701 East Howard Street
Hibbing, MN 55746-0279
Phone: (218) 263.8855
Toll Free: (800) 819.0839

Mortgage Loan Programs

Fixed Rate Mortgage

A fixed rate mortgage is beneficial to those who are looking for stability in their monthly payment, which will not go up or down throughout the life of the loan.  Typically, if you plan to live in your home for a long period of time, a fixed rate is optimal.


Interest rate does not change

Payments remain the same

If interest rates drop, you can refinance

If interest rates rise, your rate is protected

Federal Housing Association Mortgage (FHA)

The FHA mortgage is a loan that is guaranteed by the government, eliminating the need for private mortgage insurance.  Also, due to more relaxed qualifying guidelines, those with less than perfect credit are able to qualify.


Easier to qualify

Greater loan to value

Ability to streamline refinance

Department of Veteran Affairs Mortgages (VA)

Similar to the FHA mortgage, a VA mortgage allows veterans with low income and blemished credit to qualify for a loan.


Easier to qualify

Interest rates are similar to conventional loans

Eliminates PMI and MIP (monthly mortgage insurance)

Rural Housing


No “first-time homebuyer” and/or “homebuyer certification” requirements

No reserve requirements

Competitive rates

Jumbo Mortgage

A jumbo mortgage is a mortgage that exceeds the loan amount maximum for a conforming loan, set forth by Fannie Mae and Freddie Mac.


Allows you to finance higher loan amounts

Prevents you from liquidating your assets for a down payment

Adjustable Rate Mortgage

Adjustable Rate Mortgages (ARMs) typically have a low interest rate for a fixed amount of time at the beginning of the loan.  After this time, the rate then adjusts every year, depending on the current market conditions.  This product is good for someone who plans on living in their house for a short period of time or those who don’t mind the variability of their payments in exchange for the initial low rates.


Lower initial monthly payment 

Rates and payments may go down if rates drop