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! Limited Time1 - Mortgage Rate Relief Program

Does the house of your dreams seem out of reach? Is your income at or below 80% of the county median? You may qualify for this new program, where rates are approximately 2% lower than market rates2. Can be used for a purchase or refinance. Contact us today for full details! 

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. 

Save $1,000 with Our Heroes Program

Active or retired first responders (firefighter, law enforcement, or EMS worker) can save up to $1,000 on a loan origination fee for a new primary home or refinance through our Heroes Program. This is our way of saying "Thank you" for your commitment to keeping our communities safe. Simply ask your banker if you qualify. 

Six steps to get you into your new home.

Step One

Get pre-approved so you know how much house you can afford and get an edge on the competition by providing a pre-approval letter with your offer.

Step Two

Submit an application once you have an accepted offer on your new home. You will likely need to provide the following:

  • ID and Social Security number
  • Pay stubs from the last 30 days
  • W-2s (or I-9s) for the last two years
  • Proof of any other sources of income
  • Federal tax returns
  • Recent bank statements
  • Details on long-term debts such as car or student loans
  • Real estate property information

Step Three

Stay in touch with your lender and respond promptly to any requests for more information.

Step Four

Thank you for your patience, as many "behind-the-scenes" activities need to happen, like scheduling an appraisal to ensure a home's value aligns with the purchase price and a title search to make sure there are not any outstanding liens on your new property.

Step Five

Avoid making any large purchases or moving large amounts of money to ensure your debt-to-income ratio stays intact.

Step Six

Get ready for closing by carefully reviewing all of your paperwork, get a cashier's check that covers your down payment (possibly any closing costs), and arrange to get a proof of homeowner's insurance.

Congratulations! After closing, it is time to celebrate your new home and all of the adventures that await you. 

Meet Our Mortgage Lending Team

Contact a lender to get your questions answered and on the right track to making your housing dreams come true. 

Related Services

Other solutions worth a closer look.

Calculators are provided by Banzai. This calculator is being provided for educational purposes only. The results are estimates that are based on information you provided and may not reflect The Bank of Elk River product terms. The information cannot be used by The Bank of Elk River to determine a customer's eligibility for a specific product or service. All financial calculators are provided by the third-party Banzai and are not associated, controlled by or under the control of The Bank of Elk River, its affiliates or subsidiaries. The Bank of Elk River is not responsible for the content, results, or the accuracy of information.

1 In 2024, the Federal Home Loan Bank of Des Moines has allocated $25 million in voluntary contribution funding for the Mortgage Rate Relief program, with a member limit of $10 million UPB. These funds are available on a first-come, first-served basis.  

2 The Mortgage Rate Relief interest rate offered by FHLB Des Moines will be approximately 2% below prevailing market rates at any given time.