HOME MORTGAGE LOAN PROCESS
YOUR GUIDE
About me
More About Me
I live in Chanhassen with my husband Kyle. I'm an avid runner and love the outdoors. I'm also a big fan of the Vikings and North Dakota Hockey.
Meet Kala
Lending is about a lot more than just providing someone with a loan. It's about caring for your clients, listening to their goals and creating an impact on both them and the community around us.
I truly believe that home ownership is a critical step toward creating a strong community for all of us. It contributes to our overall happiness and to building wealth for our future.
When you work with me, you'll find that my approach is very hands-on. I will provide you a confidential and personalized experience with creative lending solutions. My communication style is prompt and transparent.
It’s important to me that you feel treated like my own mom, dad, brother or sister. I strive to be a life-long advisor and friend that you can trust as if I were in your own closest circle.
About me Sevy
More About Me
Outside of my day-to-day life as a loan o cer, I find time to play pickleball, watch Minnesota sports and run around Minneapolis’ chain of lakes.
What I Do
I want to help you achieve your home-ownership goals. My team and I o er a simple, hassle-free home-loan process. Whether you're buying, building, refinancing or renovating your home, I'm proud to walk you through the entire process, delivering personalized service, professional guidance and timely results that will open the door to your home.
A native of the Twin Cities, Sevy has been a part of this community for over 25 years. He holds bachelor and master degrees in Accounting from the University of Minnesota’s Carlson School of Management.
He spent the first seven years of his professional career as a successful entrepreneur, focusing on the sales aspect of custom so ware applications. His experiences managing projects and guiding clients through complex situations, combined with his background and education in accounting, make the mortgage industry a perfect fit.
About me
Norah
More About Me
I live in the Twin Cities with my husband Chris. In my free time, I like tp spend time with my four kids and a grandkid.
About Norah
When you are in the market for financing, rely on me and my team of mortgage professionals. We have over 70 years of combined mortgage experience and have closed over $1 Billion in mortgage loans.
My business is built upon a simple principle: do excellent work with integrity and forge lifetime relationships. Whether you are a first-time homebuyer, someone seeking to refinance or you're purchasing your second or third home, I will draw on my experience, wisdom and the significant resources of Bell Bank Mortgage to identify the most advantageous mortgage solution for you.
As a member of Bell’s President’s Club since 1996, I have been consistently recognized for the top-notch customer service that has resulted in lasting personal and professional relationships.
Our Process
PreQualification
0-24 months before ready to buy
Start Loan Process
Valid for 4 months from credit pull
Step 1
Meet with lender
Step 1
Submit app and run credit
Home Search
Step 1
Select a realtor (if you haven't already)
Under Contract 1 month - 1 week before closing
Step 1
Send updated docs, sign disclosures, and start shopping for insurance
Closing 1 week prior to closing
Step 1
Lender issues preliminary closing docs and disclosures and discusses final steps before closing
Step 2
Provide info regarding goals, income, budget, timeline
Step 2
Provide docs and proof of income
Step 3
Determine qualifying loan size
Step 3
Review financing options
Step 4
Receive informal purchase price budget
Step 4
Receive confirmed loan approval amount. Now you’re ready to start shopping for your new home
Step 2
Find a home & sign purchase agreement
Step 2
Files goes to processing
Step 3
Perform home inspection
Step 3 File submitted to underwriting
Step 4
Send purchase agreement to lender
Step 4
Receive Loan Approval
Step 2
Receive final closing number
Step 3
Attend Closing
Step 4
Get the keys to your new home!
Why Us
Why Bell Bank?
#1 Minnesota lender: For the last five years, Bell Bank was the #1 residential purchase lender by total loan volume in the state of Minnesota.
Competitive rates: Bell Bank Mortgage is proud to o er highly competitive rates, a wide variety of loan programs and access to multiple investors, giving you more financing options.
Paying it forward: 16 years and $28 million in giving. Every year, each Bell Bank employee receives funds to give as they choose to individuals, families and organizations in need.
Service your loans: We not only originate your loans but we are able to service the majority of them post-closing, which means if you ever have an issue, we are only one phone call away. We have serviced 85% of all our loans over the past five years.
Security: In 2024, Bell was named one of America's Most Cybersecure Banks by Forbes.
Why Our Team?
Team Experience: Our team was a top-three producer at Bell Bank nationwide last year. We have more than 70 years of experience and have originated over $1 billion in mortgages.
