|Loan Amount||Up to $3,000,000|
|Loan Term (Years)||15 - 30 years|
Banner Bank Mortgage Refinance Review
Banner Bank Mortgage Refinance is offered by Banner Bank (NMLS #439266), a bank founded in 1890 and based in Walla Walla, WA. Banner Bank Mortgage Refinance is available in 4 states across the USA.
- Only two mortgage programs offered. Banner Bank Mortgage Refinance refinances FHA VA conforming and conventional mortgages.
- Specializes in multi-family properties. Only offers mortgages for multi-family properties, but not for single-family homes or manufactured homes.
- Non-standard interest rates available. Banner Bank Mortgage Refinance offers hybrid mortgages, and fixed-rate mortgages.
- Considers personal use and investment properties. Refinancing available for primary homes, vacation homes, and even investment homes, such as rental properties.
- Charges a prepayment fee. This means you will be charged an additional fee if you repay the mortgage early.
Banner Bank Mortgage Refinance Pros & Cons
Banner Bank Mortgage Refinance FAQ
What is the maximum loan term for a mortgage refinance via Banner Bank mortgage?
The term of a mortgage refinance will impact the cost of your monthly payments. Longer terms will typically reduce your monthly payments but it will also increase the interest you pay. Banner Bank Mortgage Refinance offers mortgage refinancing with terms ranging from 15 to 30 years.
How long does Banner Bank mortgage take to refinance?Banner Bank mortgage does not provide details on the average time to close a refinance. However, it typically takes 30 to 45 days to complete a refinance. Of course, a lot depends on the market, the lender, and how long appraisals and inspections take.
Does Banner Bank mortgage charge a mortgage origination fee?
Yes, Banner Bank Mortgage Refinance will charge a loan origination fee.
What mortgage programs does Banner Bank mortgage offer?
Banner Bank Mortgage Refinance offers the following mortgage types:
- Conventional mortgages: This includes any mortgage that is not insured or guaranteed by the federal government.
- FHA: Mortgages insured by the FHA, which usually have less stringent eligibility requirements, but borrowers must pay a mortgage insurance premium. Co-applicants are allowed and you can qualify for a down payment as low as 3%.
- VA: A zero down payment mortgage or a refinance of up to 120% of the home's value for American military members, veterans, and their spouses.
What property usage types does Banner Bank mortgage allow?
Some mortgage lenders restrict the type of usage borrowers give mortgaged properties. Banner Bank Mortgage Refinance allows the following property usage types:
- Primary home
- Secondary homes and vacation properties
Other Services by Banner Bank