MWBank Mortgage Purchases
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At MWBank we are committed to providing
the highest level of personal service for our mortgage customers.
Understanding that purchasing a home is one of the biggest decisions a
person can make, we work to make it a quick, stress-free process. With
local decision-making, a variety of mortgage options and loans tailored to
meet your specific needs, MWBank is the right choice to finance your home
purchase.
MWBank Mortgage Options
15- and 30- Year Fixed Rate
Considered the most traditional method for financing a
home, the fixed rate mortgage offers the same interest rate for the life
of the loan. With this loan, the monthly payment remains stable,
regardless of rate changes in the financial market.
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Adjustable Rate (ARM)
With an adjustable rate mortgage, the interest rate is
linked to a financial index, such as the one-year Treasury Bill or the
prime rate, so your monthly payment and interest can vary from month to
month. ARMs offer lower rates at the beginning of the loan term, but rates
are then adjusted to the index. This is a good option if the current fixed
rate is high, if the buyer knows their income will increase over time, or
if they do not plan to own the home for a long period of time.
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WHEDA HOME Loan
The Wisconsin Housing and Economic Development Authority
offers a HOME loan program designed for first-time homebuyers who may not
qualify for conventional loans because of income or low down payment. HOME
features low down payments and below-market interest rates. Contact
our mortgage department to see if you qualify.
Portfolio Lending
Recognizing that sometimes a potential homebuyer's
unique situation does not qualify them for conventional mortgage loans,
MWBank offers portfolio lending to create a loan that
matches the customer's needs. Using an expanded set of underwriting
qualifications, we handle each case on an individual basis to help the
homebuyer realize their home purchase. Our mortgage experts will help you
decide which type of mortgage is right for you.
VA Loans Federal and State
Veteran's Administration loans are available to
qualified armed forces, active military personnel, veterans or their
widows.
Construction Loans
Click here for more information about
MWBank construction
loans.
Bridge Loans
These loans are designed to "bridge" the gap
between purchasing a new home before selling your current home. MWBank offers financing tailored to the unique needs of qualified
applicants. Talk with our mortgage experts about how we can help you.
MWBank Purchase Mortgage Process
We work to ensure your mortgage process runs smoothly
and quickly. In general, here is what you can expect when you apply for a
mortgage at MWBank.
1. Application
Call our mortgage department at 414-442-5800 to
schedule an appointment. If you stop into our offices to apply, the
following documents will help speed up the process.
 | Social Security Numbers (for all borrowers). |
| Employment history for past two years, including
dates and income. |
| Payroll stubs for one month and W-2s for last two
years. |
| Checking and savings accounts. |
| Tax returns for last two years. |
| Credit information, including account number, payment
amount, and current balance for all accounts. |
| Proof of other income, such as land contracts or
dividend income. |
| If renting, landlord's name and address. |
| Loan information and address of current mortgage
lender. |
At the time of application, initial disclosures along
with a Good Faith Estimate of closing costs will be provided.
2. Underwriting
At this time MWBank will:
| Review the application. |
| Pull credit bureau reports. |
| Based on findings of underwriting procedure, proceed
to verification process. |
| Approve the loan. |
3. Verification
MWBank will verify the information you provided through
income/employment checks, credit checks, and verification of assets. We
will assess the property you intend to purchase.
4. Closing
To prepare for the closing the following steps are
taken:
| MWBank contacts all parties involved to schedule a
closing date. |
| Your closing statement will be reviewed with you
prior to closing and the exact amount needed at closing will be
determined. |
| At the closing you will need a Cashier's Check for the exact
amount of the purchase, homeowner's insurance policy or binder, and a
paid receipt. |
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