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Real Estate Loans

Real Estate loans can be obtained for the purchase or construction of new homes or refinancing current mortgages.  Home equity loans and lines of credit are also available.  We work with federal and state programs to secure the best financing for your needs.

For qualifying applicants.

  • We're glad to help you through the application process.

     

    1. Get the application.

    Apply online or download an application.

    Depending on the type of Real Estate loan you are applying for, we will send additional disclosures, notices or requests for additional information. The application asks questions about your home and your finances and takes just a few minutes to complete. As soon as you've finished the application, we'll review your request for approval.

    After your application is completed, our lender will answer any questions you may have. Your lender is a licensed mortgage expert and will provide help and guidance along the way. If you are purchasing a new home, we may also contact the realtor or the seller so that they'll know whom to contact with questions.

     

    2. We’ll prepare your application package and prepare your loan for closing.

    The application package will contain documents for your signature and a list of items we'll need to verify the information you provided about your finances on the application.

    Here's a checklist of documentation you’ll need to complete an application.
     
    We'll order the appraisal from a licensed appraiser who is familiar with home values in your area.

    If you are purchasing a home we'll work with the real estate broker or seller to insure the title work is ordered as soon as possible. If you are refinancing, we'll take care of ordering the title work for you.

    3. We’ll contact you to coordinate your closing date.

    After the appraisal has been received and final approval has been issued, we'll contact you to schedule your loan closing. If you are purchasing a home, we'll also schedule the closing with the real estate broker and the seller.

    The closing will take place at a title company or escrow agent in your area. A few days before closing, your lender will contact you to walk through the final information.

    That's all there is to it!


    • Programs

    Bank Forward can work with a variety of programs to secure the best financing for your needs.

    Conventional Loans

    Traditional loans provide predictable payments and rates.

    ARM

    Adjustable-rate mortgages (ARM) may be a good choice if you’re looking to buy and sell your home in a short time.  These loans typically offer an introductory interest rate that adjusts annually after the introductory period.

    Annual Percentage Rate (APR) for variable rate products may increase after consummation.

    Construction Loans

    Building your dream house?  A construction loan is a short-term loan (usually 12 months or less) based on an established draw based on stages of construction.  Interest is charged on the amount of money disbursed to date and is due monthly.

    Construction loans typically require interest-only payments during construction and become due upon completion (when the certificate of occupancy has been issued if applicable). 

    FHA Mortgage Loans

    Unlike most first-time homebuyer programs, with FHA mortgage loans you’ll enjoy down payment requirements that are traditionally lower than conventional financing.  Learn more.

    Veterans

    Federal and state veterans’ programs provide active duty personnel, reservists and veterans with high loan-to-value financing, low closing costs and historically low rates. Learn more.


    Bank Forward NMLS ID #446402

    Loan products are subject to credit approval. Other terms, conditions, restrictions & fees may apply. Full documentation, title & property insurance required. Flood insurance required if property is located in a Special Flood Hazard Area.

    Program loans are subject to Agency funding and availability.
  • One of the greatest benefits of home ownership is the equity that builds up in a house. You can use your home's equity — the difference between the home's fair market value and the outstanding mortgages owed on your home — for almost any personal purpose.

    A home equity loan is great for major, one-time borrowing needs such as mortgage refinancing, education, medical bills, a new car or consolidating debts.

    With a home equity line of credit (HELOC), you get a reusable source of cash that allows you to go up to the approved credit limit over the term of your loan without having to reapply for a new loan. Many people use their HELOC for a series of home improvement projects or even a rainy-day source of funds.

    An added benefit is that the interest you pay may also be tax deductible; interest on most personal loans is not. Consult your tax advisor to see if there are tax benefits for you.

    How to Apply for a Home Equity Loan or Line of Credit
    Let us help you determine which equity-based loan is best for you. 

    To get started, we’ll need some personal financial information from you, including your income from employment and other sources. We also need to know the estimated value of your home and the outstanding balance of your current mortgage. Here’s a checklist of items you’ll need.

    Loans are available for qualifying applicants. Bank Forward NMLS ID #446402

    Compare Home Equity Loans and HELOCs
     Home Equity LoanHome Equity Line of Credit
    Proceeds
    • Proceeds in a one-time lump sum
    • Revolving line of credit to use as needed during the term of the loan
    • Access your loan online or with a simple phone call
    Best if You
    • Have an immediate need for a specific amount
    • Prefer fixed payments
    • Need access to funds now and in the future
    Interest Rate
    • Fixed rate
    • Fixed or variable rate
    Payment
    • Fixed payments include principal and interest
    • Automatic payments available from your Bank Forward checking account
    • Interest-only payments monthly
    • Automatic payments available from your Bank Forward checking account
    Tax Benefits
    • Interest may be tax-deductible*
    • Interest may be tax-deductible*
    Manage your Loan Online
    Demo
    • View your current loan balance
    • Monitor transaction history for the life of your loan
    • Make your loan payment
    • View your current credit line balance
    • Monitor transaction history for the life of your credit line
    • Transfer funds from your credit line to a Bank Forward checking or savings account
     * Consult your tax advisor about interest deductibility.
  • Our mortgage bankers work to make the joys of home ownership happen for you.

    Grand Forks, ND
    T 701.738.8700
    TF 866.465.1927
    Matt Follman NMLS ID #903208

    Jamestown, ND
    T 701.251.2040
    TF 800.450.3115
    Pete Rasmusson NMLS ID #449218
    Valley City, ND
    T 701.845.1220
    TF 888.841.4783
    Jill Vandrovec NMLS ID #449220


    Bemidji, MN
    T 218.444.2393
    TF 800.762.4395
    Krista Milli NMLS ID #900130
    Will Tysver NMLS ID #449216
    Walker, MN
    T 218.547.2312
    TF 877.237.8412
    Roxanne Olson NMLS ID #449215

     

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