No matter which type of home loan you need, we’ll help to make the whole process easy.
Let us help you find the mortgage option that’s right for you. We offer low-interest rates and flexible terms, tailored to your needs. Our expert team guides you through a seamless application process, helping you every step of the way. Enjoy the peace of mind that comes with a trusted, stable bank. Whether you’re a first-time buyer or refinancing, make your homeownership dreams a reality with us.
We make buying, building, or refinancing a home easy and personal. We’ll help you find the perfect option with any one of our home loans.
Whether you’re buying your first home, your next home, or building your forever home, Midwest Bank lenders can help through the entire process. We’ll listen to your needs, walk you through step-by-step what you need to do, and help you celebrate when it’s all said and done. We’re here to help make home loans simple and stress-free.
Buying a Home
When you find the right house to make a home, you just know. We can help the mortgage process feel the same way. Our lenders will work with you closely, listen to your concerns, answer your questions, and make sure you’re comfortable the entire process.Learn more
Building a Home
Building your dream home is an exciting time. But not every home construction project is the same. We understand that. Your needs aren’t the same as everyone else’s. Our lenders will get to know you personally and help tailor your loan to meet your needs.Learn more
Refinancing Your Home
Refinancing your mortgage can help you lower your monthly payment, shorten your loan term, or even allow you to get cash out. Sit down with our lenders to discuss your refinancing options and if it’s the right choice for you and your family.Learn more
Improving Your Home
Use your home’s equity to help you tackle an improvement project or finance a major purchase. Leverage the equity you’ve built in your home to help accomplish home improvement projects, pay for education expenses, or use it towards other large purchases.Learn more
Buying your first home can be exciting but also at times seem a bit overwhelming. The good news is we’re here to help you through the process. We have resources designed specifically for you and our lenders are experts, here to help ensure the buying process goes smoothly.Learn more
Mortgage Rate Drop Special*
Looking to buy your next home? Now is the time with this limited offer, when you purchase and close on a new home by December 31, 2023, and if rates drop, Midwest Bank will refinance to a lower rate and will waive the appraisal fee with the refinance.
*The Rate Drop offer is valid for all loans closed between September 28, 2023 and December 31, 2023.
Finding Solutions Outside of the Box
Why work with Midwest Bank?
Local Decision Making
We’re a local, family-owned bank with local decision makers in each community helping to get you the best rates.
Whether you want to meet in person or do everything online, we’ll meet you where you’re at.
We’re Partners Through It All
We’re experts in mortgages, and we’ll be here to answer your questions and help you the entire process.
Meet Our Lenders
Karla Kuhlman | CreightonNMLS #588891
Joanna Eitzmann | DeshlerNMLS #2151559
Kristin Ling | LincolnNMLS #623682
Steven Petersen | NorfolkNMLS #1643968
Kole Heller | Pilger/WisnerNMLS #2064164
Corby Forbes | PlainviewNMLS #2064556
Kevin Lingenfelter | PlainviewNMLS #422970
Nichole Runge | YorkNMLS #1961344
Frequently Asked Questions
What is the process to get a mortgage loan for a home purchase?
Getting a mortgage loan typically involves several steps:
- Financial Assessment: Begin by evaluating your financial situation. Determine your budget, down payment, and how much you can afford as a monthly payment. Midwest Bank’s mortgage lenders are great resources to sit down with and look over your financial assessment and help in any way possible.
- Loan Application: Submit a formal mortgage application to your chosen lender. This will require a credit check and review of your income and assets. Your lender will look at different mortgage programs that fit your specific situation.
- Pre-Approval: Consult with a lender to get pre-approved for a mortgage. This provides approval for a specific property.
- Purchase agreement: Once you have found a home and have signed the purchase agreement, your lender will need a copy. This allows your lender to start preparing early disclosures, lock your interest rate, and gather additional information for your mortgage.
- Sign early disclosures: the early disclosures detail mortgage information, interest rate, down payment, monthly payment estimates, and estimated closing costs. Your signatures on the early disclosures also allow your lender to order and appraisal and request additional verifications needed for your home loan.
