When you are ready to purchase a home, one of the questions that might arise is, "Which home loan should I choose?" There are a lot of options, which can make the decision process challenging. CorTrust is here to alleviate any confusion and teach you the key differences between our various home loan options. And don't hesitate to schedule a consultation with our mortgage experts to get all your mortgage questions answered.
These loan programs are offered by the South Dakota Housing Development Authority and the Minnesota Housing Finance Agency with the first-time home buyer in mind. The program offers down payment and closing cost assistance for eligible home buyers who qualify. These loans have interest rates that are attractive, however there are income and other qualification requirements.
If you are a home buyer with financial woes, have no fear! There are many grant programs at our disposal to help:
Keep in mind that there are income and location limitations to some of these programs.
Conventional loans offer various terms, such as 10, 15, 20, and 30 year options. These loans have a constant interest rate and monthly payments that never change. This may be a good choice if you plan to stay in your home for seven years or longer.
An ARM is a mortgage whose rate of interest is adjusted periodically to reflect market conditions. This means that the monthly payments can go up or down.
These government guaranteed housing programs require a small, or in the case of VA loans, no down payment. FHA loans benefit people whose housing payments will be a large chunk of take-home pay and/or individuals with low credit scores. VA loans are available to most active-duty military and veterans.
Are you looking to buy, build, repair, or refinance a single family rural home? Our RD loans, which are backed by the U.S. Department of Agriculture (USDA), offer low interest, fixed-rate loans to qualified persons. Eligibility for these loans and grants is based upon geographical location in addition to income requirements, which vary according to the average median income for each area.
We offer the HomeStyle® Renovation Mortgage that provides borrowers the ability to purchase and renovate a home using a conventional first mortgage. You can also refinance a mortgage on an existing home to make renovations using a lower cost mortgage financing option, instead of utilizing expensive credit cards to finance your renovation.
We offer to eligible borrowers loans up to $2,500,000, for the purchase or refinance of your primary and secondary home.
We're here to help you unlock the door to your future home. Navigate your mortgage options with a CorTrust mortgage banker by your side. To get started, fill out the form below to schedule your consultation or drop by any CorTrust bank location for a face-to-face chat with a local expert.
Applying for your mortgage can be as easy as ordering your favorite coffee. Take the first step by registering and applying online, or by downloading the CorTrust Mortgage mobile app in the App Store and Google Play. Once you’re in, you can track your application status, upload necessary documents, and stay updated, all with a few clicks. Already part of the CorTrust family? Simply log in and continue your journey with ease.