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Whether you want to:
  • Save a fortune refinancing,
  • Get the money you need to pay for your kid's college education with a home equity loan or,
  • Help your mom and dad get tax-free income from their home with a reverse mortgage home annuity.
Our Local network of professional lenders provide a wide range of lending solutions including home loans, refinancing options, or home equity loans with flexible options and competitive rates.


Tuesday, March 4, 2008

Fargo Home lenders...Shop,Find a Great Lender


Shopping around for a home loan or mortgage will help you to get the best financing deal. A mortgage--whether it’s a home purchase, a refinancing, or a home equity loan--is a product, just like a car, so the price and terms may be negotiable. You’ll want to compare all the costs involved in obtaining a mortgage. Shopping, comparing, and negotiating may save you thousands of dollars.

Loan Glossary...Terms You Need

Adjustable-rate loans, also known as variable-rate loans, usually offer a lower initial interest rate than fixed-rate loans. The interest rate fluctuates over the life of the loan based on market conditions, but the loan agreement generally sets maximum and minimum rates. When interest rates rise, generally so do your loan payments; and when interest rates fall, your monthly payments may be lowered.
Annual percentage rate (APR) is the cost of credit expressed as a yearly rate. The APR includes the interest rate, points, broker fees, and certain other credit charges that the borrower is required to pay.

Conventional loans are mortgage loans other than those insured or guaranteed by a government agency such as the FHA (Federal Housing Administration), the VA (Veterans Administration), or the Rural Development Services (formerly know as Farmers Home Administration, or FmHA).

Escrow is the holding of money or documents by a neutral third party prior to closing. It can also be an account held by the lender (or servicer) into which a homeowner pays money for taxes and insurance.

Fixed-rate loans generally have repayment terms of 15, 20, or 30 years. Both the interest rate and the monthly payments (for principal and interest) stay the same during the life of the loan.

The interest rate is the cost of borrowing money expressed as a percentage rate. Interest rates can change because of market conditions.

Loan origination fees are fees charged by the lender for processing the loan and are often expressed as a percentage of the loan amount.

Lock-in refers to a written agreement guaranteeing a home buyer a specific interest rate on a home loan provided that the loan is closed within a certain period of time, such as 60 or 90 days. Often the agreement also specifies the number of points to be paid at closing.

A mortgage is a document signed by a borrower when a home loan is made that gives the lender a right to take possession of the property if the borrower fails to pay off the loan.

Overages are the difference between the lowest available price and any higher price that the home buyer agrees to pay for the loan. Loan officers and brokers are often allowed to keep some or all of this difference as extra compensation.

Points are fees paid to the lender for the loan. One point equals 1 percent of the loan amount. Points are usually paid in cash at closing. In some cases, the money needed to pay points can be borrowed, but doing so will increase the loan amount and the total costs.

Private mortgage insurance (PMI) protects the lender against a loss if a borrower defaults on the loan. It is usually required for loans in which the down payment is less than 20 percent of the sales price or, in a refinancing, when the amount financed is greater than 80 percent of the appraised value.

Thrift institution is a general term for savings banks and savings and loan associations.

Transaction, settlement, or closing costs may include application fees; title examination, abstract of title, title insurance, and property survey fees; fees for preparing deeds, mortgages, and settlement documents; attorneys’ fees; recording fees; and notary, appraisal, and credit report fees. Under the Real Estate Settlement Procedures Act, the borrower receives a good faith estimate of closing costs at the time of application or within three days of application. The good faith estimate lists each expected cost either as an amount or a range.

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Sunday, January 13, 2008

Fargo Moorhead's Premier Lenders Peter Prodanov

Name: Peter Prodanov
Company: Valesco Mortgage
Hometown:Raised in West Windsor, NJ and currently live in Detroit Lakes
Your first job was: Minor League Baseball Player- Boston Red Sox
Favorite type of music: Rock
Professional training: Continuing Education on Federal Banking regulations
Did you or do you have a mentor? My Business Partner, Donovan Schumacher
What does a Premire Lender do on the weekend? Try to go fishing, if not, spend time with my wife and two children (hopefully while fishing).
Highest interest rate you can remember? 7%
Favorite Place to meet for a cup of joe? Main Street Cafe, Detroit Lakes
Favorite family hangout? Public Beach on Long Lake in Vergas
When I cook at home I like to....Make home made pasta sauce with all the ingredients coming from our garden.
One thing ever consumer should keep in mind when searching for a mortgage is: Work with someone where your best interest is their number one priority. Low rates are great, but how are you getting that low rate?
What is the most gratifying part of lending? Helping people get into their first home, or out of a financially difficult situation.
Your Favorite Charity and why? Our church, First Lutheran, because it gives so much to our family.