Loan Programs: Our team's experience is unparalleled, and there's not a loan program or situation that we haven't seen or done, including complex and complicated jumbo loans, investment properties, construction loans, and multi layered down payment assistance loans. Our goal is to ensure that, no matter your situation or loan value, you receive the best service possible. We will get you into the right loan program using the creative strategies we've honed over the years.
Available Nights and Weekends: Our team understands that real estate doesn’t take weekends o . We’re available to execute a letter with your loan approval amount whenever you need us. Our goal is to ensure you win.“
Dedicated contact person throughout the entire process: You can call your loan o cer directly, and we will be the one that you reach out to on an ongoing basis. We will originate and close your loan on-time with no hassle and oversee the entire loan progression from start to finish.
STATES WHERE BELL LENDS
Loan Programs
Conventional Loans 3% Down Payment FHA Loans 3.5% Down Payment VA Loans 0% Down Payment USDA Loans 0% Down Payment Purchase Traditional Jumbo Loans Loan Value Above $766,500 Investment Properties 15% Down Payment Vacation Homes 10% Down Payment Multifamily Loans 2-4 Units (residential only) Purchase Specialized FTHB and DPA First-Time Home Buyer and Down Payment Assistance Construction Loans 1x Close Construction Loans 2x Close Lot Loans Rehab Loans Construction Loans HomeReady/ HomePossible Reduced Rate & PMI (80% Area Median Income) Bell HomeAssist Reduced Rate for FTHB Down Payment Assistance MN Housing and City/ County Programs Refinance Rate & Term Refinance Cash-Out Refinance Home Equity Debt Consolidation (Onetime lump payment) Refinancing HELOC Debt Consolidation (Revolving line of credit) Subject to credit approval. Income and property location restrictions may apply. Program guidelines are subject to change without notice. Not available in all markets. Other restrictions apply. HomeAssist program for purchases and rate/term refinances on primary residences only. Refinance only allowed on properties in a high needs rural area or manufactured homes. Customary loan level price adjustments are waived for this product. Program guidelines are subject to change without notice.
Team Bios
70+ Years of Experience and $1 Billion of Loans Closed
Norah Gondeck
Mortgage Loan O cer
NMLS #341214
With over 40 years of experience in the mortgage industry – 28 of those with Bell – Norah is committed to providing each clint with a specialized approach that meets their unique financing needs. She provides personalized service, generates loan approval letters and ensures your clients close on time.
ngondeck@bell.bank
612-309-9701
Kelly Sorkin Team Support
NMLS #944090
Kelly has more than 15 years in the mortgage banking industry and is a trusted and experienced resource to guide clients through the mortgage process. She will work with clients and agents on file management and communication, request and review initial documentation for loan approval, prepare clients for the underwriting process, and coordinate with all parties to ensure a smooth process.
ksorkin@bell.bank
952-905-5504
Kala Wilson
Mortgage Loan O cer
NMLS #1381070
Kala has more than 13 years of mortgage and banking experience and has been with Bell Bank Mortgage for seven of those. She's dedicated to providing a confidential and personalized experience, ensuring that clients receive prompt and thorough responses to their questions and needs during the entire process.
kwilson@bell.bank
612-760-3268
Sevy Gondeck
Mortgage Loan O cer
NMLS #2551966
Sevy spent the first 7 years of his professional career as a successful entrepreneur, focusing on the sales aspect of custom so ware applications. His experience managing projects and guiding clients through complex situations, combined with his background and education in accounting, make the mortgage industry a perfect fit.
sgondeck@bell.bank
612-819-3417
What People Say About Us
"As a first-time home buyer I feel so fortunate Sevy was the person to guide us through this process. He is extremely thorough, communicative, and knowledgeable. He answered all our questions promptly and checked in with us daily throughout this process. The next time we buy we will definitely be reaching out to Sevy!" - Meredith (Client)
"We are so thankful that we found Sevy and Kala at all Bell Bank. They made the mortgage lending process very easy for first-time homeowners and helped us diligently monitor the rate" - Katie (Client)
What People Say About Us
"Norah Gondeck is simply the best. We've worked with her on both our home purchase, and she's been exceptional. Her response to questions was very fast, and she really knows her stu . Having Norah and Bell Bank on our team made the whole transaction much smoother. Thanks for all you did!" - Rebecca (Client)
"Norah is organized, helpful, and responsive. Norah and Bell Bank Mortgage have taken all the steps to make the mortgage process clear and precise with no surprises and a direct path to closing"Richard (Client)
"Norah and her team have been extraordinary to work with on a number of deals. They're always prepared, always communicating, always on time, always a good solution. I couldn't ask for more"Christopher (Client)
"Norah and her team were great to work with. They answered questions and prepared documents quickly, including nights and weekends. I would work with her again"Lori (Client)
"Norah and her team are always right on top of your file. You always know exactly what is happening. They all work so hard and the communication is wonderful. I highly recommend Norah and her team. " - Renae (Client)
What People Say About Us
"Kala is the best! Quick to respond. Always working! No matter the day or time she would drop what she was doing to help. Very grateful that we found someone like her to help us with our home buying process!"
