The Bank of Elk River serves the financial needs of individuals and businesses in Elk River, Otsego, and Zimmerman Minnesota.
The Bank of Elk River offers 15 year Adjustable Rate Mortgages, in-house, for our customers.
For all other first mortgage products, including but not limited to, Construction, Conventional, FHA, USDA, and Reverse Mortgages, we maintain a referral based partnership with a locally owned and trusted mortgage company.
Whether you’re a first time home buyer, buying that dream home or lake property, refinancing your home to reduce your monthly mortgage payments or purchasing investment property, we want to help you find the right program for your needs.
Find Out How Much You Can Afford
The first step in obtaining a mortgage is to determine the type and amount of loan for which you qualify for. In the case of buying a home, it is extremely beneficial to determine how much home you can afford even before you begin looking. In doing so, you will be able to have an accurate price point when you are looking for the right home, and will be able to begin to establish and accurate budget for homeownership. By completing a mortgage application and gathering a few items, you can be pre-approved to purchase your new home!
When should I refinance?
It is often said that you should refinance when mortgage rates are 1% lower than the rate you currently have on your loan. This is not always the case. Refinancing may be a good option even if the interest rate difference is minimal. Also, you may not be in the best mortgage product for your current financial situation. For example, you might have an ARM (adjustable rate mortgage) and now you might be better of with a Fixed Rate Mortgage. We can help determine if a refinancing is the best option for you at this time.
The in-house mortgages are kept at the bank as part of our loan portfolio. Payments for this type of loan can be made at any of our locations. For more information on these loans, please contact:
Main Street Office:
Sue Engholm, MLO #539457 #763-241-8561
School Street Office:
Lee Schultz, MLO #539023 #763-241-8563
Beth Keller, MLO #539118 #763-241-8559
Main Street Office:
Corey Wemple, MLO #956625 #763-274-6890
Contact a Mortgage Lender
Loan applications will only be accepted from persons in the Greater Northwest Minneapolis / St. Paul Area. For more information about mortgage or construction loans:
- e-mail us at Loans@TheBankofElkRiver.com. Responses will be made during regular business hours.
- call us at 763-441-1000