Friday, November 2, 2007

Fargo Moorhead's Premier Lenders Casey Smith


Name: Casey Smith
Company Lender: Western State Bank
Hometown: Minot, ND
Your first job was: Gas station attendant (back in the full service days)
Favorite type of music: Country music
Professional training: College degree in business administration, numerous training schools and seminars over the last twenty-one years.
Did you or do you have a mentor?I have had a few different people that have helped me advance my career over the years.
What does a Premire Lender do on the weekend? In the summer, Water skiing and spending time at the lakes with my family. In the winter, involved playing basketball, and officiating basketball.
Highest interest rate you can remember? 14%
Favorite Place to meet for a cup of joe? Starbucks to Denny’s I’m not to fussy, as long as it is fresh and hot.
Favorite family hangout? If its in the summer you will find us at the lake, in the winter we usually hang out at home.
When I cook at home I like to....have the fire department on speed dial! Cooking is not my strongest trait.
One thing ever consumer should keep in mind when searching for a mortgage is: It is very important that you are comfortable with the lender you work with for your mortgage. Buying a home is the largest investment most of us will ever be involved in. It is vital that you work with a lender that you are comfortable with and trust.
What is the most gratifying part of lending?Helping someone purchase their first home is always gratifying. It gives me great satisfaction knowing I’ve helped someone achieve their goal of owning their own home.
Your Favorite Charity and why? Roger Maris Cancer Center- Our family has been effected by Cancer, and it is very important that we maintain a top cancer facility close to home. There can never be enough money raised to help with research and treatment of this disease.


Thursday, October 11, 2007

Fargo Moorhead Home Lender: Premier Lender Profile Jeff Aafedt


Jeff Aafedt
Charter West Mortgage

Hometown: Born in Winterhaven, Florida but moved to Fargo at age 4. Graduated from Fargo North High School and NDSU in Fargo.
Your First job was: Setting trap at the west Fargo gun club at age 7.
Farorite type of music: Christian Rock.
Professional training: College, United States Air Force Pilot Training, various Type Ratings in the DC-9, Boeing 727, Airbus A-319/320 aircraft during my 21 year career at northwest airlines as a Captain and Instructor.
What does a Premier Lender do on the weekend? Continue to qualify and help people obtain affordable financing while they are looking at purchasing a home over the weekend, having to wait until Monday to find out if you can purchase a home is not a option in my opinion.
Did you or do you have a mentor? No
Highest interest rate you remember: 11% when I bought my first home in 1985, and 14% when inflation was out of Control during the Carter Presidency.
Favorite place to meet for a cup of joe?: Any espresso bar but if give the choice I would rather have a Martini at the Ho-Do.
When I cook at home I like to: Barbeque
Favorite family hangout: Our home on Long Lake in Detroit Lakes, Minnesota.
One thing every consumer should keep in mind when searching for a mortgage is: This is probably one if not the most important financial decision you will possibly make in a lifetime. Your home is also part of your long term investment portfolio and needs to be treated as such. It is very important to make sure that your lender off.
What is the most gratifying part of lending? On a purchase actually seeing sellers and buyers exchange keys and garage door openers and knowing my clients obtained the best financing available for their credit profile. For my refinance clients knowing I was able to save them hundreds of dollar.
Your favorite charity is and why: The Boys and Girls Club of Detroit Lakes. Enabling all young people, especially those who need us most, to reach their full potential as productive, caring, responsible citizens is very important to me. In our community as well as probably every other we need to invest in young kids, which is our future. Since joining the board two years ago and serving as board president for the last year supporting the leadership of our Executive director Pat Petermann we have been able to increase our after school attendance from 26 kids per day to over 100. We have been able to increase our membership by over 300 kids and serve thousands of meals to individuals who need them. The club is the positive place for kids to be. Check out www.boysandgirlsclubofdetroitlakes.org to learn more. This website by the way is built and maintained by the kids and supervised by a staff member.

