We do everything possible to make you feel right at home.
Buying a home is exciting. But it's a big investment and there are major decisions to be made. At Starion Bank, we go the extra mile to offer clear guidance during the financing process. Our Mortgage Bankers will patiently answer all your questions and let you know about everything you'll need for your application.
Just as importantly, they'll take the time to explain all the different mortgage types and help you choose the one that makes the most sense for your finances and your lifestyle.
- Choose loans that give you 10, 15, 20 or 30 years to repay
- Stable monthly mortgage payments makes for easier monthly budgeting
- Affordable rates and low closing costs
- Shorter loans come with higher monthly payments, but allow you to reduce debt and create equity more quickly
- Mortgage interest payments are often tax-deductible. Consult your tax advisor.
- Refinancing options available.
- Pay a lower rate for a specified time period
- When the introductory period ends, the rate may be adjusted periodically
- Loan caps limit rate increases
- Good choice if you plan to move again in a few years or you expect your household income to increase
- Download the Consumer Financial Protection Bureau's consumer handbook on adjustable rate mortgages.
- Financing for larger homes or those in more expensive neighborhoods
- Applicable to mortgages exceeding $510,400
- Fixed-rate and adjustable-rate Jumbo Loans available
- Borrow up to 90% of loan-to-value amount without mortgage insurance
Federal Housing Administration
- Less-than-perfect credit history is acceptable
- Fixed-rate and adjustable-rate loans available
- Some funds can be provided as gifts from family members
- Income limits may apply
- Often a good choice for first-time homebuyers
Department of Veterans Affairs (VA)
- Active duty military, veterans and reservists are eligible
- Reduced closing costs
- No private mortgage insurance (PMI) necessary
- Flexible credit requirements
Other Loans and Financing Programs
- Home Possible: Can be used with the HomeStart grant that may cover the down payment. Borrowers must be a first-time homebuyer (some exceptions apply).
- Home Ready: Is eligible to be used with the HomeStart grant that may cover the 3% down payment.
- USDA Rural Development: Provides low interest, low down payment loans for borrowers who wish to purchase housing in rural areas and selected suburbs.
- 203(k) Rehabilitation Program: Allows qualified borrowers to finance up to an additional $30,000 for home renovations.
- Home Start Grant: These funds are available through Starion and may be used by lower-income borrowers for down payment and closing costs.
- Manufactured Home Loans: If a manufactured home is larger than single-width, built after 1978 and affixed to a permanent foundation, it may be eligible for financing
- Bridge Loans: If you’re buying or building a new home, a bridge loan provides short-term financing that lets you complete the purchase and closing process before you sell your current home.
- What do you need for a Starion Bank mortgage application? Take a look at our mortgage checklist and start gathering materials.
- Before you start house-hunting, it's a good idea to know how much home you can afford. Our mortgage calculators help you crunch the numbers.
- Ready to get started? Talk with a banker to start the application process or apply online to get pre-qualified.
Starion Bank is a full-service financial institution with branches in North Dakota and Wisconsin.