Whether you’re purchasing or refinancing a home, our experienced lenders work diligently to find financing solutions that are tailor-made to fit you.
NMLS ID #504098
Vice Pres. – Residential Lending
715-284-5341 ext. 1332
NMLS ID #1495143
Residential Lending Officer
715-284-5341 ext. 1349
BUYING A HOME
For most of us, buying a home is one of the biggest and most important purchases we’ll make in our lifetime. At Jackson County Bank, we’ve been helping individuals and families achieve home ownership for over 138 years. We know that your home purchase is a unique and personal experience and we’re here to help you every step of the way.
When it comes to home mortgages, one size does not fit all. Our knowledgeable, experienced lenders will assist you in finding the perfect financing solution for your individual needs. Choices include both conventional and government financing programs (WHEDA and Rural Housing).
With interest rates holding in the low single digits, there are still opportunities to consider refinancing. Lowering your interest rate, monthly payment amount, or consolidating debt are still good reasons to refinance an existing mortgage. Or maybe you would like to take advantage of the equity you’ve built up and want to free up funds for college, investment opportunities, or maybe even a vacation.
Whatever your wish, our experienced lenders can assist you in determining if refinancing will help you achieve your goals. Below are some facts you’ll want to consider when you refinance.
- Your current interest rate and term vs. the new rate and term.
- Any prepayment penalties associated with your current loan.
- The estimated cost to proceed with refinance including:
loan fees, fees for appraisal, title and escrow.
- Your current credit score and equity situation.
- The current appraised value of your property.
- Will you benefit by consolidating short-term debt into a
- How long do you plan to stay in your home? Will you stay long
enough to reap the benefits?
We can assist you in evaluating the whole picture to determine if refinancing makes sense for you. We will provide you with a written good faith estimate which is a true comparison of any financing offer. Need more information? Call us at 715-284-5341.
BEFORE YOU APPLY
Before you purchase your home, you will want to start by checking your credit. It’s a good idea to understand your credit score and review your credit history at the beginning of the process. Remember: Even if you have less-than-perfect credit, you may still qualify for a mortgage.
Know Your Credit History
Credit reports are kept by the three major credit agencies, Experian, Equifax, and TransUnion. Among other things, they show whether you have any late payments and whether you have run into serious credit problems in the past.
You are entitled to one free credit report from each of the three nationwide credit reporting agencies each year. Find out how you can access your free credit report.
A credit score is a number calculated from a formula created by Fair Isaac based on the information in your credit report. You have three different credit scores, one for each of your credit reports. A low credit score may hurt your chances for getting the best interest rate, or getting financing at all. So get a copy of your reports and know your credit scores.
HOW MUCH HOME CAN YOU AFFORD?
Calculate the amount of mortgage you may qualify for using our Mortgage Qualifier calculator. Calculate approximately how much you can afford to borrow and estimate what your payments would be. This will help you to know the price bracket of the home you should be looking for.
Calculate your debt-to-income ratio by adding up your monthly debts and dividing by your gross monthly income. A debt-to-income rate under 28 – 36 percent is usually desired.
What you can afford depends on your income, credit rating, current monthly expenses, down payment and the interest rate. Also, take a careful look at your family budget and your housing needs before you decide how much you can really afford.
Select A Mortgage Loan To Fit Your Financial Situation.
Before you apply for your mortgage loan, you’ll need to decide which type of loan may be right for you.
- FIXED RATE LOANS have a fixed rate and monthly payment for the entire life of the loan. It’s easy to budget for this type of loan because your payment will always be the same.
- BALLOON LOANS are loans which do not fully amortize over the term of the note, thus leaving a balance due at maturity. The final payment is called a balloon payment because of its large size.
- CONSTRUCTION LOAN is made to an individual to fund the construction of single family home or commercial property. These are short-term loans, made to permit construction of the subject property and are repaid from the permanent financing.
- WHEDA ADVANTAGE® provides home buyers with a versatile loan that features the lowest monthly mortgage payments, down payment and closing cost assistance, a fixed interest rate, and more.
- WHEDA FHA ADVANTAGE features low closing costs and a fixed interest rate with flexible underwriting to get you into a home sooner. You don’t have to be a first-time home buyer to use a WHEDA Advantage loan.
- WHEDA EASY CLOSE ADVANTAGE helps with your down payment and closing costs. When you qualify for a WHEDA Advantage mortgage, you may also qualify for the Easy Close Advantage. This loan is designed to help you pay for down payment, closing costs and home buyer education expenses.
- WHEDA HOME IMPROVEMENT ADVANTAGE® offers affordable first or second lien financing for minor or major home repairs. The loan is fully amortizing, fixed-rate and has a 15 year term. Repairs must be completed within 180 days of loan closing.
- HOME EQUITY LOANS come in two basic types, the first being an equity loan that works like an installment loan. You borrow a specific amount and pay it back on a regular payment schedule over time, much like your home or auto loan. A Jackson County Bank Home Equity Line of Credit works more like a credit card where you borrow against an established credit limit. You may borrow or pay back against your credit limit as funds are needed over a period of years.
LET’S GET STARTED
For your convenience, you may print an application, and receive instructions on what information you will need to apply. If you’d prefer to apply in person, we’d be happy to meet with you. Please call for an appointment so we can be sure that our lenders will be available promptly.
Gather Your Financial Records
Once you have made the decision to pursue applying for a mortgage loan, your Mortgage Lender will work with you to obtain the necessary documentation required for a loan decision to be made. See our Real Estate Loan Application Checklist to help prepare yourself, and our Home Purchase Terminology document to familiarize yourself with some commonly used terms relating to the process.
After the Application Package is Completed
Below are certain steps taken after your loan application is completed:
- The Mortgage Loan Officer reviews your information. The information is then verified to be sure all documentation needed to process the loan has been collected. Jackson County Bank will order a credit bureau report, an appraisal that estimates the current value of the property and a title search and/or title insurance which are required to ensure that there are no other liens on the property. A well and septic inspection may be required based on the type of property.
- Once all the information is collected and reviewed, a decision is made to approve or deny your loan. You are then notified of the decision and if approved, can set a closing date.
- The loan officer may request further documentation. When completed, the information is used to assemble the “closing package” – the finalized loan documents.
A pre-purchase home inspection, performed by a professional, is a visual examination of the readily-accessible areas of a home to provide an accurate evaluation of the home’s condition at the inspection. This evaluation is presented to the buyer in a comprehensive report so buyers are fully informed of the home’s condition prior to purchase. A home inspection is not required by Jackson County Bank, but may give you piece of mind when purchasing an unknown property.
Locking in Your Rate
In most cases, the rates you are quoted prior to application represent the terms available at the time of the quote. Rates are subject to change at any time.
The rate lock is Jackson County Bank’s commitment to hold a certain interest rate for a specified period of time (Lock-ins of 30 or 60 days are most common).
You may be able to lock in the interest rate (and number of points if applicable) at the time of application, during the processing of the loan or when the loan is approved but in any case prior to closing.
It is important to recognize that a lock-in is not a loan commitment.
Important: Please give careful consideration to the timing of your lock request. Unfortunately, if interest rates decline after your lock has been confirmed, Jackson County Bank cannot renegotiate your lock. You should only lock a rate when you are certain that you are comfortable closing your loan at that rate and within the designated period of time, just as Jackson County Bank has agreed to honor your rate if rates increase.
Jackson County Bank Lenders
with Nationwide Mortgage Licensing System Identification Numbers