Conventional Mortgages

Credit Cards

Now you can enjoy the world’s most respected card while working with the northern Minnesota folks you know and trust!

Security State Bank offers Visa credit cards. These hometown accounts are issued and handled directly by us, so there is no waiting around if you have a question — we’re here to answer it. If you need a cash advance, we’ll take care of it.

Scorecard

One of the best features of a Security State Bank Visa card is the Scorecard program, through which you can earn points for each dollar that you spend. Points can be redeemed for gift rewards ranging from gift certificates to large screen TVs, or the points can be used for travel benefits, including hotel discounts or a round-trip airline ticket to any destination in the U.S., Caribbean, Europe or Asia!

AutoPay

Another great feature is Auto Pay. You can set up your account to have the payment automatically taken out of your checking or savings account each month. This feature is a great way to save you time, money and hassle! Or if you’d rather make your payment at our branch each month, you can drop it off, and the payment will be credited to your account that day.

To apply for your hometown Visa card, download the application or stop by and visit us today.

Fixed-rate Home Loans

Conventional mortgages are the most common type of home loan and provide you the ability to have a fixed-rate mortgage for 10, 15, 20, or 30 years. A conventional mortgage can be used for a primary home, second home and investment properties.

Conventional Loan Qualification Criteria

Down payment: Conventional mortgage loans typically need larger down payments than required with government-backed loans. A typical down payment for a conventional loan is 3%-20%. If the down payment amount is lower than 20%, private mortgage insurance (PMI) is required.

Credit score: Typically, a credit score of 640 is the minimum to obtain a conventional loan, and 740 is the minimum score you need to get the best rates available.

Ability to repay: Borrowers must show they have the ability to repay the loan based upon their current income.

Debt-to-income ratios: One of the main factors when determining your ability to afford a loan is your debt-to-income (DTI) ratio. Your DTI ratio is the relationship between your monthly debt payments and gross monthly income. This ratio needs to be reasonable to qualify for a conventional mortgage loan, meaning the amount you spend on monthly payments needs to be “reasonable” compared to your monthly income. Typically, your ratios need to be less than 43%, but it is possible for them to be higher.