Loans

Personal Loans

Take advantage of MinnStar’s flexible loan opportunities for a new vehicle, recreational vehicle, camper, snowmobile, ATV, motorcycle, or boat. We offer timely turnaround, competitive rates, and attentive service from start to finish.

Loan Star Reserve

At MinnStar Bank, our Loan Star Reserve is a consumer Line of Credit (LOC) for overdraft protection and small loan needs. Loan Star Reserve gives you overdraft protection when your checking balance drops below a zero balance by automatically advancing from your personal line of credit. Interest is calculated on a fixed rate basis and payments are scheduled according to the outstanding balance.

They are available to all customers who have a checking account with MinnStar Bank and qualify for this financing product. Typically, Loan Star Reserve loans are unsecured but in certain cases, collateral may be required.

Home Mortgage Loans

At MinnStar Bank, we understand that purchasing a home is a very exciting event and we look forward to helping you achieve your homeowner goals. As a mortgage customer, you will receive timely turnaround, local decision making and in-house underwriting for a variety of mortgage loans, including:

• Conventional
• Jumbo
• In-House Financing
• Construction Loans
• USDA Rural Housing Loans
• FHA Loans
• VA Loans
• Land Loans
• Investment Property

Home Equity Loans

Your home is probably your single largest assets. At MinnStar Bank, we offer financing options that allow you to tap into the existing equity you have in your home for home improvement projects, debt consolidation and major purchases. There are two basic types of home equity loans: the standard home equity loan and a home equity line of credit. A standard home equity loan works like a traditional loan. You receive a lump sum payment at a fixed interest rate, and you pay the money back in monthly payments over the life of the loan.

• Competitive rates
• Accommodating payment plans
• Quick application process
• Local decision-making and in-house processing

Home Equity Line of Credit (HELOC)

A home equity line of credit works like any other line of credit. You are granted an amount you can borrow, and you draw money from the account as you need it. You pay interest only on the amount borrowed. The benefit of a HELOC is that it is revolving credit—meaning as you pay off the principal, more becomes available for you to use.

• Competitive rates
• Accommodating payment plans
• Funds available anytime without reapplying
• Quick application process
• Local decision-making and in-house processing

New Construction Loans

Your construction loan will receive personalized attention by our experienced lenders, including:

• Local decision making and in- house processing
• Attentive service from start to finish
• On-site visits by your lender to view progress
• We handle the draw process to save you money

Some restrictions apply.

What happens if plans change once construction starts? MinnStar Bank works with you to overcome the difficulties that can arise when the plans change in the construction process. We have over 20 years of experience in construction lending within the Greater Mankato area. We react quickly to situations and work together to find the solution that will work for you. We are in this together.