Home Loans

You’ve decided to build a new home, that’s exciting! Your next step is to determine which type of construction loan will fit your needs best and help you finance building your new home: a construction-to-permanent loan or multiple loans.

A construction-to-permanent loan is a one-time loan that offers cost-saving benefits and finances both the construction and permanent...

Sales in the housing market continue to be strong as we head into 2021. Driven by buyer demand growing in response to low industry-wide mortgage rates. Get pre-approved and find the mortgage rate that fits your needs today to make the process quick and easy!

We currently have special rates available to new home purchase customers. To find out your home loan rate, enter your information in the “Find Your Rate” Mortgage Calculator to see your mortgage rates...

Rate or interest is simply a percentage of the loan a lender charges to borrow money. This figure is beneficial to know so you can compare the cost of different lenders. To make the comparison easier, lenders must also inform you about how that interest rate will affect your payments over an entire year. This interest is known as the Annual Percentage Rate or APR, and it also includes any fees or additional costs associated with the loan.

When deciding if refinancing your home loan is the best option, you will need to consider all necessary information to make an educated decision. Other than whether you can receive a better mortgage rate, there are many reasons people refinance their mortgage. Some of these reasons should have a higher priority than others.

When looking at refinancing, you should ask yourself these basic questions to determine if refinancing is right for you at...

Are you getting ready to dive into your first home purchase? Before doing so, it’s helpful to learn the difference between two types of loans offered by banks, to make an educated decision. These two loans are Portfolio and Secondary Market Loans.  Ultimately, deciding which of these loans is best for you, will depend on your preferences and unique circumstances.

Portfolio loans are both owned and managed by your local bank. ...

While putting 20% down on a home loan is the most cost-efficient option long-term, we understand that down payments can be difficult for many families to make. To assist home buyers who are unable to put at least 20% down on a home loan, Prevail Bank offers what is called Private Mortgage Insurance, or PMI for short.* PMI was established to help more homebuyers afford...

While finding the best rate on a home mortgage is important, so is finding the best mortgage lender to work with you. Home buyers typically make mortgage payments over the course of multiple years, so it’s important to work with a lender who can deliver on your home lending needs. There are many criteria to consider when finding a mortgage lender to work with; experience, communication, insight and credibility.

Taking a loan out on a house is no small feat, and our...

The Downpayment Plus Program (DPP) is a matching program offered by the Federal Home Loan Bank of Chicago (FHLBC) that assists income-eligible home buyers with their down payments and closing costs. The Prevail Bank Mortgage Lending Team is proud to offer this assistance through our partnership with the FHLBC. The Downpayment Plus Program is provided as a forgivable grant, which is paid on behalf of the borrower at the time the mortgage is first closed upon.

In today’s digital world, we have options to do nearly everything online. We can shop for groceries, order a new outfit, and even buy the latest sports car online. At Prevail Bank, we believe that local mortgage lenders will never go out of style.

We offer the convenience of online applications, or, by your preferred method of communication; email, phone call, or even text. But most importantly, your lender is always here when you need them, at the point of application,...

Understanding your credit report is important when you’re looking to make large purchases such as financing a car, or a home mortgage. But what exactly is a credit report? A credit report works much like your high school report card, but for your finances. These reports contain a record of how and when you pay your bills, how much debt you have, and how long you have been managing your lines of credit.

The information in your credit report is used to...