What are the best options for my mortgage?

  • If you qualify for a conventional mortgage, you’ll want Red River Bank’s expedited services. Unlike many competitors, we’re able to close within 30 days.

  • For customers with outstanding credit, we’re able to create combo loans to prevent the cost of mortgage insurance. For instance, if you have a 90% LTV conventional loan, we would write a 10% LTV loan and combine these 1st and 2nd mortgages to reach 100% LTV and avoid private mortgage insurance expense.

  • Adjustable rate mortgages (or ARMs) are ideal if you plan to be in your house for a short period of time—these loans have rates that adjust after 3 to 7 years at a fixed rate. If you plan to be in your home longer, then you may benefit from a fixed-rate mortgage.

  • For customers whose assets, career and/or real estate needs are at a scale that requires customized solutions, our private banking team offers personalized mortgage service.

  • There are a number of programs that help buyers with a down payment—and we’re one of the few mortgage teams who participate in all of them. Many involve maximum income limits, benefit first-time homebuyers, provide assistance in the range of 3-5% and are in conjunction with FHA loans. There are exceptions to these general guidelines, however—and we look for every opportunity for Red River Bank customers.

  • FHA is perfect for situations when down payment ability and credit score are low—guidelines allow up to a 97% loan to value ratio and credit scores as low as 620.

  • VA loans are available to all eligible veterans and allow for up to 100% financing. However, there are fees charged by the VA that wouldn’t be included on a conventional mortgage. If you’re a veteran with 20% down, you may be better served by a conventional mortgage.

  • Rural Development Loans are a USDA product designed to help low- to moderate-income families purchase a home. If you meet income, credit and other criteria, you could qualify for 100% financing on a home outside the city limits.

  • Lot financing needs vary widely, and so do our solutions. For instance, we may write a loan at 100% LTV for a short period while waiting on construction, or up to 85% LTV with a five year fixed rate for customers who want to purchase a lot and build equity before beginning construction.

  • We create construction loans so that our customers are only paying interest that has accrued on that part of the available funds which has been drawn to pay on construction in progress.

Application checklist

We want to let you know everything that may be needed in this important process.

Download the pdfDownload the mortgage process PDF file

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