FHLB Des Moines, Gate City Bank Help Recent College Graduate Buy First Home with Mortgage Rate Relief
Last Updated on November 14, 2025
Recent College Graduate Buys First Home with Help From Mortgage Rate Relief program.
Recent college graduate Brock was moving from Fargo, N.D., to Bismarck, N.D., and looking to start his new chapter of life by purchasing his first home. Through a family connection, he was referred to Steph Michels, AVP, senior mortgage loan officer at Gate City Bank.
From their first conversation, Brock quickly realized Steph was the perfect person to work with. Steph made the entire home buying process approachable and easy to understand.
Working with Steph, Brock qualified for Mortgage Rate Relief through the Federal Home Loan Bank of Des Moines, helping lower his interest rate and monthly payment. Brock can put those savings towards home improvements helping build his future as a new homeowner.
“Being a homeowner feels phenomenal and is truly life changing,” said Brock. “I love being able to envision and plan future projects and figure out how to make the space my own. It's exciting to know it's essentially my canvas to create and grow with over time.”
“Helping Brock buy his first home with help from Mortgage Rate Relief was very meaningful especially knowing it helped lower his interest rate and monthly payments,” said Steph. “It is rewarding to know I played a small part in helping him start this new chapter with more financial peace of mind.”
FHLB Des Moines launched Mortgage Rate Relief in 2024 to lower mortgage interest rates, making homeownership more affordable. The product enables eligible borrowers to receive an approximate 1.5% reduction on their mortgage rate — a game-changer for both monthly affordability and long-term cost.
A $3.8 billion mutual bank founded in 1923, Gate City Bank is the region’s leading financial institution and the #1 mortgage lender in North Dakota. For over 100 years, the bank has created a better way of life for customers, communities and team members, and today it employs more than 770 team members at 45 locations in 23 communities across North Dakota and central Minnesota.
Since 2003, Gate City Bank has contributed $45.2 million in philanthropic giving and more than 338,000 volunteer hours. The bank has also received a five-star rating from Bauer Financial for the past 29 years and has been named one of the “50 Best Places to Work” 12 years in a row by Prairie Business magazine.