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Mortgages
Whether you are a first time homebuyer, an experienced buyer, looking to refinance, or maybe getting ready to purchase a second home, we're here to make your mortgage a quick and easy process from start to finish.
At CountryBank USA we take pride in meeting the needs of North Dakota's homebuyers and homeowners. In fact, we recently received an award from the North Dakota Housing Finance Agency for our work in providing affordable housing. We understand that one size doesn't fit all. That's why we'll customize a mortgage package especially for you.
We invite you to explore the many options available to you. If you would like further information on any of our mortgage programs, or if you have questions, contact us and a mortgage specialist will be in touch with you.
How Much Can I Afford?
In determining how large a mortgage payment you can afford, keep in mind that your monthly mortgage payment generally should not exceed 28% of your gross monthly income, 40% when you include your other monthly debt. You should also consider the amount of payment that is comfortable for you. Remember this is only an estimate. Often times when we review your total financial picture we are able to find ways to help you afford more than you thought possible. Our loan specialists will be happy to work out a plan that best fits your financial needs.
For help in determining how much mortgage you can afford click here for our Mortgage Calculator.
Pre-Qualification
If you're just starting to shop for a home we suggest you complete our quick pre-qualification application. Pre-qualification will help determine the amount of mortgage you may be approved for and allow you to shop with confidence within a pre-determined price range.
Pre-Approval
If you prefer to shop for the home of your dreams with a commitment in hand, we suggest you complete our regular application. Our pre-approval program determines the amount of mortgage you qualify for and provides you with a 60-day commitment for your full mortgage amount, subject to standard commitment letter conditions, down payment requirement, and location of the property within our market area. Simply click on the "apply" button below, print out the application, fill it out and send it in to one of our local offices. We'll get back to you within three business days!
Mortgage Programs
Our various mortgage programs provide a variety of competitive market rates to fit your individual needs. As mortgage rates are subject to change frequently we ask that you please contact us for current rate information.
Our mortgage programs provide:
- Low application fees
- Fast decision times
- Low down payment options
- Reasonable closing costs
- Weekly, biweekly, and monthly payment options*
- Automatic payment option
- Rate buy-down options
- No prepayment penalties
- Mortgage Life and Disability Insurance options
* Depending on the term of your loan, weekly or biweekly payments can substantially decrease the amount of time required to payoff your outstanding mortgage balance. We'll even change your selected repayment option during the loan term if that's what works for you. Some restrictions may apply.
Low Down Payment Loans
We realize that saving a 20% down payment can sometimes be very difficult. That's why CountryBank USA works with Private Mortgage Insurance (PMI) companies and others to make mortgages available to homebuyers with as little as 3% down. We also offer financing options with as little as 10% down and no PMI. Contact us to get started.
Fixed Rate Mortgages
Available for terms from 3 to 30 years, our traditional fixed rate mortgage provides you with a guaranteed interest rate for the life of the loan. This is an excellent option for those who plan to keep their home for a long time or who don't predict much change in their income. Contact us to get started.
First Time Homebuyers
If you haven't owned a home in the past three years and you are a resident of the State of North Dakota, you may qualify for a low interest, long-term first time homebuyer loan. CountryBank USA is a leader in providing this loan program to new homebuyers in our region. In fact, we even got a "Champion of Affordable Housing Award" from the North Dakota Housing Finance Agency for our work in making homeownership dreams come true. Sometimes we even have grant programs available to help with a down payment and closing costs. Fill out a Prequalification Application to get started and we'll let you know if you qualify.
Adjustable Rate Mortgages
Adjustable Rate Mortgages, referred to as ARMs, can be an excellent choice of financing under certain conditions such as short-term home ownership, rising income expectations, and during higher interest rate environments. These are an excellent option for those who plan to keep their home for a short period of time or who predict that their income will grow. Available for terms up to 30 years, our ARM mortgages provide competitive market rates with competitive term adjustments and lifetime interest rate caps. Contact us to get started.
Construction Loans
If you're looking to build your new home our construction loan programs can be tailored to fit your needs. Our flexible approach to construction financing makes the process simple and hassle free. We offer single-closing programs that guarantee the terms and conditions of your permanent financing and we'll work with you throughout the project to help make the process easy. During the construction period, monthly payments of interest only are charged on the outstanding principal balance. Contact us to get started.
Balloon Loans
Balloon loans are offered for terms of 3-7 years with up to a 30-year amortization. This is an excellent option for those who want the affordability of a lower monthly payment and the security of a fixed rate as the balloon term can be matched to the length of time they expect to keep their home. Weekly, biweekly, and monthly payment options are available. Contact us to get started.
Quick Steps to Owning Your New Home:
1) Contact a mortgage specialist at CountryBank USA or view our online mortgage information to learn about financing options and how to get started.
- Complete a quick Pre-qualification Application to determine the amount of mortgage you may be approved for, allowing you to shop with confidence within a pre-determined price range.
- Apply for Pre-approval. Our pre-approval program determines the amount of mortgage you qualify for and provides you with a 60-day commitment for your full mortgage amount, subject to standard commitment letter conditions, down payment requirement, and location of the property within our market area. (Refer to the application checklist for a listing of required financial information.)
2) Start looking for your new home
- Select a Realtor or builder to help you create your home-buying "wish list" and then research the local real estate market.
- Your may want to look at several properties before you find your dream home.
3) Negotiate your sale price
- Make an offer and counter-offer if needed
- Settle at or below the amount for which your were pre-qualified
4) Make formal application and close on your loan
- Contact your CountryBank USA mortgage specialist to complete the application process.
- Provide us with your purchase and sale contract and all material pertaining to the property you are purchasing.
- Wait while we complete the necessary underwriting of your request.
- Attend the loan closing at CountryBank USA. (It usually takes 30 days or less from formal application to closing.)
5) Move into your new home
Application Checklist
We want to make your application process as easy and convenient as possible. So, when you are ready to submit your formal application, collect the following information and bring it with you when you meet with us.
Be sure to include both borrower and co-borrower information.
(This checklist is a general overview of the information required for a pre-approval or formal mortgage application. Individual situations may require additional documents prior to making a credit decision.)
All loans subject to credit approval
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