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Buying or refinancing a home

Whether you are just beginning to look at houses, planning to build your dream home, refinancing an existing home, or thinking about a vacation home or investment property, Anchor Bank has financing options to help.

Talk to us for a free prequalification today.

Compare loan options:

PRODUCT

KEY BENEFIT

CHOOSE IF YOU...

Conventional – Fixed-Rate
A mortgage loan in which the interest rate remains the same for the life of the loan.  

• Loan amounts up to $417,000.

• Your principal and interest payment remains the same for the term of the loan.

• Flexible repayment options. 

• Your home can be located anywhere in the U.S.

• Buy a home with a low down payment. 

• Can be used to finance a single family, small rental properties (2 – 4 units), condominiums, or manufactured homes.

• Are looking to purchase, refinance or take cash out of your home. 

• Desire a fixed payment amount.

• Want to reduce the amount of interest you pay by selecting a shorter term.

• Wish to increase the amount you qualify for by stretching your payments out over a longer period.

Conventional – ARMs
Adjustable Rate Mortgages (ARMs) can provide attractive interest rates, but your payment is not fixed.  

• Your loan will have a starting interest rate that is subject to change after a fixed period of time.  

• Loan amounts up to $417,000.

• Your payment often starts out lower than with a fixed-rate loan.

• Multiple adjustable rate options e.g. three, five, seven and ten year adjustments.

• Your home can be located anywhere in the U.S.

• Can be used to finance a single family, small rental properties (2 – 4 units), condominiums, or manufactured homes.

• Are looking to finance a second home or investment property.

• Only plan to stay in the home for a few years.  

• Could use the interest expense savings to pay off other debts and to help you save money in general.  

Learn more about Adjustable Rate Mortgages (ARMs).

Jumbo – Fixed-Rate
A mortgage loan in which the interest rate remains the same for the life of the loan.  

• Mortgage amount of $417,001 or greater.  

• Your principal and interest payment remains the same for the term of the loan.

• Flexible repayment options.  

• Mortgages from $417,001 to $3 million on Primary Residence and $2 million on Second Homes.

• Your home can be located anywhere in the U.S.

• Can be used to purchase single family, small rental properties (2 – 4 units), or condominiums.

• Are looking to finance a primary residence or second home with a mortgage of $417,001 or greater.

Jumbo – ARMs
Adjustable Rate Mortgages (ARMs) can provide attractive interest rates, but your payment is not fixed.  

• Your loan will have a starting interest rate that is subject to change after a fixed period of time.  

• Mortgage amount of $417,001 or greater.  

• Your payment often starts out lower than with a fixed-rate loan. 

• Mortgages from $417,000 to $3 million on Primary Residence and $2 million on Second Homes.

• Flexible adjustable rate options, such as five, seven and ten year adjustments.

• Your home can be located anywhere in the U.S.

• Can be used to purchase single family, small rental properties (2 – 4 units), or condominiums.

• Are looking to finance a primary residence or second home with a mortgage of $417,001 or greater.

FHA Loan
The mortgage is insured by the Federal Housing Administration (FHA), an agency within the U.S. Department of Housing and Urban Development.

Because FHA is an insurer and not a lender, borrowers must work with an FHA-approved lender for their mortgage.  Anchor Bank is an FHA-approved lender.

• Because they’re backed by the FHA, they can be easier to qualify for if you have less than perfect credit, and they can require a lower down payment.  

• Down payments can be made by cash you’ve saved, or a gift from family or friends. 

• Fixed rate and adjustable rate options are available.

• Are a first-time home buyer.

• Plan to use a gift or government grant for your down payment.

• Need to lower your closing costs because you have fewer cash resources.

• Have a bruised credit report.

VA Home Loan
The U.S. Department of Veterans Affairs (VA) guarantees the loan as a way to provide additional benefits to veterans and current military service members.

• Typically, no down payment is required.  

• No private mortgage insurance premium is required.

• Fixed rate and adjustable rate options are available.

Learn more about home loan benefits offered by the VA.

