Doug: Hi, this is Doug Hoover of the Doug and Melissa Hoover Group at Counselor Realty of Bemidji. Today I’m at First National Bank of Bemidji and we’re doing a lender spotlight with Sandy White, a Retail Loan Officer here at First National Bank.

Sandy, provide a step-by-step guide to applying for a loan.

Sandy: Sure, Doug, I can do that… The most convenient way to do an application is to visit our website, which is www.fnbbemidji.com. We have a link on there that the customer can go through. It’s a pretty basic, step-by-step process to go through, fill that out, and you can submit it online.

Once it’s received, a lender will contact that individual to discuss what they’re looking to do. Whether they are looking to purchase a primary residence, a cabin, a lake lot. At that time, we would take a look at their credit. Look at that to see what type of loan they may qualify for, what dollar amount they could do and payment that they could handle. 

Doug: Great! Thank you Sandy.

Sandy: You’re welcome!

Doug: Once again, this is Doug Hoover from Counselor Realty of Bemidji, here with Sandy White at First National Bank of Bemidji. Stay tuned for future episodes of Lender Spotlights!

 

Doug: Hi. This is Doug Hoover with Counselor Realty of Bemidji and the Doug and Melissa Hoover Group. Today I’m here at First National Bank Bemidji doing a Lender Spotlight. I’m here with Sandy White, a Retail Loan Officer at First National Bank.

How are mortgage payments applied?

Sandy: Well, when we receive payment the first part of that payment… we’ll take care of the interest that’s due to date. Interest accrues on a daily basis so interest from the last date of payment received to the date the next payment is received — that would be covered first. Then we apply the principal payment and if the borrower escrows for property taxes and homeowner’s insurance, we would pay the escrow balance at that time as well.

If there are any additional funds that the borrower has included, that can be applied either to principal or to the next monthly payment. By applying it to the principal, you reduce the amount of interest your loan is accruing and your loan could be paid off in a quicker time period.

Doug: Great! Thank you Sandy.

Sandy: You’re welcome!

Doug: Once again, this is Doug Hoover from Counselor Realty of Bemidji, here with Sandy White at First National Bank of Bemidji. Stay tuned for future episodes of Lender Spotlights!