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Fargo Moorhead Home Lender: Premier Lender Profile Tom Boyer

Premier Lender Profile Tom Boyer
Business: Cornerstone Bank Mortgage
Hometown: Detroit Lakes


Your first job was:
Country Kitchen - busboy
Favorite type of music: Classic Rock
Professional training: Learned the secondary market at Lakeland Federal in Detroit lakes. Loans were sold to Freddie Mac and we serviced the loans. Started originating mortgages in 1990 at Northwestern Savings Bank in downtown Fargo.
Did you or do you have a mortgage mentor?: Nate Monson got me a job at Northwestern and broke me into the originating side of mortgages.
What does a premier lender do on the weekend?: Family things: golf with my sons, go to the lake, FM Athletic football games in the fall, snowmobiling in the winter.
Highest interest rate you remember?: 11.0% in the mid 80’s.
Favorite family hangout?: Zorbaz on Pelican & DL
When I cook at home I like to...:make a triple batch of Grandma Lu’s Olde Fashioned Civil War Chili. My mom (Grandma Lu) has a great recipe; we even entered the DL Water Carnival Chili Contest years ago and took the 1st runner up prize.
One thing every consumer should keep in mind when searching for a mortgage: Get a good faith estimate and visit with the lender for a few minutes before deciding who to use.
What is the most gratifying part of Lending?: Attending the closings and seeing everything go smoothly and having the client happy and excited about a new home.
Your Favorite Charity and why?: FM Athletics. The organization benefits any kid in grade 4-8 that wants to play organized football. It has a dedicated board that works hard serving over 1200 kids in Fargo-Moorhead-West Fargo, and Hawley, Lake Park, Detroit Lakes, Casselton, Kindred and Barnesville areas. I have been involved with many organizations and support the philosophy of FM Athletics.

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Fargo Moorhead Home Lender: Premier Lender Profile Sherri A Stern

Red River Home Guide Premier
Lender Profile Sherri A. Stern


Name:
Sherri A. Stern
Business:
VP Sales Manager, Mortgage Loan Officer
Contact Info: Bremer Bank
Hometown: Minneapolis, MN
Your first job was: Licensed Dental Hygienist
Favorite type of music: Classical
Professional training: BS Dental Health, BS Business and Finance
Did you or do you have a mortgage mentor?: Greg Sorensen, Bremer Bank Retail Sales Manager
What does a premier lendor do on the weekend?: Meet with prospective clients on Saturday. Attend local Arts functions on free time.
Highest interest rate you remember?: During my career as a lender: 8.75% on a 30 year mortgage. I remember my parents at 15% in the 60’s.
Favorite place to meet for a cup of joe?: Unfortunately, I do not make time to enjoy the local experience.
Favorite family hangout?: Our newly remodeled back patio overlooking the bike trail and the Red River.
When I cook at home I like to...: Grill outdoors and discuss past family food experiences.
One thing every consumer should keep in mind when searching for a mortgage:
All brokers and lenders have similar loan products and rates. Develop a relationship of open communication and trust with your lender and the search will become easy.
What is the most gratifying part of Lending?:
Fulfilling the “American Dream” of homeownership especially for first time homebuyers.
Your Favorite Charity and why?”: I could write a book:
Otto Bremer Foundation because 98% of our bank profits go back into the communities we serve for humanitarian focused projects. Refugee Resettlement because world peace is promoted through knowledge of cultures and relationship building. Arts and Cultural Activities because my life is enhanced by broadening experiences they provide. Symphony Orchestra of Fgo-Mhd for 75 years of promoting music as a universal language. Girl Scouts and Boy Scouts of America because of the leadership qualities they develop in our youth. Hospice because they provide alternative skilled health care for end of life passage.
Churches of all denominations because they are vessels of spiritaul love and guidance.

Thank you for asking….!

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Fargo Moorhead Home Lender: Premier Lender Profile Jeff Thomsen






Red River Home Guide Premier Lender Profile Jeff Thomsen

Hometown: Fargo, ND
Your first job was: Truck Wash -- Washing big rigs at the age of 13 with my father.
Favorite type of music: Classic Rock, Country
Professional training: Journey Mortgage Concepts of Mortgage’s, High Trust Sales and Professional Ethics Training.
Did you or do you have a mortgage mentor? My long time friend and boss, Joe Southern.
What does a premier lender do on the weekend? Family time when not doing open houses and applications for my customers.
Highest interest rate you remember? 14% in the mid 80’s
Favorite place to meet for a cup of joe? Luna Coffee
Favorite family hangout? Lake Isabelle, ND
When I cook at home I like to...: Experiment on the grill with different recipes for Cajun Steaks, Chicken and Mexican dishes.
One thing every consumer should keep in mind when searching for a mortgage: Make sure your credit is in check and always look at buying within your means. Don’t forget about other costs of homeownership besides the mortgage payment.
What is the most gratifying part of Lending? Helping Homebuyers get into that Dream Home.
Your Favorite Charity and why?”Make-A-Wish… Helps kids achieve there dream going to a theme parks or meeting there favorite sports athlete.

