Buy a Home
What you need to know in buying a home
Northern Bank knows the importance of making your new house a home. While exciting, moving into a new home can be stressful and we want to help make moving less about stress and more about achieving your dreams of home ownership. At Northern Bank, we’re Home Purchase Specialists, and we offer personalized home loan options that fit your needs and lifestyle.
What type of loan works best for you?
Figuring out which mortgage to apply for can be confusing. Should you go fixed rate or adjustable? Northern Bank’s experienced team of mortgage experts can help you decide what is right for you. You can also use the information below to help make your decision.
Fixed Rate Mortgages
If you plan to stay in your new home for the long term or prefer the certainty of monthly payments that won't change during the life of the loan, a fixed rate mortgage may be the best option for you. Northern Bank offers fixed rate mortgage options to meet your needs.
Adjustable Rate Mortgages (ARMs)
If your priority is minimizing your monthly payment or you plan to move or refinance within five years, an ARM may be the best option for you.
If you need a mortgage greater than $484,350, you may need to look at a Jumbo loan.
In most counties in the United States (92% to be exact), a jumbo mortgage is a mortgage loan larger than $484,350. Why does that matter to you? Jumbo mortgages are similar to regular fixed or adjustable rate mortgages, but may have slightly different interest rates and frequently have different requirements in terms of down payments, qualifying credit scores, etc.
With a few simple questions, our Northern Bank mortgage experts can help determine if you qualify for a jumbo loan and get you moving.
Everyone’s situation is unique. Sometimes your income, credit history or other parts of your application don’t fit the standard industry criteria. We can’t always make it work, but thanks to Northern Bank’s ability to hold mortgages in our portfolio, we can often be more flexible than many other lenders. Some of the non-traditional situations we can consider include:
- Super Jumbo Mortgages
- Non-Conforming Condominium Financing
- Trust and LLC mortgages
- Vacation and Seasonal Property mortgages
- Non-QM Mortgages
Tell us about your situation and let's get you moving.
What you’ll need to apply
We work to make applying for a mortgage at Northern Bank as easy as possible. You can start your application today online or talk to your local mortgage lender to get started. You’ll need to verify your income and employment history by providing:
- W2s for the last 2 years
- 2 most recent paystubs - self-employed? No problem – contact us
- Bank statements for all accounts including investments
- Signed personal / business tax returns