Home Mortgage Loans

Home Mortgage Loans

Buying a home is one of the largest financial purchases you will likely ever make. For that reason, the helpful staff at F & M Community Bank are by your side from start to finish — offering educational guidance and local real estate experience.

We work very closely with you to solidify rates and terms that you feel comfortable with. And unlike some far-off lender, we take the time to get to know your unique needs and handle all decision-making locally. That way, you can rely on dealing with the same trusted professional for all of your needs.


Summary
  • Competitive rates for home purchase, refinance, or construction
  • Available for primary residence, second homes, vacation homes, or investment properties
  • Customized terms, designed around your unique needs
  • A wide range of financing programs available:
  • Fixed-rate long term conventional mortgages
  • Balloon loans
  • Construction to Permanent Loans (long-term, fixed rates)
  • Residential lot loans
  • Home improvement loans
  • Helpful loan advisors with working knowledge of the local real estate market
  • Prequalification available at no cost or obligation
  • Local Southeastern Minnesota decision-making and processing for quick approvals
  • Detailed service from start to finish
  • Care given to explain every step of the mortgage process
  • Knowledgeable staff available to answer any questions you might have
The Mortgage Process

Learn more about the mortgage process and what information is needed.

1. Prequalification: If you are buying a home, we can meet with you and help you determine the price of home that is right for you. We will also issue you a letter for your realtor so they know you are prequalified for a loan and ready to buy. (This prequalification letter is contingent upon final processing and approval as outlined below). If refinancing your current loan, we can help you determine if refinancing makes sense or not.

2. Application: Once you have signed a purchase agreement, stop in and we will begin the process of obtaining the mortgage loan, which starts with the Application. To get a headstart on the application process, download our mortgage application, fill it out, and have it ready for your visit. Or, if it makes sense to refinance your home, stop in and we will begin the process.

3. Processing: We will need information and documents that are used in determining your qualification for a loan. Some of this you will need to provide to us. We will tell you at application and thru processing what is needed.

4. Approval: We will review all of your information and documents to determine if you qualify for a loan.

5. Closing: This is when we sign all of the loan and mortgage documents and the process is complete. It is at this time you will have a new home purchased or a lower mortgage rate.

Information Needed For Prequalification

If Employed:

1. Paystubs

2. W-2

3. Two Months Bank Statements

If Self Employed:

1. Personal Tax Returns – Last 2 years

2. Business Tax Returns – Last 2 years

3. Two Months Bank Statements

Calculate Payments

Calculate your potential monthly payments.


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