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Personal Loans
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Prepare
for that Loan Application!
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Your needs for money are as individual as you are.
That's why MWBank offers a wide variety of loans. An MWBank
Mortgage can help you buy, build or refinance a home. Use the equity
you've built in your present home to obtain a Home Equity Line of Credit
or a Home Equity Loan. A Personal Loan can assist you with the
purchase of a car or boat, or consolidate your bills. Our Ready Reserve
Line of Credit is an pre-approved line accessed by simply writing a
check. You can also obtain an VISAŽ Credit Card or CheckCard.
You can get the application process started online for
many of our lending products.
Automobile Loans
An auto loan from MWBank allows you to
borrow money for the purchase of new and used automobiles. We offer a
range of competitive interest rates and payment schedules, including our
easy automatic payment plan.
Features
 | Financing available at 80% of cost |
| Notes based on 12 to 60 month amortization |
| Fixed interest rate |
| No pre-payment penalty |
| Late fee of $10.00 or 5%, whichever is less, on
payments delinquent ten days |
Personal Installment Loans
A variety of terms are available to finance a vacation,
boat, or other major purchase, to consolidate bills into one easy monthly
payment, or to fund many other personal needs. Choose a fixed rate
and term and fixed monthly payments makes budgeting easy.
Ready Reserve Line of Credit (RRL)
(Overdraft Protection)
Get the protection of a pre-approved credit line
automatically accessed up to your available credit limit whenever your
checking account balance falls below zero.
Features
| Pre-approved line of credit which is accessed by a
client writing a check for more than their checking account balance or
by requesting a direct loan |
| Line of Credit from $300 to $2,000 |
| Funds are transferred from your RRL to your checking
account in increments of $100. |
| Small monthly payments will be deducted when your RRL
is in use |
| RRL
In Use |
Monthly
Payment |
| $ 0.01 to $15.00 |
Balance |
| $15.01 to $300 |
$15.00 |
| $301 to $400 |
$20.00 |
| $401 to $500 |
$25.00 |
| $501 to $600 |
$30.00 |
| $601 to $700 |
$35.00 |
| etc. |
Each additional $100
in balance will result in
an increase of $5.00 in
the Monthly Payment. |
| Additional payments can be made at
anytime, by transferring from checking account Note: Principle balance
on RRL is not automatically reduced when deposits are made to checking
account. |
| All activity on Ready Reserve Line
will be detailed on the monthly checking account statement. |
| An Annual Fee of $12 will be charged. |
WHEDA Home Improvement Loans
For the client who is interested in making improvements on
their primary
residence, has a good credit rating, and whose income does not exceed the household
income limits for their designated area.
Features
| Maximum Loan: $20,000.00 |
| Maximum Term: 15 years |
| Loans based on cash flow, no equity requirement |
| Fixed interest rate for up to 15 years |
| Low interest rates |
| Fixed monthly payments |
| No Pre-payment penalty |
| Late fee of 10% or $5.00, whichever is less on
payments delinquent ten days |
Mortgage
We know that securing a new mortgage, obtaining a
construction mortgage, or refinancing an existing mortgage can be
confusing and time-consuming. That's why MWBank combines a
wide variety of competitively-priced mortgage products with quality
customer service. Our team of mortgage professionals is committed to
making the mortgage process as simple and easy as possible.
Home Equity Line of Credit
Your home is probably the most valuable asset you own.
Whether you need to finance college tuition, a new car or boat, home
improvements, vacations, or meet unexpected expenses MWBank gives you a
better way to borrow with a Home Equity Line of $5,000 or more.
MWBank Home Equity Line is based on the equity you have in
your home. You can borrow up to 95 percent of your home's appraisal value,
minus its mortgage balance. And, the interest paid on your Home Equity
Line may be tax deductible. Consult your tax advisor to determine your
full home equity deduction.
Features
| Borrow up to 95% of appraised value or 80% of
estimated fair market value, per tax bill, less prior mortgage |
| Revolving line of credit |
| Accessible by check; within minimum advance of
$500.00 |
| Flexible repayment plans; option of interest only or
monthly payment of principal and interest |
| Variable rate, tied to Prime rate, which could adjust
monthly |
| Monthly statement of account activity and minimum
monthly payment or interest only or 1.5% of outstanding balance |
| No pre-payment penalty |
| Term of 1 to 3 years at the prime rate plus 1.0% |
| Annual Fee of $35.00 |
| Credit available up to $100,000 |
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Home Equity Loan
If you would prefer a lump sum loan rather than a
revolving line of credit, you can obtain a Home Equity Loan. You make
monthly payments on principal and interest during the term of the loan.
With predictable, fixed monthly payments you can choose a term that fits
your budget. Like with the Home Equity Line of Credit the interest paid on your Home Equity
Loan may be tax deductible. Consult your tax advisor to determine your
full home equity deduction.
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