Flagship Bank offers dependable loans and fast, friendly and affordable service. Here
Home Buyers
Purchasing or building a new home is an investment in your future. We are here to
help you finance this investment. From construction financing, to first-time home
buying, to second mortgages, our Residential Mortgage Bankers will work
with you to accomplish all your mortgage goals. We can help make your dream
home a reality.
Exceptional Service
Our people bring with them an old fashioned approach to mortgage lending.
Namely caring, helpful, friendly and neighborly. We try to keep the process
simple as we walk you through the required steps for securing home financing.
Whether you are looking for pre-approval of a home mortgage loan or immediate
access to construction financing, you’ll find our team knowledgeable on the many
options available. Our bilingual loan officers, fluent in Spanish and English,
provide strong customer service to an emerging market.
For more details on our mortgage lending services, contact: Shelle Page at 952.942.5360.
Flagship Bank offers several loan options. We work with you to select
the one that’s right for you.
Mortgage options include:
Jumbo Mortgages
For mortgage needs that exceed the current traditional lending limits for FNMA and
FHLMC we can offer some of the most competitive rates with low closing costs.
Fixed-Rate Mortgages
This is the most common type of mortgage. Your principal and interest payments remain
the same for the duration of the loan and they’re available for time periods of 10–30
years.
Adjustable-Rate Mortgages (ARM)
Your interest rate and monthly payment change based on adjustments to the index
rate. The initial fixed rate is typically lower for 2–5 years than a fixed rate.
The rate then adjusts to a new level for the remaining term.
Balloon Mortgages
This short term mortgage provides a level payment feature during the term of the loan
but doesn't fully amortize over the original term. Balloon mortgages have many levels
of maturity, but most have a term of five to seven years.
Government-Insured Mortgages
Programs are available through the Veteran’s Administration, Federal Housing
Authority and other agencies and many are tailored to first-time home buyers.
Interest-Only Mortgages
An Interest-Only Mortgage allows you to spend the first portion of your payment term
paying only interest on the loan. After that, you can begin paying off the principal,
pay the total balance, or refinance. This type of mortgage is ideal for those looking
to refinance after a short time.
Consider speaking to one of our Residential Mortgage Bankers for:
• Purchasing a New Home
• Cash Out for Debt Consolidation/High Interest Credit Cards/Vacation
• Home Improvements
• ARM Loan Conversions to Fixed Rates
• Combine 1st and 2nd Mortgage for One Easy Payment
• All of Your Mortgage Needs
Flagship Bank Locations:
Winsted
110 First Street North
PO Box 130
Winsted, MN 5539-0130
Phone: 320.485.3831
Wayzata
445 East Lake Street, Suite 110
Wayzata, MN 55391-1670
Phone: 952.473.1959
Eden Prairie
7525 Office Ridge Circle
Eden Prairie, MN 55344-3644
Phone: 952.944.6050
What will you need for pre-approval?
• Pay stubs for the last thirty days that show your year-to-date earnings.
• Original W-2 and 1099 forms for the past two years. If you’re self-employed
or earn commissions, provide personal and/or business tax returns for the
previous two years along with current profit and loss statement.
• Your social security number.
• The addresses of your residences for the past two years.
• Bank account statements for the past two months.
• A list of your monthly debt (auto loans, mortgage loans, student loans, credit
cards etc.).
• If divorced, a copy of your divorce decree and information on alimony or
child support payments.
• Documentation on any bankruptcy, foreclosure or judgement against you in
the past seven years.
Our Mission
To earn our customers’ trust and respect, and deliver products of value with outstanding service…always…every day.