• Are an honorably discharged U.S. armed forces veteran, have completed six years of service in the National Guard, or are currently serving on active duty with the U.S. military.

• Could benefit from lower closing costs.

• Are interested in saving money on monthly payments.

USDA Home Loan
The U.S. Department of Agriculture’s (USDA) Rural Development Housing Program guarantees the loan to encourage home ownership in rural areas.

• Typically, no down payment is required.  

• No private mortgage insurance premium is required.

• Payback periods greater than conventional loans.

• Fixed interest rate. 

• Live in a qualified rural community and meet the income eligibility requirements.

• Could benefit from lower closing costs.

• Are interested in saving money on monthly payments.

HARP
The Home Affordable Refinance Program (HARP) provides homeowners an opportunity to refinance their loan to more affordable monthly payments – even if they have limited or no equity in their home and your eligible loan closed on or before May 31, 2009. 

• May reduce your interest rate.

• May lower your monthly payment. 

• Allows you to refinance into a fixed-rate mortgage that won’t change over time.

• Flexible repayment options and may be eligible to borrow up to 125 percent of your home’s value.

• Need more affordable monthly payments and don’t qualify for other mortgage options because:

   - Your home’s value has    
     decreased.
   - You have limited equity, or your
     first mortgage exceeds the
     current market value of the
     home. 

Home Equity Line of Credit (HELOC)
A revolving line of credit designed to provide a flexible way to fund a home renovation or other major expenses. It allows you to borrow money by using your home as collateral and making payments based on the amount you borrow.

How it works:
A HELOC allows you to borrow up to a certain amount for a fixed length of time and make monthly interest-only payments. This is known as the draw period.

After the draw period, you enter the repayment period, where you begin making principal and interest payments. 

• No penalties for early payment. 

• Money can be used for a variety of things: to remodel your home, finance a major expense, or consolidate other debt. 

• Provides potential tax benefits: the interest on your financing may be tax deductible, consult your tax advisor regarding the deductibility of interest.

• Want ongoing access to funds for a certain amount of time (during the draw period).

• Wish to borrow only what you need, which may change over time. 

• Could benefit from the lower interest rates HELOCs provide by securing the financing to your home. 

• Desire lower closing costs than are typically available by refinancing your home.

Learn more about Home Equity Line of Credit (HELOC) loans.

 

Home Loan Calculators

Calculator

Ask yourself

Mortgage Calculator  What might my monthly mortgage payments be?
Mortgage Qualifier How much home can I afford?
Refinance Breakeven How long will it take to break even on a mortgage refinance?
Refinance Interest Savings Can I save by refinancing my home now?
Rent vs. Buy Should I rent or buy?
Mortgage Payoff  How much could I save by increasing my mortgage payment?
Mortgage APR Calculator How do I determine the Annual Percentage Rate (APR) for my mortgage?
Mortgage 15 vs 30  Can I pay off my mortgage in 15 years?
Mortgage Tax Savings Calculator How much could I save in income taxes?

 

Learn More About Buying a House
Whether you’re buying your first home or your third, it can be exciting and, let’s face it, complicated. The Consumer Financial Protection Bureau’s booklet is a toolkit that can help you make better choices along your path to owning a home.

How does the Home Loan Toolkit help you?

The toolkit provides a step-by-step guide helping you understand the following:

  • Recognizing the nature and costs of real estate settlement services
  • Identifying what affordable means to you and your family
  • Finding the best mortgage for you and your family

What are the toolkit’s unique features?

  • Interactive worksheets and checklists
  • Conversation starters between you and your lender
  • Research tips to help you seek out and find important information

Access your Home Loan Toolkit, a step-by-step guide.

Learn more at Consumer Financial Portection Bureau.

Mortgage Team
smiling photo of Bryan Bachand Bryan Bachand
763-792-8810
NMLS# 402096
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smiling photo of Steve Dobin Steve Dobin
651-675-4698
NMLS# 488964
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smiling photo of Krysia Moe Krysia Moe
952-985-2202
NMLS# 716905
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Steve Nelson
952-985-2204
NMLS# 774948
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