The Benefits of a Fixed-Rate Loan

• TSBF offers fixed mortgage rates for 10, 15, 20, 25, and 30-year terms.
• Interest rate remains the same throughout the loan
• Easier budgeting, as the payment is the same each month
• Loan payments are not affected by inflation or fluctuating interest rate

 

30 Year Fixed Rate Mortgage (most common)
The traditional 30-year fixed-rate mortgage has a constant interest rate and monthly principal and interest payments that never change.  Borrowers often times choose this mortgage for the low monthly payments and the peace of mind knowing the rate will never change for the life of your loan.

15 Year Fixed Rate Mortgage
Similar to the Thirty-Year Fixed Rate Mortgage but you'll own your home twice as fast!

In House Balloon
There are times when a long term fixed rate mortgage does not meet your needs or your credit profile.  For times when this is the case, we offer an in house balloon mortgage with great local decision making and servicing.
 
Rural Development
100% financing for the purchase of your home is still available with a loan guaranteed by Rural Development.  Some restrictions may apply.
 
Jumbo
Long term fixed rate financing is still an option with The State Bank of Faribault even if your home loan request is greater than the conventional conforming loan limit.
 

Home Equity Line of Credit (HELOC)

A HELOC resembles a second mortgage but functions like a credit card. HELOC funds can be advanced or drawn when you need the money instead of a lump sum. You can borrow on your HELOC to pay for home improvements, pay for a child's wedding or purchase a car. 

A HELOC is a revolving credit line that uses your home as collateral against default. 

 

 

 

Mortgage Checklist

The following information is usually required during the loan process:

• Your Social Security Number
• Current pay stubs and/or your tax returns for the past two years
• Bank statements for the past two months
• Investment account statements for the past two months
• Life insurance policy
• Retirment account statements for the past two months
• Personal loan account information for all types of loans, auto, credit cards, boats, RV's etc

 

If you currently own Real Estate:

• Mortgage account statement or information
• Homeowner's insurance policy information (Contact information & annual premium)
• Home equity account information (if applicable)