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Fargo Moorhead Home Lender: Premier Lender Profile Kara Misemer






Red River Home Guide
Premier Lender Profile Kara Misemer



Business:
Union State Bank
Hometown: Jamestown, ND
Your first job was: Jamestown Park and Recreation: I was a lifeguard in the summer and a hockey arena attendant during the winter
Favorite type of music: 80’s Rock
Professional training: I began my career with Union State Bank as a part time teller while in school and when I finished I worked as a full time customer service representative for a number of years before moving into the loan processing area. After mastering the processing aspect, I stepped into the front end of personal banking and more recently mortgage lending. The experience and training from each position has provided a solid, all-around foundation to work from.
Did you or do you have a mortgage mentor?: Ranetta Starr – a fellow Union State Bank lender who was one of the pioneers in mortgage lending at our bank.
What does a premier lender do on the weekend?: These are in no particular order as I enjoy them all: Going to the lakes, curling up with a good book, napping - catching up on sleep after a long week of working hard, enjoying the outdoors – walking, and of course bowling
Highest interest rate you remember?: Current Rates – when I started getting involved with mortgage on the processing side we were booking loans at ridiculously low rates
Favorite place to meet for a cup of joe?: Starbucks on 13th Ave in West Fargo
Favorite family hangout?: My older sister’s House – nieces and nephews included!
When I cook at home I like to...: totally experiment – it compliments my addition to the food network. I’m always trying something new!
One thing every consumer should keep in mind when searching for a mortgage: I see many customers come in and only want to talk about the interest rate. I would challenge them that the lowest rate isn’t always the best deal. You must look at the big picture and also at what your goals are. The interest rate is only one piece of the overall mortgage, and taking the time to compare apples to apples is important.
What is the most gratifying part of Lending?: Helping those customers who think they are beyond help…Working with individuals who find themselves in difficult financial situations and developing a solution to get them back on their feet and able to manage their finances once again.
Your Favorite Charity and why?”: United Way: It’s a great organization that is able help so many of our local agencies do important work in our community.

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Wednesday, October 10, 2007

Fargo Moorhead Home Lender: Premier Lender Profile Pam Schmidt





Red River Home Guide Premier Lender Profile Pam Schmidt

Business:
Bank of the West, 520 Main Avenue, Fargo, ND 58124
Hometown: Carpio, ND
Your first job was: Farming with my dad.
Professional training: BSBA – Business Administration from the University of North Dakota.
What does a premier lender do on the weekend?: Hang out with friends - dinner, movies, concerts, sports…..unless there’s kid’s sports or performances, then I’m usually there.
Highest interest rate you remember?: They were double digits when I started. I remember telling a friend of mine in my first year – “Of course you should refinance, the rates are below 10%.”
Favorite family hangout?: It depends on the season – my girls and I are at the soccer field, basketball court, softball field; and, of course, theater is year round.
When I cook at home I like to...: If it’s frozen and can be done in a few minutes, it fits the schedule.
One thing every consumer should keep in mind when searching for a mortgage: Look at the big picture. It isn’t just about the rate. It’s about which loan best fits you and your family – now and in the future. My goal is to make sure you are comfortable and to help you understand what you are getting. It shouldn’t be all work, it can be fun!
What is the most gratifying part of Lending?: The best part of mortgage lending is when my previous customers come back for another mortgage or send me a referral – that’s when I know I did my job well!
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Fargo Moorhead Home Lender: Premier Lender Profile Deb Hjelmstad



Premier Lender profile Deb Hjelmstad

Hometown: Fargo, N.D.
Your first job was: Working as an abstractor at Cass County Abstract Company, now known as Red River Abstract.
Favorite type of music: Light rock
Professional training: Licensed abstractor ??Did you or do you have a mortgage mentor? Ron Jordan and Susie Barta, who work with me in the mortgage department here. I've worked with both of them for many years.
What does a premier lender do on the weekend? Relax, read, go out with friends.
Highest interest rate you remember? 16% back in the '80s.
Favorite place to meet for a cup of joe? Starbucks.
Favorite family hangout? Our lake home on Lake Eunice, or our home in Fargo.
When I cook at home I like to ... : Invite people over. ??One thing every consumer should keep in mind when searching for a mortgage: Look for experience and someone who is looking out for your best interests as the borrower.
What is the most gratifying part of lending? Watching first-time home buyers get into their first home.
Your favorite charity and why: Holiday Clearing Bureau and the Rape & Abuse Crisis Center, because they help so many people who are truly in need.
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Fargo Moorhead Home Lender: Premier Lender Profile Phil McShane


