Security State Bank of Hibbing offers conventional mortgages, providing fixed-rate home loans for periods of 10, 15, 20, or 30 years. These loans are suitable for primary residences, second homes, and investment properties. Applicants typically require a down payment ranging from 3% to 20%, with private mortgage insurance necessary if under 20%. A minimum credit score of 640 is needed, with 740 preferred for optimal rates. The borrower's ability to repay and a reasonable debt-to-income ratio, generally less than 43%, are crucial for approval. Security State Bank is committed to assisting clients throughout the homebuying journey for a streamlined and supportive experience.
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