Bear Island Land Co., Inc.

~Your Recreational Real Estate Professionals~

Selling Real Estate in Ely, Minnesota

Bank Financing Information

 

Following are resources to help you locate financing for your real estate purchase, know your rights concerning mortgages, and help you determine what property best fits your financial position

Boundary Waters Bank
Local Ely, MN bank.

Cancellation of Private Mortgage Insurance
Information provided by the Federal Trade Commission on The Homeowners Protection Act of 1998, which establishes rules for automatic termination and borrower cancellation of private mortgage insurance on home mortgages.

FAQ's About Escrow Accounts
Frequently asked questions about RESPA and escrow accounts in general, including detailed instructions on how to estimate the amount of money you may be required to put into your own escrow account.

Fixed Rate or Adjustable Rate Mortgage?
An article provided by IndyMac Bank Home Lending that explains the differences between fixed rate and adjustable mortgages and how to determine which one is best for you.

High-Rate, High-Fee Loans (HOEPA/Section 32 Mortgages)
Explains The Home Ownership and Equity Protection Act of 1994, what loans are covered, what disclosures are required, and what practices are prohibited.

Looking for the Best Mortgage
A copy of the Federal Trade Commission booklet that is filled with helpful information and forms designed to guide you through the process of choosing the mortgage that's right for you.

Mortgage Payment Table
A mortgage payment table that will allow you to estimate your monthly principal and interest payments for any fixed interest rate mortgage.

Mortgage Qualification Calculator
This calculator determines your monthly payment, monthly housing expenses and bills, and three ratios the bank looks at when determining whether or not you qualify for a mortgage.

Northview Bank of Finlayson
Northern Minnesota bank specializing in mortgages for vacation property.

Frandsen Bank & Trust
The Ely, MN branch of Minneota's Frandsen Bank & Trust.

RESPA - Real Estate Settlement Procedures Act
The Real Estate Settlement Procedures Act (RESPA) is a consumer protection statute, first passed in 1974. This article presents information provided by the Office of RESPA and Interstate Land Sales concerning the Act and its enforcement.

Types of Mortgages
A list of the most common types of mortgages, their characteristics, and who is most likely to benefit from the particular type of mortgage.

Ely, Minnesota's most experienced Realtors, serving Buyers and Sellers in the Ely, MN area since 1995.