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.
Fixed-Rate Mortgages
- Choose loans that give you 10, 15, 20, 25 or 30 years to repay
- Stable monthly mortgage payments make 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.
Adjustable-Rate Mortgages
- 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.
ARM Disclosure Statements
05.01 HE 20 Year Amortization[PDF]
SOFR 05.01 ARM 30 Year[PDF]
SOFR 07-01 ARM 30 Year[PDF]
05.01 HE 15 Year Amortization[PDF]
Jumbo Loans
- Financing for larger homes or those in more expensive neighborhoods
- Applicable to mortgages exceeding the current Fannie Mae Conforming Loan Limit
- Fixed-rate and adjustable-rate Jumbo Loans available
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
Home Construction Loans
- Affordable rates with low closing costs
- Down payments as low as 5%
- Easy transition to permanent mortgage
- Click here for more details and to apply online
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.
- Home Start Grant: These funds are available through Starion and may be used by lower-income borrowers for down payment and closing costs.
- 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.
- Lot Loans: Before you build your dream home, you need the perfect lot. Ready to apply? Call, email or stop in today!
- North Dakota Housing First Time Home Buyer: A program with unique benefits if you're new to buying a home. More program information here.
Starion Bank is a full-service financial institution with branches in North Dakota and Wisconsin.
