First National Bank offers mortgage services that include:

• FREE and FAST Pre-qualifying for home buyers
  
• Zero down payment options available
• Competitive rates and low closing costs

MORTGAGE OPTIONS
PROGRAMS
RATES
CONTACT
GLOSSARY
CALCULATORS

New Home Purchase
Refinancing
Construction
Investment Properties
Vacant Land / Recreational

Balloon Mortgage:
This type of mortgage is one that is only partially amortized and has a lump sum or balloon payment due at maturity. For example, your balloon loan may have the monthly payments calculated on a 30 year basis, but the maturity date of the loan is in three years. This loan can, at times, save you money if you are in the home for a short time.

First National Bank and Trust offers competitive rates along with low closing costs. Although points increase your costs up front, keep in mind that paying points decreases the interest rate of your mortgage and lowers your monthly payment. The points you pay may be tax deductible. Ask your accountant for details.

For current rates please contact our mortgage department.

Jason Erb, Brooke Fairbanks, Bruce Rasmussen, Al Ausing, JoAnn Keith
Phone: (715) 537-5681 - Barron Office (715) 234-1399 - Rice Lake Office
Fax: (715) 537-9297 - Barron Office (715) 736-3031 - Rice Lake Office
e-mail: fnbarron@fnbbarron.com

If you have already prequalified for a home loan, let First National Bank help with the financing for the construction of your home.

Abstract of Title: This document is a summary of the history of the title to a piece of real estate.

Appraisal: A formal written estimation of the current market value of a home.

Closing Costs: Expenses incurred in the closing of a real estate loan or mortgage transaction. The closing costs for the buyers and/or the sellers commonly include, but may not be exclusive to, these fees: appraisal, credit bureau report, title insurance, flood certification, underwriting, recording, origination, and closing. Mortgage registration tax, plat drawing, name and special assessment fees apply to property in Minnesota and may be different for refinancing or purchasing property in another state.

Co-Borrower: signs all documents and has title to the property.

Co-Signer: Signs the note only but does not have title to the property.

Conventional Mortgage: A typical mortgage loan not insured by FHA or guaranteed by the VA.

Credit History: a report that will show your record of payments on loans, charge cards and other similar debts. If you have never had a loan or a charge card, you can show that you have a good record of payment on your utility bills and rent.

Deed: A written instrument that conveys title to real property.

Down Payment: Your contribution to the sales price of the home. You borrow the rest of the sales price with your mortgage loan.

Escrow Payment: An account set up by the lender into which a portion of the borrower's monthly payment is held in trust or in escrow by the lender to pay for the property taxes, homeowner's insurance and private mortgage insurance.

Mortgage: Pledge or real property to secure a debt using a written instrument signed by the borrower. This document is recorded in the County Recorder's Office.

Mortgagee: The lender in a mortgage contract.

Mortgagor: One who borrows money, giving as security a mortgage or deed of trust on real property. With respect to a mortgage loan, the person(s) obligated to repay the mortgage loan.

Private Mortgage Insurance (PMI): Insurance written by a private company to protect the mortgage lender against loss due to mortgage default. PMI is typically required on loans when the borrower has less than 20% down payment.

Title Insurance: An insurance policy which protects the insured against loss arising from defects in the title. Title insurance is required to obtain any loan on the secondary market or in-house loans with First National Bank.