Finding the Right Mortgage Lender for You

Are you ready to purchase your new home? Where do you start?

Choosing the right mortgage lender is a critical part of your home buying plans; a professional lender with a proven record of excellence and customer care is the right way to go. MidCountry Bank can offer such attributes, and much more.

Pre-qualification is where your journey to find the right mortgage lender begins.

When you first contact your MidCountry mortgage consultant, he or she will look into financial information that includes your income level, savings, time on the job, and what kind of debt you have. With this information, your consultant will know what loan options are most beneficial for you.

Provided as a complementary service by MidCountry, pre-qualification can educate, favorably, homebuyers who believe they can't qualify for a mortgage because they "simply can't afford it." The good news is that pre-qualifying for a mortgage, with the help of your consultant, will open your eyes to the fact that there are many types of mortgage loans that offer opportunities that you can live with comfortably. There are many instances, in fact, where the price differential between rental payments and monthly mortgage payments is minimal—a very pleasant surprise for "first-timers" and "return buyers" alike!

Lenders Look at the Big Picture

MidCountry Bank will work with you to discover the "big picture" of your mortgage plan. The underwriter of your loan will review your overall financial history (including savings and credit history) and your job stability. (This also applies if there is a co-signer on the loan.) The simple question the underwriter wants to answer through this process is whether you are a reasonable risk—if you'll be able to pay off your mortgage by the end of its term.

Should it happen that you do not qualify for a mortgage currently, MidCountry Bank wants to keep working on a professional relationship with you; we will stay in contact with you and offer guidance on when you should try again, depending on your situation.

Working with You to Bring You Home

MidCountry Bank's mortgage consultants know that in today's complex world, sweeping life changes are a common phenomenon. Divorce, child support payments, bankruptcy, and unexpected shifts in the economy add to this scenario. Our consultants want to work with you through these challenges by offering mortgage products with little down and manageable monthly payments.

Getting Your Mortgage Right: The Bigger Plan

Here's a quick list of mortgage types available to you at MidCountry:

  • Fixed Rate-A mortgage with a typically common term (payment period) of 15 to 30 years; where your payment is fixed for the term you choose, until you decide to refinance.
  • Adjustable Rate (ARM)-A mortgage with a changeable interest rate, according to a pre-agreement schedule.
  • FHA, VA and RD (USDA Rural Development)- Government-backed loans with low-to-no down payment requirements and less restrictive debt-to-income ratios (DTI). FHA (Federal Housing Administration) mortgages require a down payment of 3.5%; VA (Veterans Administration) mortgage loans offer veterans and active military personal great interest rates with zero down payments; and the RD, or Rural Development mortgage loan, offers up to 100% of the appraised value of the home, which means there is no initial down payment required.
  • 203k-An FHA 203k Rehabilitation program is extremely popular, as it allows the borrower to have professional contractual improvements completed on the property, using the mortgage to pay for it, which means no out-of-pocket expenses for the homebuyer. 203k Rehabilitation Loans allow for improvements that range from relatively simple modifications, to the near-complete tear-down of an existing structure, while preserving some portion of the original foundation. The 203k offers up to 96.5% of the appraised value of the property. Please see our MidCountry Bank Product Guide for more details.

 

Complete Homebuyer's Mortgage Guide

Let MidCountry Bank Be Your Powerful Ally in Your Homeownership Journey!

  Apply Online Now

Minimum and Maximum loan amounts apply. Rates and programs subject to change at any time. Loans subject to borrower qualifications, property evaluation and credit approval. All rates and program guidelines subject to change without notice based on consumer eligibility and marketing conditions. All loans subject to credit approval and compliance with underwriting standards.

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