Employee Spotlight: Director of Real Estate Lending, Corey Wemple

If you’re looking for a knowledgeable mortgage lender who puts customers’ interests first and foremost, look no further than The Bank of Elk River’s Corey Wemple. With nearly 15 years under his belt as the Director of Real Estate Lending, Wemple has a seasoned understanding of the real estate market, trends, contractors, and financing options. Did we mention he has been named Best Mortgage Lender by the Star News Readers’ Choice Awards seven times? It’s true. 

Here’s what Corey is seeing in the housing market:
Inventory is slowly increasing as spring approaches, and rates seem to be stabilizing. Houses are continuing to sell quickly, and loan closings are occurring faster than last year. On average, inventory is sitting for 40 days on the market, so if you are looking to move, now is the time to get pre-approved. 

Corey and his team can help you finance your next home with several loan options:

• New Construction – if you are looking to build your dream home, a new construction loan may be a great fit. This type of loan provides financing during construction as different levels of completion occur, and you make interest-only payments. Once construction is complete, this loan is refinanced into a permanent mortgage. Check out our current special offer on New Construction loans available March 15, 2024 through May 31, 2024. 
• Fixed-Rate Conventional Mortgage – this type of home loan is great if knowing your interest rate will never change during the entire term of your loan is a priority to you. The interest rate stability allows you to have predictable monthly payments, making it easier to budget and plan for the future. At The Bank of Elk River, we offer a special in-house conventional mortgage where we service the loan locally allowing for greater flexibility and a quicker closing.
• Adjustable-Rate Mortgage (ARM) – if mortgage rates are expected to lower or you are planning to move within five to 10 years, this is a great option. During the initial period, which is typically five or 10 years, the interest rate remains fixed, offering borrowers a lower introductory rate. However, once this period ends, the interest rate adjusts periodically based on prevailing market rates. At The Bank of Elk River, we offer a 5/5 ARM (initial rate is fixed for five years and then adjusts every five years), and a 10/1 ARM (initial rate is fixed for the first 10 years and then adjusts every year after).

The following loan types are new to Corey’s team as of March 2024:

• USDA Rural Development Guaranteed Loan – this is a mortgage program backed by the United States Department of Agriculture (USDA), designed to assist low to moderate-income families in purchasing homes in eligible rural areas. These loans typically offer competitive interest rates and low to no down payment requirements. 
• Federal Housing Administration (FHA) Loan – this government-backed mortgage is designed to assist homebuyers, particularly those with lower credit scores or with limited cash available for large down payments. The loan is insured by the FHA, which allows lenders to offer more lenient qualification requirements. It is a popular choice for first-time homebuyers.
• VA Loan – this loan type is available to active-duty service members, veterans, and eligible surviving spouses. The loans are guaranteed by the U.S. Department of Veterans Affairs, which allows qualified borrowers to secure favorable terms like no down payment requirement, competitive interest rates, and limited closing costs. 

What makes Corey and his team a great choice for your next home loan (or refinance)?
Corey and his team are dedicated to helping customers through the entire home-buying process, turning it from a sometimes stressful experience into a fun one. Because the team is local and handles many aspects of the loans themselves, closings typically have a fast turnaround helping you get into your new home (or new payment) faster.

If you are ready to get prequalified, contact Corey Wemple (NMLS# #956625) today.