Mortgage Rates and Calculator
Current Mortgage Rates* Effective
Woodlands National Bank provides servicing for our home loans. We currently do not sell the servicing to other banks or brokers. So when a customer calls, they can talk to our group directly about any problems, issues or questions. We keep our clients informed throughout the mortgage process. Online mortgage loan application, is available 24/7 to all clients, real estate agents and brokers. Our lending staff combined has over 50 years of mortgage background. Mortgage loan officers at each of our seven locations.
A few things to know about these rates:
Credit score and other assumptions-
These mortgage interest rates assume a few things about you - for example, you have very good credit (a FICO credit score of 740+) and that you're buying a single-family home as your primary residence. Learn more about these assumptions below.
Rate vs. APR-
The Annual Percentage Rate (APR) represents the true yearly cost of your loan, including any fees or costs in addition to the actual interest you pay to the lender. That's why a mortgage APR is typically higher than the interest rate - and why it's such an important number when comparing loan offers. At its simplest, the interest rate reflects the current cost of borrowing. The APR provides a more complete picture by taking the interest rate as a starting point and accounting for lender fees required to finance the mortgage loan.
While the APR makes it easier to compare mortgage offers, you'll want to weigh all of the factors involved in getting a mortgage loan. These include the size of your down payment, closing costs and money you'll need to set aside to furnish and maintain your home. The mortgage rate and payment calculator provided above is a good place to start.
*To guarantee a rate, you must submit an application to Woodlands National Bank and receive confirmation from a mortgage loan officer that your rate is locked.
Minnesota residents: To guarantee a rate, you must receive written confirmation as required by Minnesota Statute 47.206. This statement of current loan terms and conditions is not an offer to enter into an interest rate or discount point agreement. Any such offer may be made only pursuant to subdivisions 3 and 4 of Minnesota Statutes Section 47.206.
**Monthly payment estimates do not include taxes and insurance.
***Home Equity loans are 60 month terms based on a 15 year, or 180 month, amortization term.
The rates shown above are the current rates for the purchase of a single-family primary residence based on a 45-day lock period. These rates are not guaranteed and are subject to change. This is not a credit decision or a commitment to lend. Your guaranteed rate will depend on various factors including loan product, loan size, credit profile, property value, geographic location, occupancy and other factors. Payments do not include taxes or insurance premiums and the actual payment will be greater. Information found on this table is based on a loan amount of $150,000 with 3% closing costs and 1% prepaid financing charges.
Fixed-Rate Loans - APR calculation assumes a $150,000 loan with a 20% down payment and borrower-paid finance charges of 0.862% of the loan amount, plus origination fees if applicable. If the down payment is less than 20%, mortgage insurance may be required, which could increase the monthly payment and the APR.