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Our traditional home loan and refinancing options include:

30-Year Fixed-Rate Mortgage — The most common loan in the market that ensures you secure homeownership with an affordable payment. With a fixed interest rate, you create certainty and lock into today’s low rates for the long haul. This loan is often the best option for homeowners that will stay in their home for a minimum of 5 years.

15-Year Fixed-Rate Mortgage — A great option for homeowners that can afford a little higher payment because the interest you will pay tends to be lower than a 30-Year Mortgage, but also doubles the speed you build up the equity in your home. With a fixed interest rate, you create certainty and predictable monthly payments.

Adjustable-Rate Mortgage — A mortgage for homeowners that want a low rate but may not stay in their homes for longer than the rate adjustment period or plan to refinance into a longer-term fixed-rate loan. Homeowners need to understand the risks associated with this product, but it can be a good option for the right situation.

Jumbo Loan — Conforming 30- and 15-year mortgages have a cap on the loan amount, currently set at $548,250 for the state of Minnesota. While this works for the majority of homeowners, buyers in higher-cost areas may need more funds to get the home they want. Jumbo financing allows for high loan amounts at slightly higher interest rates than conforming products.

Reverse Mortgages — The home refinancing option for homeowners over the age of 62 that are looking to leverage the home equity while they stay in their homes. This a great option for seniors on a fixed income, but requires both planning and education to determine if this is the right product. Onward Mortgage Loan Advisor with experience guiding homeowners through the process.

FHA Loans — FHA loans allow for low down payment options, as low as 3.5%, with more flexible credit guidelines than other programs. Because of no down paymen, first-time buyers often take advantage of an FHA loan.

VA Home Loans — Veteran and active service personnel can take advantage of no down payments and low-interest rates. This is a great option for military service members.

USDA (Rural) Loans — If your home or the home you would like to purchase is outside of metropolitan areas, you might be able to take advantage of a USDA Loan. With 100% financing available and the ability to finance properties with larger acreages, this is a great option for homebuyers in rural areas.

Interest Only Mortgage — Looking for more cash flow, then an Interest Only Mortgage might be the product for you. You only pay the interest in your monthly mortgage payment and can use your cash flow for other investments. You still owe the principle of the loan at the end of the term, so you should be prepared to pay it off in full, refinance or sell to ensure your financial security.