Buy, Build or Refinance Your Home

You'll gain access to a variety of home ownership options when you choose First Alliance Credit Union for your mortgage provider. Our team is here to help guide you in to the right mortgage loan program!

• Conventional Fixed-Rate Loans

• Bridge Loans

• Purchase Money Seconds

• Non-Conforming Loans

• Lot Loans & Construction Loans

• Manufactured Homes

• Jumbo Loans

• Balloon Mortgages

• Home Equity Loans

• Before you even start shopping for a home, you will need to get prequalified for the loan to show sellers that you’re a serious buyer whose financing is already lined up. Complete our pre-qualification application online to get started.

• After you’ve gotten preapproved, you’ll want to talk with a loan advisor. To make the process faster and easier, bring the applicable documents listed on our Mortgage Appointment Checklist with you when we meet.

• You don’t need a flawless credit score to get a mortgage, but the higher your credit score is, the more choices and lower interest rates are available to you. If you don’t have a score of at least 620, you may want to hold off on buying a house and improve your credit score.

If you want to get pre-qualified for a home construction loan, you can fill out the same pre-qualification application you would if you were buying a pre-built house.

You can save money when you refinance your home!

• Refinancing your loan to a lower term, you’ll save money by paying off your mortgage faster and paying less total interest.

• Refinancing your loan to a fixed rate can potentially lock your loan into a lower interest rate.

• Refinancing your loan to a lower rate could lower your monthly payment.

• Even better, you can use combinations of the above methods to maximize the amount you save.

To get started refinancing your home apply online or call us today.

Quick Facts About Closing Costs

Mortgage loans have several costs associated with them that usually run between 2-5% of the loan amount, these are called closing costs. Some of the most common closing costs can include:

• an appraisal fee

• a loan origination fee

• a title search fee

• lender’s and owner’s title insurance 

Find out about other mortgage closing costs here.

Quick Facts About Down Payments

The average down payment is between 3% and 5%.  However, a higher down payment can help you increase the size of the home you can afford, or help you buy a home in a better location.

If you can't put down at least 20% of the house you’re buying, you may have to add Private Mortgage Insurance (PMI) to the loan. This can add several hundred dollars a month to your mortgage payment, so it’s best to avoid having PMI, if you can. Talk with us about your down payment options, we have a variety of workable solutions.

Please let us know if you plan to use any gift money to buy your home. You can use gift funds such as wedding presents or monetary gifts from family, although special rules often apply. 

Fixed Rate First Mortgages

You can check out current rates for First Mortgages here. We updated these rates weekly. 
Please call us for our most current mortgage loan rates or if you had additional questions: 507-288-0330.

Construction Loans

Please call us for our most current construction loan rates: 507-288-0330.

Mortgage Payment Calculator

Click here to use our simple mortgage loan payment calculator to estimate your monthly mortgage payment.

Explore our wide variety of mortgage resources and feel free to contact us with questions.

• Moving to Rochester, MN Guide

• Basics of Qualifying for a Mortgage

• Differences in Fixed Rate Mortgages and Other Mortgages

• Having Trouble With Your Mortgage? Here are Some Ideas to Consider

• Ten Questions to ask a Lender About Your Mortgage

• The First-Time Home Buyer’s Guide to Mortgages, Titles and Escrows

• A Closer Look: 15 vs. 30 Year Mortgage