- Appraisal: An appraiser assesses the property’s value to ensure that the current market value is equal to or more than the purchase price.
- Underwriting: The lender’s underwriter reviews your credit package and the property appraisal to issue loan approval
- Loan Approval: If approved, the lender issues a commitment letter outlining the terms and conditions.
- Initial Closing Disclosure: These are signed 3 days prior to closing date. The closing disclosure included interest rate, monthly payment, final closing costs, and cash due at closing for down payment and fees.
- Closing: Sign the mortgage documents and pay the down payment and closing costs.
- Homeownership: Congratulations, you become a homeowner and are now responsible for making monthly mortgage payments!
Remember, the mortgage process can vary based on the lender, the type of loan, and local regulations. It’s essential to work closely with a qualified mortgage professional to guide you through the specific requirements and steps for your situation.
What does locking in a rate mean?
A rate lock, in the context of a mortgage loan, is a contractual agreement between the borrower and the lender to secure a specific interest rate for a defined period. This agreement ensures that the interest rate on the mortgage remains unchanged, regardless of any fluctuations in market interest rates during the lock period.
Can I complete my entire mortgage loan application online?
Midwest Bank utilizes an online mortgage application, secure document portal and electronic signature platform that allows you to complete a vast majority of the mortgage process online without having to come to the bank. Closing takes place in person as original notarized signatures are needed on final mortgage documents.
Our mortgage lenders are available for phone conversations or in-person appointments to help answer any questions you may have about your mortgage.
What is the difference between appraisal and a whole house inspection?
An appraisal and a whole-house inspection are separate processes when purchasing a property. An appraisal primarily assesses the property’s market value, aiming to provide a lender with assurance that the property is worth what the buyer has agreed to pay. In contrast, a whole-house inspection is a thorough evaluation of the property’s physical condition conducted on behalf of the buyer. It delves into the structural, mechanical, and safety aspects of the property, identifying any existing issues or potential concerns. While an appraisal is essential for securing financing, a whole-house inspection empowers the buyer with critical information about the property’s condition, helping them make an informed decision and negotiate repairs or adjustments with the seller. Both processes play vital roles in the homebuying journey but serve different purposes.
Should I refinance my home?
Refinancing your mortgage can be a smart financial move, potentially saving you money on your monthly mortgage payment or on total interest over the life of your loan. You’ll also want to decide if refinancing makes sense financially by weighing any money you’ll save against the cost of the refinancing the loan.
- Lower Interest Rate: General rule of thumb says to refinance your mortgage if your new rate is 1% or more below your current rate.
- Improve credit score: Your credit is a significant factor in determining your mortgage rate. Generally, the better your credit is, the lower the interest rate you’ll receive. If your credit has improved since securing your home loan, it is worth looking to see if you can refinance to a lower interest rate.
- Shorter loan term: If you’re looking to pay your mortgage down quickly, you may want to refinance to a shorter loan term. You’ll find additional savings if you can secure a lower interest rate and shorten your term. A shorter loan term means you’ll pay less in total interest, but you’ll probably be increasing your monthly payment in exchange, so make sure it fits into your budget.
- Increased home value: If the value of your home has gone up, you might also get some benefit from refinancing, especially if you have paying Private Mortgage Insurance (also known as PMI). If you purchased a home and did not have 20% or more down payment, you are likely paying PMI as part of your monthly payment. If you home value has increased, you can refinance your mortgage and potentially lower or completely remove PMI from your monthly payment. Generally, you would be looking to have your loan amount compared to home appraised value or LTV to be under 80% to remove PMI.
- Cash out refinance: A cash-out refinance allows you to take out a loan amount that’s larger than what you previously owed on your original mortgage, and you receive the difference in cash. A cash-out refi is an alternative to a home equity loan. You also might consider a cash-out refi for home improvements, consolidating other debts, or to pay for a child’s education.
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