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Personal Banking

Mortgage

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Homeownership should be an option for everyone. Sunrise’s mortgage lenders offer a variety of loan solutions to meet your specific needs, including lender credits to help with closing costs1 and down payment assistance.

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Each homebuyer’s journey is different. Our mortgage lenders work to understand each borrower’s specific needs in order to find a loan option that best aligns with their path to homeownership.

 

With the fixed-rate mortgage option, your interest rates and monthly payments remain the same throughout the lifespan of your loan.

Benefits Include:

  • Predictable monthly principal and interest payments

  • Protection from rising interest rates

Things to Consider:

  • Overall interest payments will be higher on longer-term loans than shorter-term loans

  • Principal payments on shorter-term loans are usually higher than longer-term loans

With the HomeReady™ option, you have a lower down payment requirement and can receive down payment assistance. Grant programs can also be used to help offset costs.

Benefits Include:

  • 3% down payment

  • Seller can pay your closing costs

  • Compatible with gift from family member

  • Grants and lender credits1 may be available

Things to Consider:

  • Homebuyer Education is required

The MHFA loan offers a low down payment option as well as grant and lending credit opportunities.

Benefits Include:

  • 3% down payment

  • Seller can pay a portion of closing costs (minimum $1,000 investment)

  • Compatible with gift from family member

  • MHFA down payment options available

  • Grants and lender credits1 may be available

Government-backed loan opportunity to help individuals with lower credit scores, incomes and cash savings make home a reality.

Benefits Include:

  • As little as 3.5% down payment

  • Lower credit score qualification

Things to Consider:

  • FHA mortgage insurance is required

Searching for a home in Dakota County? This loan program can help you open the door to your new home.

Benefits Include:

  • Up to $8,500 down payment assistance available

  • Reduced private mortgage insurance options

Things to Consider:

  • Specifically for home purchases in Dakota county

The Open Door program is available to ITIN individuals. Down payment and grant programs can be used to help offset costs.

Benefits Include:

  • Seller can pay your closing costs

  • Compatible with gift from family member

  • ITIN eligible

  • Lender credits1 may be available

Things to Consider:

  • 10% down payment is required

  • Homebuyer Education is required

Sunrise Banks offers Jumbo loans, which are loans greater than $484,350, in a variety of fixed-rate and adjustable-rate options.

Benefits Include:

  • Financing of loans higher than the Fannie Mae and Freddie Mac conforming limits

  • Choose from a variety of loan options

  • Loan can be serviced in one lump sum for the entire amount

With the adjustable-rate option, monthly payments are structured to remain the same for an initial, predetermined period of five, seven, or 10 years. After this period, the rates adjust annually. These loans include an interest rate cap.

Benefits Include:

  • Typically have a lower initial interest rate than fixed mortgages

  • The interest rate cap limits the maximum amount your payments can increase during the lifespan of the loan

  • Provide flexibility for those expecting future income growth or borrowers who are likely to move or refinance within a few years of their purchase

Things to Consider:

  • Monthly payments can increase when the interest rate adjusts

  • Monthly payments can change every year after the initial fixed payment period

Looking to refinance your home mortgage loan? We can help walk you through the process.

Benefits Include:

  • Take advantage of lower interest rates, and reduce your monthly payment

  • Option to extend or shorten your loan terms

  • Take cash out for home improvement projects, or look into getting a home equity loan

Things to Consider:

  • Home appraisal may be needed

Meet the Mortgage Team

Chuck Meier

SVP, Director Mortgage Sales

Chuck Meier

Fernando S. Urbina

VP, Mortgage Loans

Fernando Urbina

Coreen M. Ricci

VP, Mortgage Loans

Coreen Ricci

Andrea Altamirano

Mortgage Loan Officer

Andrea Altamirano
  1. Contact your mortgage loan officer for more information, restrictions apply.

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