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Mortgage Loans

Mortgage Products | Application Checklist

Upper Peninsula State Bank offers a wide variety of mortgage loan products to purchase your dream home or refinance your existing mortgage. Contact one of our mortgage loan professionals (officers) to discuss which product best fits your individual needs. Mortgage Loan Application Kits are available at all of our locations and include helpful information to assist you in your application process. Upon request, we would be happy to send you this application kit by mail.


Mortgage Products

Fixed Rate Mortgages
Long term mortgage products are available at competitive fixed interest rates to qualified borrowers. Low downpayment options available with approved Private Mortgage Insurance.

Fixed Rate Bi-Weekly Mortgages
Various fixed rate mortgage products offer a bi-weekly payment option. Payments must be electronically deducted from a deposit account. The bi-weekly payment plan creates a faster repayment of your mortgage balance, which results in a significant savings of interest over the life of your mortgage.

MSHDA Mortgages
Upper Peninsula State Bank is one of the leading lenders in Upper Michigan for mortgage loans through Michigan State Housing Development Authority (MSHDA). This mortgage product offers a below-market fixed interest rate to low and moderate income households for the purchase of a single-family residence. The household income and sales price limits change periodically, so call one of Mortgage Loan Officers to get details.

Rural Development Guaranteed Mortgages
No downpayment is required for qualified moderate income borrowers based on household size. This guarantee must be used with the MSHDA or Freddie Mac Fixed Rate Mortgage Programs.

Conventional Mortgages
Balloon mortgages offer a fixed interest rate during the balloon term, with a longer amortization period for affordable payments. Upon maturity of the balloon term, the mortgage then needs to be renegotiated for the next balloon term. This is the perfect mortgage product for purchasing a home, vacant land or a hunting camp!


Mortgage Application Checklist

Checklist of items needed to process your mortgage application:

  1. Completed & Signed Uniform Residential Application
  2. W-2's for past two years (with complete tax returns, if self-employed or income includes commissions or unemployment)
  3. Copies of last month's paystubs, showing year-to-date income
  4. Copy of Driver's License and Social Security Card
  5. Complete copy of Purchase Agreement (if applicable) and/or property's legal description
  6. Bank Statements from last two months to verify assets to close
  7. Signed Certification & Authorization Form

Contact one of our mortgage loan officers for current interest rates and further information.

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