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132 W BroadwayOwatonna, MN 55060
eric.miller@usbank.com
320.282.5165
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Primary location
132 W Broadway507.444.2202
320.282.5165
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The mortgage rates shown below assume a few basic things, including:
Rates are current as of .
See rates for other states.
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5-year ARM |
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30-year fixed - FHA |
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30-year fixed - VA |
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Mortgage Loan Officer
NMLS# 642739
507.444.2202
507.444.2202
320.282.5165
Connect when it's convenient for you. Request a call.
Ready to apply? Start your application.
ApplyUse our mortgage calculator to help you better understand your home financing options.
Mortgage Loan Officer
NMLS# 642739
507.444.2202
507.444.2202
320.282.5165
Connect when it's convenient for you. Request a call.
Ready to apply? Start your application.
ApplyMortgage Loan Officer
NMLS# 642739
507.444.2202
507.444.2202
320.282.5165
Connect when it's convenient for you. Request a call.
Ready to apply? Start your application.
ApplyGet answers to your questions regarding home financing, refinancing and more.
A fixed-rate loan is one of the most common types of home loans. Benefits include a consistent rate, predictable monthly principal and interest payments and a flexible down payment. If you have good credit and a low debt-to-income ratio (the ratio of total monthly debt payments – not including utilities, cell phone or cable service – compared to gross monthly income), a conventional fixed-rate loan may be a good option for you.
A fixed-rate loan is a type of loan that comes with an interest rate that won't change for the life of the loan. Check out today’s rates for a conventional fixed-rate loan or compare mortgage rates for a variety of loan options. Connect with your mortgage loan officer to learn more about how fixed-rate loans work.
Monthly principal and interest payments on a conventional fixed-rate mortgage remain the same for the life of the loan, making it an attractive option for those who plan to stay in their home for several years. With an adjustable-rate mortgage (ARM) the interest rate may change periodically, based on a pre-determined index, for example the U.S. Treasury, and margin set by the bank. The initial interest rate is fixed for a set period, typically three to 10 years depending on the loan product, and then becomes variable. An increase or decrease depends on the market conditions at the time of the conversion to the variable rate and during the adjustment period thereafter. This may be a good option for those who plan on moving within a few years. Consider the benefits of each to determine which makes the most sense for your situation.
Construction loans are short-term, interim loans used for new home construction, including land, contractor labor, building materials, permits and more. With these loans, the contractor receives disbursements as work progresses. There are a number of construction loans designed to fit nearly every new home construction need. Some options include construction-only loans and construction-to- permanent loans, where the loan is used for the construction of the home and then converts into a permanent mortgage loan.
Construction loans are short-term loans that cover the cost of building a new home. These loans are usually shorter in duration and are paid directly to the contractor in installments, or “draws,” as building milestones are achieved. An inspection is typically required before each payment is released to the contractor. To learn more about how construction loans work, connect with your mortgage loan officer.
If you’re considering a construction loan, you should be prepared to meet a variety of qualifying factors that can include credit score, debt-to-income ratio and credit history. You can strengthen your ability to qualify by taking steps to build and maintain a solid credit history and score prior to applying for a loan. If you’re a current U.S. Bank customer, you can monitor your credit for free with our tool. Contact your mortgage loan officer to see if you qualify for a construction loan.
A Veterans Affairs (VA) loan is a home mortgage that’s backed by the Department of Veterans Affairs. To be eligible for a VA loan, you must be an active-duty service member, veteran or eligible surviving spouse. A VA home loan requires little or no money down at closing, and even with no down payment, mortgage insurance is not required.
Veterans Affairs (VA) loans are available to active-duty service members, veterans and eligible surviving spouses. A Certificate of Eligibility from the VA is required to show whether you qualify based on your service history and duty status. Your mortgage loan officer will work with you to obtain the Certificate of Eligibility and can help you better understand how VA loans work.
Veterans Affairs (VA) loans are available to active-duty service members and veterans who have served at least 90 days of consecutive service during wartime or 181 days during peacetime. National Guard members and reservists are eligible for a VA loan after six years of service or 181 days of active-duty service. Eligible surviving spouses may also qualify. For more information on how to apply for a VA home loan, contact your mortgage loan officer.
There are several ways active-duty service members, veterans and eligible surviving spouses can take advantage of a Veterans Affairs (VA) loan more than once. Here are some ways you may be eligible for another VA loan:
For more information on VA loans, speak with your mortgage loan officer.
A physician loan is a mortgage designed for Doctors of Medicine (MD) and Doctors of Osteopathic Medicine (DO). They offer low down payment options and relaxed debt-to-income ratios. Another benefit is that they don’t require private mortgage insurance (PMI).
Physician loans are available to recent medical school graduates, new doctors or residents. They often have more flexible lending requirements regarding down payment, debt-to-income ratio and private mortgage insurance (PMI). To be eligible for a physician loan, the property must be your primary residence. Second homes and vacation homes do not qualify. To learn more about how physician loans work, connect with your mortgage loan officer.
No. Physician loans differ from conventional loans in several ways. Physician loans don’t require private mortgage insurance (PMI), they’re flexible with debt-to-income ratios and they typically will accept a signed contract as employment verification.
Yes. If you have enough equity in your home, you can consolidate a home equity loan, line of credit or other debt (like a credit card or car loan) into a Cash-out Refinance for a first-lien mortgage loan. With this option, the existing home mortgage and any liens on the property are paid off and replaced with a new mortgage. When you close on the loan, part of the loan will pay off your first mortgage and the cash-out part will pay off your home equity loan, line of credit or other debt.
Just as with your first mortgage, you must meet certain requirements to qualify for a mortgage refinance. The process includes applying for the loan, going through the underwriting process and closing on the home. A mortgage refinance may allow you to change terms, lower your monthly payments or reduce your interest rate. To learn more about how to refinance a mortgage, connect with your mortgage loan officer.
To qualify for a Veterans Affairs (VA) refinance loan , you must be an active-duty service member, veteran or eligible surviving spouse. A VA loan may allow you to refinance a home with little or no equity to get cash out or to lower your monthly payment. If you don’t meet the qualifications for a VA refinance loan, Federal Housing Administration (FHA) refinance loans offer similar advantages, including lower borrower equity requirements.
Mortgage Loan Officer
NMLS# 642739
507.444.2202
507.444.2202
320.282.5165
Connect when it's convenient for you. Request a call.
Ready to apply? Start your application.
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