- Chris (Client)
"Kala has been so wonderful to work with. Kala o ers all that you could ask and more; quick response times, knowledgable and up-to-date information on savings programs you might qualify for and of course competitive rates for our mortgage"Rachel (Client)
"As a first-time homebuyer, Kala made it very straightforward and understandable. I would recommend Kala to anyone looking to finance a home (1st time or 20th) because she is dedicated, knowledgeable, and trustworthy. 5 Stars!"
- Jacob (Client)
"From the initial consultation to the closing, she provided top-notch support and expertise. Her attention to detail and responsiveness made the entire process smooth and stress-free. Not only did she secure me a fantastic rate, but she also went above and beyond to address any concerns promptly and e ciently." - Tyler (Client)
“Kala and I have worked together on many transactions over the past 4 years. She does an amazing job with my clients. If we need a loan approval letter on numbers on a new home, we have them within 15 minutes. I can’t say enough about Kala. She will answer my mortgage questions or anything in general. I would highly recommend Kala as your mortgage lender”Kari (Realtor)
FAQs: General
How much money do I need to put down for a mortgage loan?
There is no one answer to this question. It depends on your financial history, type of loan and loan terms. For example, there are some government-backed programs that require as little as 3% down on a residential purchase and only 3.5% down on a FHA loan.
How do I obtain a loan approval letter from Bell Bank?
A er you apply and we run your credit, we can issue you a loan approval letter. Note: Your loan approval letter is valid for 120 days.
What is a loan approval letter?
A loan approval letter means that we have investigated your assets, debt, and credit history to determine whether you qualify for the loan.
How does my credit score a ect my mortgage application?
Your credit score is an important factor in determining how much you can borrow and the loan’s interest rate. A high credit score generally gives a borrower the best terms. A lower credit score can present challenges, but Bell Bank thrives on creating solutions for all customers.
How much of a mortgage payment can I a ord?
To calculate how much of a payment you can a ord, we take into account a few primary considerations, such as your household income, monthly debts (for example, car loan and student loan payments) and the amount of savings available for a down payment.
How is qualifying income calculated?
An important metric that your mortgage lender uses to calculate the amount of money you can borrow is your debt-to-income (DTI) ratio, which compares your total monthly debts (for example, your mortgage payments, including insurance and property tax payments) to your monthly pre-tax income.
So if you make $5,000 per month in income and you want to take out a mortgage for $1,500 per month, and you have other monthly debts of $500 (such as a car payment), your DTI ratio will be 40% ($2,000/$5,000). Typically, most programs will not allow your DTI ratio to exceed 50% and some programs may not allow it to exceed 42%. Talk to us about di erent DTI ratio requirements for each loan program.
What
is earnest money?
Earnest money is a deposit that you typically put down with a seller when you sign a purchase agreement. This cost is deducted from your closing costs due at closing.
What does a monthly mortgage payment typically include?
Your mortgage payment includes principal and interest, property taxes and homeowner's insurance as well as mortgage insurance if you put down less than 20%.
Note: If you’re buying a property that has an HOA, you will pay fees related to it directly to the HOA.
FAQs: General
What is the di erence between a "contingent" and a "non-contingent" o er?
An o er is considered “contingent” if the person making it has received a letter with loan approval that is contingent on them first selling their current home. This means that your monthly qualifying income is insu cient for multiple mortgages.
An o er is considered “noncontingent” if the person making it has received a letter with loan approval regardless of them first selling their current home. This means that your monthly qualifying income is su cient for multiple mortgages.
If both a contingent and non-contingent o er are made for a home, the selling agent will likely take the non-contingent o er, as it comes with far less risk because the borrower doesn’t need to sell their current home to buy a new one.
