Mortgage & Home Finance
Buying or Building?
Today’s housing market moves fast, and so does First PREMIER’s home loan processing.
Refinancing
Reduce your loan term, rate or payment, consolidate debt and more. We’ll help with the math.
Choosing a Home Loan
Whether you're buying, building or simply need a bigger place to call home, First PREMIER Bank can help you find the right rates and terms for your situation. We have access to an array of loan products and programs for every stage of homebuying. All lending decisions are made locally, and we're committed to providing personal, responsive service throughout the process.
Refinance Your Home
Refinancing your current home loan can potentially help you save money by lowering your payment or shortening the term of your loan. A cash-out refinance allows you to use the equity in your home to make major purchases or do home improvements. First PREMIER Mortgage bankers can run the numbers and help you explore the best options for your needs.
Making Homes Happen
Whether it's your first or forever home, First PREMIER Mortgage bankers are committed to making it happen. From application to closing, we're by your side speeding along the process and responding to your needs. Our mortgage lending decisions are always made locally by people who know you and your community.
Build or Buy?
Trying to decide if you should build or buy a house? We break down the benefits and challenges.
Mortgage Mishaps
Once you are approved for a home loan, avoid these common mortgage mishaps.
Types of Home Loans
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Conventional Mortgage: A conventional mortgage is not insured or guaranteed by a government program.
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Fixed-rate Mortgage: With a fixed-rate loan your interest rate is set when you take out the loan and does not change.
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Adjustable-rate Mortgages: An Adjustable-Rate Mortgage (ARM) is a loan where the interest rate could change after a fixed period of time.
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Construction Loan: A construction loan is a short-term loan that covers materials and the cost of the builder. A construction loan is typically rolled into your long-term home loan at closing.
Mortgage Programs
- First-Time Homebuyers: First-time homebuyers may qualify for loans that are offered and insured by the government or a government-sponsored enterprise.
- FHA: An FHA loan is regulated and insured by the Federal Housing Administration (FHA). With an FHA loan, home buyers may qualify for a lower down payment.
- USDA: Homebuyers in rural areas may qualify for a USDA loan backed by U.S. Department of Agriculture (USDA). A USDA loan typically has a lower interest rate and requires no down payment.
- VA: A VA loan is offered by the Department of Veterans Affairs (VA) to qualified active service members, veterans and surviving spouses.
- Down Payment Assistance: Some buyers may qualify for a forgivable grant or loan to help cover a down payment or closing costs.
Frequently Asked Questions
How can I see what a monthly payment might be?
We have an extensive library of online mortgage calculators and financial tools to help you estimate payment information. The information provided by these calculators is intended for illustrative purposes only and is not intended to purport actual user-defined parameters.
Are there any loan programs that don't require a down payment?
Yes, there are loan programs that do not require a down payment. If you and/or the property you are purchasing meet certain credit, employment history, location and other determining factors, a zero-down payment loan may be an option for you. Contact one of our mortgage lenders to see if this is an option for you.
What is private mortgage insurance?
Private mortgage insurance protects the lender against default and enables the lender to make a loan. Lenders often require mortgage insurance for loans where the down payment is less than 20% of the sale price. You may be billed monthly, annually, by an initial lump sum, or some combination of these practices for your mortgage insurance premium.
Once I submit my application online, how long will it take before I know if I've been pre-qualified?
You will receive a phone call from one of our Mortgage Loan lenders within 24 hours (during standard business days) of submitting your application. Depending on the complexity of your loan scenario, the pre-qualification process is fairly quick. A "pre-qual" is a guide as you go through the home buying process. It does not guarantee you will be approved for the mortgage.
Is there a fee to submit my mortgage application online?
No, applying online is free.