Buying a Home
Buying a home with Midwest Bank offers you competitive interest rates, personalized service, and a wide range of financial services, simplifying the borrowing process for you as much as possible.
Midwest Bank provides access to competitive rates, diverse loan options, and personalized guidance for buying a home. We offer established credibility, streamlined processes, and potential cost savings through bundled services, making us a reliable choice for fulfilling your homeownership goals – all with people you can interact with personally!
Types of Mortgages
Buying a home can sometimes feel overwhelming, but our Midwest Bank lenders are here to help you make sense of it, we’ll review your options, rates, and terms and answer any questions you may have.
Fixed Rate
A fixed-rate home loan offers a consistent interest rate and stable monthly payments over the loan duration, providing financial predictability for borrowers.
Balloon
A balloon home loan involves lower initial payments, but a large final payment (“balloon”) due at the end of the term, often requiring refinancing or repayment strategies.
USDA
A USDA home loan, backed by the U.S. Department of Agriculture, offers low-to-moderate-income buyers in eligible rural areas affordable financing with no down payment requirement, promoting homeownership.
VA Home Loan
A VA home loan, provided to eligible veterans and military personnel by the U.S. Department of Veterans Affairs, offers favorable terms and requires no down payment, facilitating homeownership.
Bridge
A bridge loan is a short-term financing option that helps bridge the gap between the purchase of a new home and the sale of the current one, aiding in smooth transitions.
Are you a first-time homebuyer?
When you’re ready to buy your first home, Midwest Bank is ready to help you. We’re here to help you with each step, walk you through the process, answer your questions, and help you confidently purchase your first home.
What can you afford?
Our calculator figures out your monthly mortgage payment based on the principle borrowed, loan length, and annual interest rate.
Get started and apply now
Call a branch
Prefer to work with a familiar face? Call your local branch to get started.
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Frequently Asked Questions
What are closing costs?
Closing costs refer to various fees and expenses associated with finalizing a real estate transaction, including lender fees, title insurance, appraisals, and legal costs.
What is an appraisal?
An appraisal is a professional assessment of a property’s value, conducted by a certified appraiser, to determine its fair market worth for real estate transactions or financing purposes.
What is title insurance, and why do I need it?
Title insurance protects home buyers and lenders from potential legal disputes or claims against a property’s ownership rights. It ensures a clear title history, offering financial security and peace of mind during real estate transactions.
Related Resources
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Building a Home
Secure your dream home with a Midwest Bank tailored construction loan. Benefit from flexible terms, progress-based financing, and expert guidance throughout the building process. Start building today with confidence!
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Home Equity Line of Credit
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.
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