Kids in a box

Mortgage Loans

We know how excited you are about your new home

And our Mortgage Loan Officers will do everything possible to keep you smiling. They can help you find the right loan for your financial situation, guide you through the application process and answer all your questions until the day you move into your new place.
  • Fixed-rate and adjustable-rate mortgages
  • Government-backed Federal Home Administration (FHA) and Veterans Administration (VA) loans available
  • Financing ranging from 10 to 30 years
  • Competitive interest rates
  • Refinancing opportunities available
  • Tools and checklists to help you through the application process
  • Ongoing updates using the communication method of your choice - email, text, phone or face-to-face

The Process Made Easy

While imagining yourself in a great new home is fun, the financing process can seem complicated. We've found that the more borrowers understand what's going on, the more in control they feel. That's why we offer this quick breakdown of the steps in the mortgage application process:
  1. Pre-Qualifying: Use our mortgage calculator to figure out what you can realistically afford in order to start your house hunting. We recommend being conservative in your estimates. We’d rather see you comfortable with a slightly smaller loan than strapped with a larger one.
  2. Applying for a Loan: Contact us electronically, by phone at 763-433-3843 or in person. Once you have located your property of choice (or decide that you’re ready to refinance), it’s time to begin the formal application process. Check out our Practical Application Checklist (below) and then gather everything you need to get going.
  3. Selecting the Specific Type of Loan: After reviewing your application and discussing your short- and long-term goals, your Mortgage Banker will work with you to select a specific loan that will meet your needs.
  4. Loan Processing/Approval: This is where your mortgage professional confirms your income, arranges for a property appraisal, and completes the necessary paperwork. (Expect periodic updates from your banker each step of the way.) You’ll be asked to sign several documents to finalize your loan.
  5. Closing: Generally speaking, the closing consists of signing legal documents and making payments such as the down payment and closing costs. The closing typically takes place at the offices of a title company or in front of a notary public.

Buyer Tips

You've probably done a good deal of research on home financing before coming to us. But we'd like to share a little insight that borrowers like you have found helpful.

How long do you plan to keep the home? If you’re going to sell the house in a few years, you may want to consider an adjustable-rate loan to obtain a lower short-term interest rate. On the other hand, if you plan to keep the house for a longer time, you may want to look at fixed-rate loans so you won’t have to worry about fluctuations in the market.

Consider “buying down” points. Points are prepaid interest and are tax-deductible (always consult a tax professional). Each point is equal to one percent of the loan. So, for example, one point on a $250,000 loan is $2,500. The more points you buy down, the better rate you will get.

Do some comparison shopping. Loan programs offer different rates, terms, points and fees. We have a wide variety of programs, with new ones coming out all the time. Talk with a First Bank Elk River professional to review the details before you decide on a specific loan. Our Mortgage Loan Officer Doug Savaloja can provide specific rate information and help answer your mortgage-related questions. Contact him directly at 763-433-3843.

Items for Your Application Checklist

  • Contact information for each borrower
  • Historical address information (two years)
  • Employment history (two years)
  • Copies of last two years of W-2s and/or 1099s
  • Most current statements for all asset accounts (including account numbers, balances and all pages of the statements - don't forget your retirement/investment statements as well)
  • List of monthly credit payments (creditor, account number, balance and payment)
  • Copy of most recent pay stubs for each borrower
  • Copy of most recent mortgage statement
  • Purchase agreement (if applicable)
  • Payment for credit report and appraisal fees

Other information you may need

  • Divorce decree and/or bankruptcy papers (if applicable)
  • Student transcripts
  • If self-employed or commission-based, two years of income tax returns
First Bank Elk River's Mortgage Loan officers are experienced and eager to work closely with you from your first conversation right through your closing date. Want to know more about them? You can get background from the National Mortgaging Licensing System Registry

Mortgage Loan Officer Mortgage Loan Officer Number
First Bank Elk River 408946
Angela Christenson 884897
Angie Rasmussen 712633
Becky A Elifrits 521593
Becky Wiehoff 1880164
Chris Randall 682454
Courtney Cruickshank 2128280
Doug Savaloja 431486
Jeffrey P. Mueller 1661557
Heidi L Jensen 2374281
Kevin Steffensmeier 1100423
Lynn Norris 2039962
Scott Fritz 1883280