If you are planning to apply for a real estate mortgage or home equity loan, you may use this form to begin the process. Please call one of our loan officers at (218) 326-9414 to make an appointment to discuss this in more detail. You can complete this online loan application to help you get started with your real estate loan.
In order to expedite the approval process, you should gather the following items for your first meeting with your lender:
- Original, signed purchase agreement
- Original W-2s and federal tax returns for the past two years
- Your pay stubs for the last 30 days, showing your name and current year-to-date earnings
- A completed application
- Statements from any banks, investment firms or financial institutions where you have funds or other assets
- Complete personal and business tax returns for the past two years
- Signed year-to-date Profit & Loss Statement and K-1's if applicable
- Current balance sheet
- Complete set of plans
- Contract with builder
- Complete description of materials and bids
- Estimated cost sheet / sworn construction statement
At this point, your application and all other relevant documents will be reviewed with your loan officer. Some of the things we look for when analyzing your information include:
- Income Evaluation - Grand Rapids State Bank uses guidelines to evaluate your debt-to-income ratio. Generally, your total housing payment should not exceed 28% of your gross monthly income, and your total monthly debt should not exceed 40%.
- Credit Verification - Grand Rapids State Bank will review credit reports to determine the type and terms of present and previous credit. Any lapse or delays in payments will be considered.
- Asset Evaluation - Grand Rapids State Bank will verify your available funds to determine if you have the funds necessary for the down payment and applicable closing costs. Cash reserves after down payment and closing costs will also be considered.
- Property Appraisal - Grand Rapids State Bank will have the property appraised to evaluate resale value, physical condition, location and zoning, among other considerations.
- Other Documentation - In some cases, additional documentation may be required before a final determination regarding approval can be made.
- Approval - Although Grand Rapids State Bank conforms to standards set by government agencies, loan approval guidelines vary depending on the terms of each loan. Approval is generally based on two major factors; your ability and willingness to repay the loan and the value of the property.
Grand Rapids State Bank offers a variety of fixed rate mortgages at competitive prices and a variety of mortgage loan options tailored to each customer's individual needs, which include:
- Construction loans/permanent financing
- Home improvement loans
- Home equity loans
- Home equity lines of credit
Grand Rapids State Bank will work with you when you are purchasing or selling your home.
* If you reside outside of Itasca County, please contact Grand Rapids State Bank at
(218) 326-9414to talk to a loan officer.