Red River Home Guide Premier Lender Profile Phil McShane

Hometown:
Fargo, North Dakota
Your first job was:
Delivering papers for The Fargo Forum
Favorite type of music: Classic Rock
Professional training: NDSU, Institute of Financial Education
Did you or do you have a mortgage mentor?: My mortgage mentor early in my career was John Whittlesey
What does a premier lender do on the weekend?: Spend time with my new twin grand children, Dylan and Macey. Bicycling, golf, cross country skiing, snowshoeing.
Highest interest rate you remember?:
18% in the early 80’s
Favorite place to meet for a cup of joe?: Gloria Jean’s
Favorite family hangout? Kind of boring, but home is where it’s at.
When I cook at home I like to...: Grill fish and make chocolate chip cookies.
One thing every consumer should keep in mind when searching for a mortgage:
Good customer service along with a variety of mortgage options.
What is the most gratifying part of Lending?: Seeing the excitement and satisfaction our mortgage customers show when they close on their new home.
Your Favorite Charity and why?”:
The United Way. Our community is well served by The United Way by reaching out to a vast number of people in need.

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Monday, October 8, 2007

Fargo Moorhead's Best Home Lenders: Lender Jeff Thomsen


Name:
Jeff Thomsen
Company: Journey Mortgage
Hometown: Fargo, ND

Your first job was: Truck Wash - Washing big rigs at the age of 13 with my father.
Favorite type of music: Classic Rock, Country
Professional training: Journey Mortgage Concepts of Mortgage's, High Trust Sales and Professional Ethics Training.
Did you or do you have a mentor? My long time friend and boss, Joe Southern.
What does a Premire Lender do on the weekend? Family time when not doing open houses and applications for my customers.
Highest interesrt rate you can remember? 14% in the mid 80's
Favorite Place to meet for a cup of joe? Luna Cafe
Favorite family hangout? Lake Isabelle, ND
When I cook at home I like to....
Experiment on the grill with different recipes for Cajun Steaks, Chicken and Mexican dishes.
One thing ever consumer should keep in mind when searching for a mortgage is: Make sure your credit is in check and always look at buying within your means. Don't forget about other costs of home ownership besides the mortgage payments.
What is the most gratifying part of lending? Helping Homebuyers get into that Dream Home.
Your Favorite Charity and why? Make-A-Wish...Helps kids achieve their dream, going to a theme park, meeting their favorite athlete, etc.
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Fargo Moorhead Best Home Lenders: Lender Tom Boyer


Name: Tom Boyer
Company: Cornerstone Bank Mortgage
Hometown: Detroit Lakes

Your first job was: Country Kitchen - busboy
Favorite type of music: Classic Rock
Professional training: Learned the secondary market at Lakeland Federal in Detroit lakes. Loans were sold to Freddie Mac and we serviced the loans. Started originating mortgages in 1990 at Northwestern Savings Bank in downtown Fargo.
Did you or do you have a mentor? Nate Monson got me a job at Northwestern and broke me into the originating side of mortgages.
What does a Premire Lender do on the weekend? Family things: golf with my sons, go to the lake, FM Athletic football games in the fall, snowmobiling in the winter.
Highest interest rate you can remember? 11.0% in the mid 80’s.
Favorite family hangout? Zorbaz on Pelican & DL
When I cook at home I like to....
make a triple batch of Grandma Lu’s Olde Fashioned Civil War Chili. My mom (Grandma Lu) has a great recipe; we even entered the DL Water Carnival Chili Contest years ago and took the 1st runner up prize.
One thing ever consumer should keep in mind when searching for a mortgage is: Get a good faith estimate and visit with the lender for a few minutes before deciding who to use.
What is the most gratifying part of lending? Attending the closings and seeing everything go smoothly and having the client happy and excited about a new home.
Your Favorite Charity and why? FM Athletics. The organization benefits any kid in grade 4-8 that wants to play organized football. It has a dedicated board that works hard serving over 1200 kids in Fargo-Moorhead-West Fargo, and Hawley, Lake Park, Detroit Lakes, Casselton, Kindred and Barnesville areas. I have been involved with many organizations and support the philosophy of FM Athletics.
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