We offer a variety of home mortgage programs which are designed to meet a borrower's needs. Exceptional service, short turn around time, payment options designed to save interest, and very competitive rates make us the choice for your real estate mortgage.
Real estate mortgages are available to any person who currently owns or is purchasing residential property in Marinette County or Menominee County. The bank's conventional mortgage generally requires a 20% down payment based on the property's appraised value, however we strive to build a mortgage to fit your particular financial situation. Please review the following aspects of our conventional real mortgage program to see if we meet your mortgage needs.
Amortization Term - The maximum amortization term on a conventional real estate mortgage is thirty (30) years written on either a one (1) year, three (3) year or five (5) year renewable note. We also offer a seven (7) year renewable note with a maximum amortization period of twenty one (21) years at a competitive interest rate. Please call us to find out the interest rate on this mortgage product.
Annual Percentage Rates (APR) - The APR is an artificial measurement of the relative cost of your mortgage. It is not the actual interest rate you pay on the mortgage loan. The actual interest rate is a part of the APR calculation. The APR allows you to compare different mortgage loans and the relative cost of each loan. It should not be the only factor you should consider before making a decision. You need to consider other factors such as the interest rate and the required fees or charges. A lower APR does not necessarily ensure that it is the best mortgage.
Loans to construct a new home are also available at the above interest rates. During the construction phase, interest is payable monthly on the total amount of funds disbursed during the construction period.
For more information on a conventional real estate loan, please contact one of our friendly loan officers by telephone or send a request using our Feedback page to Mike Piasecki.
Competitive fifteen (15) year and thirty (30) year fixed rate mortgage loans are made available to customers through the secondary market.
The borrower is able to choose from a range of rate and point combinations to select a combination to fit their situation. The rates fluctuate daily.
Please telephone one of the Bank's friendly loan officers to obtain the most current rate information.
WHEDA (Wisconsin Housing and Economic Development Authority) loans are available to borrowers purchasing a home in Marinette or Oconto Counties, who meet certain income and purchase price limits.
This State-funded loan program offers a 30 year fixed rate with a minimal down payment requirement at an attractive interest rate, currently with no points.
Please contact a Farmers & Merchants loan officer or WHEDA for the most current interest rate.
Residential investment property mortgages are available to any landlord who currently owns or is purchasing residential investment property in Marinette County or Menominee County. The bank's residential investment property mortgage generally requires a 25% down payment based on the property's appraised value, however we will strive to build a mortgage to fit your particular financial situation. Please review the following aspects of our residential investment property mortgage program to see if we meet your financing needs.
Amortization Term - The maximum amortization term on a residential investment property mortgage is twenty (20) years written on either a three (3) year or five (5) year renewable note.
Annual Percentage Rates (APR) - The APR is an artificial measurement of the relative cost of your mortgage. It is not the actual interest rate you pay on the mortgage loan. The actual interest rate is a part of the APR calculation. The APR allows you to compare different mortgage loans and the relative cost of each loan. It should not be the only factor you should consider before making a decision. You need to consider other factors such as the interest rate and the required fees or charges. A lower APR does not necessarily ensure that it is the best mortgage.
Loan Points - A loan origination fee will generally be charged on all new residential investment property mortgage loans.
Closing Costs - The bank will collect all costs associated with the mortgage process. The funds reimburse the bank for services provided in order to properly close the mortgage. Examples of these services are property appraisal, title search and insurance, document preparation, deed recording etc.
To assist you in finding, purchasing and financing a home or for information on home improvements please see our Home Guide. To help you understand a real estate mortgage, we offer the following web sites for your perusal:
Partners - A program to assist in calculating the amount of a home purchase loan affordable to you.
Mortgage Terms - A glossary of common mortgage terms to help you understand the mortgage process.
Application Process - A step by step guide which walks you through the mortgage application process.
Home Appraisals - Explanation as to why we need a home appraisal for each mortgage loan we make at the bank.
APR - An explanation of the term Annual Percentage Rate
Wisconsin Bankers Association - Consumer oriented information on personal financial matters.
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Last Updated:
Tuesday, February 05, 2008
