Mortgages

Fixed Rate Mortgage

A Fixed Rate Mortgage is a loan that has an interest rate that does not change over the life of the loan. The fixed rate long-term mortgage appeals to borrowers who plan to remain in their homes for more than seven years and who wish to keep their monthly principal and interest payments stable. This type of mortgage is also well suited for borrowers who are adverse to interest rate risk. 

For Mortgage Rates, click here.


Balloon Mortgage

These mortgages are ideal for home buyers who plan to sell or refinance their home within a short period of time. A balloon mortgage is a fixed rate mortgage with a short term in which the principal and interest payments are amortized over a longer period. The borrower must pay off the outstanding balance with a lump sum payment at the end of the mortgage term. Options may be available to reset the mortgage for an additional term, with a modification to the rate. 


New Construction

If you are building, we can do both your construction and permanent financing! All with just one application. Bank of Zumbrota's process is a great way to avoid duplicating many of the fees associated with construction and end-loan home financing.


Building Lots

Interested in buying a lot today but not ready to build on it? Not a problem. You'll get: 

  • Down payment options
  • Flexible repayment terms
  • Very competitive rates
  • Low closing costs

Check Out www.mazeppascenicheights.com for Lots for Sale!


Home Equity Loans

Your house is your most valuable asset, so use your home equity to get financing for your next major purchase. Use it to pay for new furniture, educational costs, a vacation, or even to renovate that very same home! Best of all, the interest on your loan may be tax-deductible which can mean big savings! Consult your tax adviser to see if this may apply to you.

Home Equity Loan Line of Credit (HELOC) 

HELOC is a flexible, pre-determined line of credit. Once your HELOC is established, you can borrow any amount up to your credit limit whenever you want. To access the money you simply write a check from your HELOC account or use Online Banking. Repayment is flexible; you can pay the monthly interest only or include additional principal payments in an amount that you determine. 

Home Equity Loan 

This is a fixed loan amount with specific payments for a set length of time. The payment amount is determined by the amount and length of the loan. A Home Equity Loan is typically used for purchases which require a lump sum of money up front and where you want a fixed interest rate and fixed monthly payment.