PRINTER FRIENDLY VERSION

Financing Tip Sheet

What You Need For Your Loan Application

Area Lending Institutions

Links


FINANCING TIP SHEET

If you'll be using financing, first get yourself pre-approved for a home loan by completing a loan application.  This will tell you the price range of homes to look at and it will give you a competitive edge with sellers when you make your offer on the home that you finally choose to purchase.  Be prepared to present your pre-approved certificate to your agent when you start to shop for a home.
 

When getting qualified for a loan, find out what types of loan programs you qualify for and what money is needed for a down payment and closing costs.  Not all homes will qualify for every type of loan.  It's important to know this information ahead of time. 
Example:  don't try to buy a fixer-upper with a VA loan.
 

There are many types of lending institutions.  Don't be afraid to shop around, ask questions, compare costs, and find out who will be doing the actual loan processing.
 

Lenders that offer home loans with the second mortgage market usually offer more options as far as interest rates, down payments, points, length of mortgage, etc.  However, local banks can offer much faster processing time and fewer closing expenses with more down payment
.

Once you find the home you want, your offer to purchase will require earnest money which becomes part of the purchase price.  Upon acceptance of your offer, this money is deposited in the listing broker's trust account until the closing.

 
WHAT YOU NEED FOR YOUR LOAN APPLICATION

Social Security Number
 

Residence Address for last 2 years (Landlord information if renting)
 

Name, Address for each employer for last 2 years
 

Name, Address, Account Numbers, Balance, Monthly Payments on any Loans, Credit Cards, etc.
 

Two months bank statements
 

Names, Addresses, Account Numbers & Balances for Checking/Savings Accounts
 

Money for Credit Report & Appraisal Fee (when ready to buy)
 

Most current pay stub covering one month and W-2's for two years
 

For Veterans:  Certificate of Eligibility or DD214
 

Self-employed:  2 Years Tax Returns

 

AREA LENDING INSTITUTIONS
 

Valley Bank, Fairfax  507-426-7222
State Bank of Gibbon, Gibbon  507-834-6556
Wells Fargo Home Mortgage, New Ulm  507-354-3100

MinnWest Bank, Gibbon/Redwood Falls  507-834-6577 & 637-5731
 

First National Bank, Fairfax  507-426-7242
 

Valley Bank & Trust, New Ulm  507-233-4700
 

Citizen's Bank Minnesota, New Ulm  507-354-3165
 

Alliance Bank, New Ulm  507-354-3133
 

Americana Bank, Sleepy Eye  507-794-3551
 

First Security Bank, Sleepy Eye  507-794-3911
 

Bremer Bank, Redwood Falls  507-637-2981
   

ProGrowth Bank, Gaylord  507-237-5535

LINKS
 
City of Fairfax
 

Fairfax Civic and Commerce
 
Fairfax Library
 
Fairfax Motel
 
Home Ownership Center
 

Minnesota Department of Natural Resources  - Fort Ridgely
 
Prairie Lutheran Schools
 

Renville County
 

Renville County Historical Museum
 
Southwest Minnesota Foundation
   

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