think mutual bank

Think Bank Mortgage Review | Products, Rates, Rates

Think Mutual Bank was founded in 1961, and was initially called the IBM Rochester Employees Credit Union. Initially, the bank only provided services to Minnesota-based IBM employees. In 2003, the organization’s name changed to Think Federal Credit Union. Finally, in 2007, it gained its current name, Third Mutual Bank, and expanded its services to assist a broad range of consumers, not just those who work for IBM.

This mutual bank provides a variety of financial services to its consumers, including retail banking, mortgages, insurance, investment banking, and commercial banking.

About Think Bank 

Since its founding over five decades ago, Think Mutual Bank has created an impact on the mortgage industry in the state of Minnesota. It offers plenty of different types of mortgages for both conventional and nonconventional borrowers. Think Bank is BBB accredited, with an A+ rating.

Think Bank Mortgage Rates

Think Bank Loan Specifics

Think Bank offers home loans to a variety of customers throughout the state of Minnesota. They provide conventional loans to homebuyers in addition to refinancing options to help borrowers find better rates on their mortgages. It supports homebuyers who cannot afford to put 20 percent down on their home, as well as those who can.

Fixed-Rate Loans

These types of loans are a smart choice for homebuyers who want to stay in their home for many years and have predictable monthly rates, which do not change over the lifetime of the loan. Think Bank offers terms of 10, 15, 20, and 30 years. Qualified borrowers do not need to make a down payment on their home with this mutual bank.

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Adjustable-Rate Loans

A good fit for homebuyers who believe they will sell or refinance their home in the next few years, ARMs start with a fixed rate for a specific number of years. After this time, the rates will fluctuate based on market trends. These are offered in fixed terms of 5, 7, and ten years before switching to an adjustable rate pay schedule.

Jumbo Loans

A jumbo loan is a type of non-conforming loan that lets buyers borrow more significant amounts than the average limits set by lenders Fannie Mae and Freddie Mac. According to Fannie Mae, the minimum jumbo loan amount is currently set at $484,350.

Vacation Home Loans

Think Bank offers fixed and adjustable-rate mortgages to individuals who are buying property outside their primary residence. Buyers can get a mortgage on their vacation home at 10-, 15-, 20-, or 30-year fixed-rate terms, or 5-, 7-, or 10-year adjustable-rate schedules. To be eligible for vacation home loans, buyers must occupy the home for a portion of the year. This property cannot be a timeshare residence.

Construction Home Loans

These types of mortgages allow homebuyers 12 months to build their new home. With a single approval process, buyers do not need to apply for a home loan when switching their mortgage from a temporary construction to a full-term mortgage or ARM.

Residential Lot Home Loans

With a residential lot mortgage, buyers can purchase non-income producing land. This land cannot exceed Think Bank’s maximum requirement of 40 acres. Offering affordable payments, low closing costs, and stable monthly payments, it allows buyers to pay a down payment that comes from a variety of sources, such as gifts.

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Think Bank limits these types of loans between $10,000 and $100,000, although higher limits are available upon review from the mutual bank.

Think Bank Mortgage Customer Experience

Think Bank allows customers to qualify for mortgages or refinancing options online through its step-by-step online application. Rather than spending time on hold on the phone, customers can fill out this information on their own time. By submitting this form, you are giving consent for a loan officer to contact you regarding rates and mortgage products.

You will need to provide your Social Security number when applying online.

Think Bank has a wide selection of calculators that you can use to figure out how much you might pay in monthly costs for your mortgage, how much you could save by altering your loan term or type, and how much home you can afford.

It did not rank in the 2017 J.D. Power Primary Mortgage Originator study, nor did it appear in the Consumer Financial Bureau Monthly Complaint Report that lists the most complained-about financial service institutions on a national and statewide scale.

Think Bank Lender Reputation

Think Bank is a mutual bank that has been serving the state of Minnesota for over 50 years. Think Bank is accredited by the Better Business Bureau and has an A+ rating. Currently, the mutual bank has no BBB reviews but has had three customer complaints filed against it.

  • Information collected on Jan. 9, 2019

Think Bank Mortgage Qualifications

Like most other lenders in the U.S., Think Bank places the most emphasis on credit score when qualifying applicants, and determining their rates. Individuals should see lower costs, the higher their credit score is. Buyers with a credit score of about 760 can expect the best mortgage rates.

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Credit score Quality Ease of approval    
760+ Excellent Easy
700-759 Good Somewhat easy
621-699 Fair Moderate
620 and below Poor Somewhat difficult
n/a No credit score Difficult

In addition to the size of your down payment and your credit score, Think Bank will look into your debt-to-income ratio as well as your savings to make sure you can afford to make your monthly payments.
Unless you can qualify for some sort of government sponsorship, you should expect to put 20 percent down on your home.

Contact Think Bank to determine whether or not you are eligible to pay a down payment that is less than 20 percent.

Think Bank Phone Number & Additional Details

  • Homepage URL:
  • Company Phone: 1-800-288-3425
  • Headquarters Address: 5200 Members Parkway NW, Rochester, MN 55901

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