The Bank of Mauston Real Estate Department  has a mortgage package just for you!  Our experienced lenders will take the time to listen to your needs in order to determine the type of loan that makes the most sense for you!  From pre-approvals to closings, your real estate loan officer will be with you all of the way.  In addition, all loans made at the Bank of Mauston, are serviced by the Bank of Mauston, which means you will always deal directly with us.

Conventional Fixed Rate Mortgage (Freddie Mac)

Freddie Mac loans are first mortgages used for purchases or refinances.  The Freddie Mac loan provides a fixed interest rate for the life of your loan and these loans offer terms anywhere between 10-30 years.  You and your loan officer will determine the term of the loan, based on your repayment ability.  When using a Freddie Mac loan for a purchase, a down payment is required, generally between 5%-20% of the purchase price or appraised value, whichever is less.  When using a Freddie Mac loan for a refinance, an equity position of 5%-20% of the appraised value is required.  There are no income or purchase price limits to qualify for this type of mortgage.

Adjustable Rate Mortgage (ARM)

An ARM is set up with an initial term of one or three years with the interest rate being fixed for that term.  After the initial term, there will be an annual adjustment in the rate, which is in accordance with market rates.  Adjustments have a maximum 2% annual and 6% lifetime cap.  When using an ARM for a purchase, a down payment is required, generally between 5%-20% of the purchase price or appraised value, whichever is less.  When using an ARM for a refinance, an equity position of 5%-20% of the appraised value is required.  There are no income or purchase price limits to qualify for this type of mortgage.

Construction Loans

Bank of Mauston offers flexible terms on construction loans to assist with building your dream home or refurbishing your existing home.  These loans are generally set up on a term compatible with the scope of your project.  Funds from the loan are drawn out from the bank on an as-need-basis.  During the project, your monthly payment is interest only, based on the amount of money you have used.  Upon completion of the project, your loan can be converted to an amortized mortgage with regular principal and interest payments.

Wisconsin Housing and Economic Development Authority (WHEDA)

The WHEDA home loan program is generally a first time home buyer program, except in the “targeted counties” in our area of Juneau and Marquette, where you do not have to be a first time home buyer to qualify.  This program has income and purchase price limits and generally requires a 3%-5% down payment.  The interest rate is fixed for the term of the loan.  For more information on qualifying for a WHEDA loan, please visit their website at www.wheda.com

State VA

The State of Wisconsin assists veterans with a loan program for the purchase or construction of their primary residence.  This loan features a fixed rate of interest for 30 years with no private mortgage insurance (PMI) requirement.  There are no income caps but the mortgage cannot exceed 2.5 times the applicant’s annual income.  For more information on qualifying for a State VA loan, please visit their website at http.dva.state.wi.us

Glossary of Terms

Click Here to access a handy guide of real estate loan definitions.

Getting Started With A Bank of Mauston Real Estate Loan

Working with the Bank of Mauston real estate lending staff is easy.  To start your application process, there are a few things you’ll need to gather:

Ø      Last three month’s bank statements

Ø      Last two year’s tax returns

Ø      List of all current debts

Ø      Completed Residential Loan Application. To receive a real estate loan application package, please contact kpfaff@bankofmauston.com

Please contact one of our real estate lenders to set up an appointment.

ALL LOANS ARE SUBJECT TO AN APPROVED CREDIT APPLICATION

PLEASE NOTE:  By clicking on any of the links you will be leaving the Bank of Mauston website.  We do no make any warranties regarding these external sites.  E-mail is not a secure method of communication.  Be sure not to send personal information.  If you need to discuss specific account details, please call the bank.

Last Update: Wednesday, 05. March 2008 02:57 PM