LOAN OPTIONS
The right loan is the one that fits your life - not the one that’s easiest to sell.
Here's a plain-English look at what I offer through Grove Bank. Not sure which one is you? That's what the free 15-minute call is for.
SIGNATURE PROGRAM
Buy Before You Sell bridge loans
Most move-up buyers are stuck: they need the equity from their current home to buy the next one. A bridge loan unlocks that equity now, so you can buy first, move once, and sell an empty home on your terms.
Grove Bank offers both traditional and portfolio bridge options, which gives us flexibility when a cookie-cutter loan doesn't fit.
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No. That’s the point. The bridge loan uses your current home’s equity so you can buy first and sell after you move.
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Typically no, but it depends on how the bridge is structured. We’ll map out exactly what you’d pay each month, and for how long, before you commit.
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It varies with your home’s value, what you owe and the price of your next home. A quick call is the fastest way to find out.
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Not at all! Downsizers use it too, especially when they want to settle into the new place before listing the family home.
Buying a home
From first condo to forever home.
Conventional
BEST FOR: SOLID CREDIT, STEADY INCOME
The most common loan. Down payments can start low, and mortgage insurance can come
off as you build equity.
Jumbo
BEST FOR: HIGHER-PRICED HOMES
For loan amounts above conforming limits, with options to keep your payment and
cash-to-close sensible.
FHA
BEST FOR: FIRST-TIME HOMEBUYERS, CREDIT REBUILDING
Flexible credit and down payment guidelines backed by the Federal Housing Administration.
First-time buyer help
BEST FOR: BUYERS WHO NEED HELP WITH DOWN PAYMENT
[Confirm with Grove Bank: Minnesota Housing Start Up / down payment assistance programs offered.]
VA
BEST FOR: VETERANS & ACTIVE-DUTY SERVICE MEMBERS
A benefit you earned: no down payment required for eligible borrowers and no monthly mortgage insurance.
USDA
BEST FOR: BUYERS IN ELIGIBLE RURAL & EDGE-OF-METRO AREAS
No-down-payment financing for eligible properties and incomes. Parts of Dakota County may qualify.
Refinancing & home equity
Put the home you already have to work.
Rate & term refinance
BEST FOR: LOWERING THE RATE OR
CHANGING A TERM
Replace your current mortgage to reduce your payment or pay it off sooner.
Cash-out refinance
BEST FOR: BIG PROJECTS OR
CONSOLIDATING DEBT
Turn part of your equity into cash in a single new loan.
Home equity line (HELOC)
BEST FOR: KEEPING A LOW FIRST-
MORTGAGE RATE.
Borrow against your equity as you
need it, without touching your
current mortgage.
When your situation isn’t “standard”
Because Grove Bank can keep certain loans in-house, we can look at the whole picture.
Portfolio loans
BEST FOR: SELF-EMPLOYED & NON-TRADITIONAL INCOME
Loans the bank keeps in-house, so
we can use common sense with unusual income or properties.
Investment property
BEST FOR: RENTALS AND SECOND HOMES
Financing for single-family rentals and small multi-unit properties.
SBA & business loans
BEST FOR: SMALL BUSINESS OWNERS
Working with Grove Bank’s business team to finance the property or business behind your livelihood.
Not sure which one is you?
Tell me a little about your plans and I'll come back with the two or three options that actually make sense — and the honest pros and cons of each.