Home Loans

Are you currently renting? Are you a first-time homebuyer? Are you concerned the home buying process is going to be difficult?
Buying a house can be daunting. After all - they don't teach "Home Buying 101" in high school or college. But, being prepared and working with a lending expert at Prevail Bank can make all the difference.
It's easy to scroll through Realtor.com or Zillow and dream about owning...

Home equity is the difference between the balance on your mortgage and the current value of your home. For example, if your home is presently valued at $310,000 and you have $225,000 left on your mortgage, you have $85,000 of equity in your home. ($310,000-$225,000 = $85,000)
Is having equity in your home good?
Having equity in your home is important because it is an asset that counts toward your total net worth and...

Building a new home is an exciting milestone, but choosing the right construction loan is one of the most important decisions you’ll make early in the process. Before construction begins, homeowners must decide between two main financing options: a construction‑to‑permanent loan or multiple loans—one for construction and one for long‑term financing. Understanding how each option works can help...

 
In today’s digital world, we can do almost everything online—grocery shopping, ordering takeout, even buying a car. And yes, getting a mortgage, too. But when it comes to something as big as buying a home, is online really the best way to go?
At Prevail Bank, we believe there’s something invaluable about working with a local mortgage lender - someone who knows you, understands your community’s housing market,...

You've decided now's the time: you're going to buy your first house. It can be an intimidating process, so here are a few tips to help your transition from renter to owner go smoothly:

The first—and most crucial—step in home buying is to determine how much you're able or can comfortably afford to spend. That includes knowing how much of your savings you're willing to apply...

A down payment on a home is simply a percentage of the home’s total cost that a buyer has to pay up front at closing. Saving enough money for a down payment on a home can be challenging. This is one of the largest issues many homebuyers face when applying for a mortgage loan.

Minimum down payments are typically based on three sets of criteria:...

A mortgage pre-approval is a conditional agreement from a lender to lend you a specific amount of money to purchase a home. This is all under the assumption that your financial documentation supports what was entered on your application when verified, your financial situation remains stable until closing, and the property you choose meets specific requirements (IE: Property appraisal).

Mortgage pre-approvals...

The Downpayment Plus Program (DPP) is a 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...

Remodeling a home can be an exciting and rewarding experience, but it also requires a considerable amount of time, effort, and money. Carefully consider the pros and cons of remodeling before taking on such a project. Homeowners typically consider remodeling when their current living space no longer meets their needs, or if they want to make improvements that will increase the value of their property.

Remodeling has both advantages...