allowing greater flexibility and a quicker closing. Choose from a 5/5 arm (5-year fixed rate w/ rate changes every 5 years) or a 10/1 arm (10-year fixed rate w/ rate changes every year).
New Construction Loans
Building your dream home can be as stressful as it is exciting. We offer flexible financing solutions and an experienced lending team to guide you every step of the way.
USDA Rural Development Guaranteed Loan
Gives families and individuals the opportunity to buy affordable homes located in rural America. Eligibility for these loans is based on income and varies according to the average median income for each area.
Federal Housing Administration (FHA) Loan
Backed by the U.S. Government, best if you have debt or a lower credit score. May also qualify with a bankruptcy or other financial issues on your record.
VA Loan
Best for Veterans, service members, and their survivors to purchase or refinance a home. Offered through the U.S. Department of Veterans Affairs, a VA mortgage may offer better terms than a traditional mortgage.