When a seller does accept a contingent o er, it means that the buyer has an agreed period of time (such as 30-60 days) to sell their current home or their o er for the new home is revoked.
Is a home appraisal required to obtain a loan?
We require an appraisal to complete a loan for a purchase or a refinance of a home. The purpose of an appraisal is to ensure the lender is not loaning more than the home is worth. In some circumstances, with a large enough down payment, an appraisal is not required. But we won't know that until the o er on your home has been accepted.
What is PMI?
Private mortgage insurance (PMI) is required by most lenders on a conventional purchase or refinance loan if the down payment or home equity is less than 20%. PMI is generally removed once your accumulated loan payments have satisfy the 20% requirement. There are loan programs and payment options for some borrowers to avoid PMI. Lastly, PMI is based on down payment, credit score, loan value, and other considerations.
When can I refinance my mortgage?
The general rule of thumb is that, to cover your refinancing costs and recoup your investment, it is best to refinance your loan only a er your rate drops below 1% from your initial rate or you should wait at least one or two years a er your initial mortgage.
FAQs: Rates
How is my rate determined?
The rate of a loan depends on three main factors: the type of loan, the loan amount and the applicant’s financial history. Other important factors include down payment amount and the borrower's credit score. Following due diligence (formally verifying your credit score, income, assets and down payment), we will provide you with a written loan estimate. This includes the closing date, the interest rate, the monthly mortgage payment (principal, interest, taxes and insurance), and the estimated cash to close (down payment, closing costs and prepaid expenses).
Why would my rate change based on my loan scenario?
There are many di erent reasons why interest rates could di er. Here are a few: down payment, credit score and property type (such as a condo, an investment property and a second home).
What is a rate lock?
One of the major decisions we make together is when to “lock” your loan. This isn’t something you have to worry about right now, but you should know how this works.
Once you find a home and the seller has accepted your o er, you have the option to “lock in” an interest rate. A rate lock freezes the loan’s interest rate until the closing as long as there are no changes to the application and the loan closes within a specified time frame.
We usually o er rate locks on a loan for 30, 45 or 60 days. Many borrowers like rate locks because mortgage interest rates can change frequently, and a lock creates certainty. If your rate is not locked, the interest rate and your loan payment can change at any time while the loan is in process. But a rate lock may keep you out of lower loan payments if rates fall during processing.
Why do rates fluctuate?
Interest rates are a lot like getting gas at the pump. One day you drive by the gas station and gas is $3.00 per gallon. Your tank is not empty, so you don't fill up. Three days later, you drive by the same gas station and gas is now $3.30 per gallon. What happened?
The price of oil is constantly changing depending on economic conditions, the energy markets and the rules of supply and demand.
Not wanting to pay $3.30 per gallon, you again don't fill up. Two days later, you drive by the same gas station and gas is now $3.05 per gallon. So you fill your tank, thankful for not settling for the higher price.
When can I lock my rate?
You can typically lock a rate once you have a signed purchase agreement with a property address and a closing date.
When is the latest I can lock my rate?
The latest that you can lock your rate is 10 days before closing.
Thank You OUR TEAM LOOKS FORWARD TO HELPING YOU BUY YOUR NEXT HOME.
What People Say About Us
"Kala is the best! Quick to respond. Always working! No matter the day or time she would drop what she was doing to help. Very grateful that we found someone like her to help us with our home buying process!"
- Chris (Client)
"Kala has been so wonderful to work with. Kala o ers all that you could ask and more; quick response times, knowledgable and up-to-date information on savings programs you might qualify for and of course competitive rates for our mortgage"Rachel (Client)
"As a first-time homebuyer, Kala made it very straightforward and understandable. I would recommend Kala to anyone looking to finance a home (1st time or 20th) because she is dedicated, knowledgeable, and trustworthy. 5 Stars!"
- Jacob (Client)
"From the initial consultation to the closing, she provided top-notch support and expertise. Her attention to detail and responsiveness made the entire process smooth and stress-free. Not only did she secure me a fantastic rate, but she also went above and beyond to address any concerns promptly and e ciently." - Tyler (Client)
“Kala and I have worked together on many transactions over the past 4 years. She does an amazing job with my clients. If we need a loan approval letter on numbers on a new home, we have them within 15 minutes. I can’t say enough about Kala. She will answer my mortgage questions or anything in general. I would highly recommend Kala as your mortgage lender”Kari (Realtor)