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Let North Shore Mortgage help you select a loan to meet
your particular situation. Read about the loan types
here. Still not sure? Contact us with your mortgage
question.
Conventional Loans
These loans have no government
insurance or guarantees for the lender. Loan limit:
$417,000
Fixed Rate Mortgages
Best for people who:
- will be staying in their
home at least 5 years
- have equity in a previous
home to use for the downpayment; or who are able to
make at least a 20% cash downpayment
- prefer a fixed payment over
the life of the loan
- who are buying at a time
when interest rates are relatively low
You may qualify if:
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Adjustable Rate Mortgages (ARMs)
Rates typically start lower
than fixed rate loans.
Best for people who:
- need lower monthly payments
for the first few years
- need more borrowing power;
initial interest rate is lower than fixed rate mortgages.
- want to qualify for the highest
loan amount possible.
Terms: You can choose an
ARM that adjusts its interest rate every 1, 3, or
5 years.
Or choose an ARM with a
fixed rate for 3 or 5 years after which
time it adjusts every year.
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Jumbo Mortgage
For loan amounts more than $417,000,
with slightly higher interest rates than conventional
loans. Characteristics of this loan type are similar
to conventional fixed rate mortgages under $417,000.
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Insured Conventional Loans
Identical to conventional loans,
except for a downpayment requirement as low as 3%. Requires
a mortgage insurance premium, payable until equity in
the home reaches 20% of the value.
Best
for people who:
- have
limited funds for a downpayment
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Minnesota Power Leased Land Loans
Properties on land leased from
Minnesota Power can be financed using our portfolio
or "in-house" products. You can borrow up to 80% of
the lesser of the sale price or value of the house.
Terms: You can choose from
a 1/1, 3/1, 3/3, 5/1, 5/5 with various term options.
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