Mortgage Loans

Purchasing or refinancing a home is a major point in life, which makes getting the best rate and service from a mortgage lender you can trust a priority. The experienced mortgage lenders at Mayville State Bank are here to help you find the loan that best fits your needs.  Applying for a Mortgage or Refinancing is quick and easy!

Simply Contact us at 989-843-6145 or submit a Mortgage Inquiry online to find out if you can pre-qualify for the mortgage you need. With pre-qualification, your offer will have a better chance of being accepted by the seller and it will make the closing process even faster.

One of our lenders will be happy to help you complete a formal Mortgage Application and answer any questions you may have about the application process. We’ll process your application quickly and get back to you right away with the answer you need.

Fixed Rate Mortgages

Fixed rate mortgages at Mayville State Bank come in terms of 10, 15, 20 and 30 years. The main benefit of a fixed rate mortgage from Mayville State Bank is your interest rate and monthly payments remain the same throughout the life of the mortgage; however, if you pay your taxes and insurance through escrow there is a possibility a portion of your payment may be adjusted.  Contact a mortgage lender at Mayville State Bank today to see if a fixed rate mortgage is right for you.

Balloon Mortgages

Another popular mortgage option Mayville State Bank offers is a balloon mortgage. This type of mortgage often offers a lower interest rate so your payments are generally less than a fixed rate loan, however, the balance of a balloon mortgage must be paid off in full or extended at maturity.  Extending a balloon loan could mean your rate and payment may change if the economy and market conditions have changed.

Secondary Market Loans

Other mortgage loan options from Mayville State Bank include a variety of secondary market mortgage loans, including but not limited to:

VA Loans

A mortgage guaranteed by the U.S. Department of Veterans Affairs to help servicemen & servicewomen and their surviving spouses get financing to purchase a home.

FHA Loans

Mortgages insured by the Federal Housing Administration that generally come with less strict qualification guidelines and more attractive interest rates in exchange for borrowers paying mortgage insurance.

Rural Development Loans

Mortgages designed to help low to moderate income families in rural areas realize the benefits of home ownership. Rural Development Loans can be used for up to 100 percent of a home’s appraised value and come with 30-year fixed rates.

Additional Real Estate Financing

Mayville State Bank also offers a variety of financing options for real estate related purchases including:

  • Construction Loans
  • Home Equity Loans
  • Home Improvement Loans
  • Manufactured Housing Loans
  • Bare Land Loans
  • Investment Property Loans