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How to Afford a Down Payment without having 20%

How to Afford a Down Payment without having 20%

Posted On: September 18, 2020 by Prevail Bank in: Home Loans

How to Afford a Down Payment without having 20% Private Mortgage Insurance can Help What is Private Mortgage Insurance?

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...

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Tags: Down Payments, Home Lending, Mortgage Lending, Private Mortgage Insurance

Bryan Wulk

Who you Work with Matters

Posted On: August 24, 2020 by Prevail Bank in: Home Loans

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.

Experience

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

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Tags: mortgage, Mortgage Lender

Downpayment Plus Program (DPP)

Assistance through the Downpayment Plus Program (DPP)

Posted On: July 27, 2020 by Prevail Bank in: Home Loans

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.

What is the Downpayment Plus...
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Tags: Down Payment, Down Payment Assistance, Downpayment Plus Program

Hope Anderson

Local Mortgage Lenders vs. Online Lenders

Posted On: June 22, 2020 by Prevail Bank in: Home Loans

 

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,...

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Tags: Local, Mortgage Applications, Mortgage Lender, Online Lender

Understanding Credit Reports

Understanding Credit Reports

Posted On: May 18, 2020 by Prevail Bank in: Banking, Home Loans

What is a Credit Report?

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...

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Tags: Credit Report, credit score, mortgage

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Do I Really Need 20% Down on a Home Purchase Loan?

Posted On: April 27, 2020 by Prevail Bank in: Home Loans

What is a Down Payment?

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. A down payment on a home is simply a percentage of the total cost that a buyer has to pay up front.

How much is required as a Down Payment?

Minimum down payments are typically based on three sets of criteria; the type of mortgage, the lender, and your financial situation and history. Depending on the...

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Is a Mortgage Pre-Approval Right for Me?

Is a Mortgage Pre-Approval Right for Me?

Posted On: March 30, 2020 by Prevail Bank in: Banking, Community, Home Loans

What is a Mortgage Pre-Approval?

A mortgage pre-approval qualifies you with the amount of available money you can borrow, including your monthly payment, and your interest rate. This amount is typically subject to a property appraisal and other requirements. Mortgage pre-approvals are determined by a Mortgage Loan Originator who reviews your finances. This includes your debt, income amount, assets and credit history. Following the pre-approval evaluation, a letter is then provided as proof...

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Homebuying Tips for First-Time Home Buyers

Homebuying Tips for First-Time Home Buyers

Posted On: January 8, 2020 by Prevail Bank in: Home Loans

Interest rates are still historically low, but rising. The housing market is strong. The economy is on the upswing… 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:

1: Do Your Research
The first—and most crucial—step in home buying is to determine how much you're able to spend. That includes knowing how much...

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Tags: eau claire, home loan, marshfield, medford, mortgage, owen, phillips, purchase home, wausau

Credit Score Tips

Improve Your Credit Score

Posted On: March 27, 2019 by Prevail Bank in: Banking, Home Loans

Is your credit score affecting your life? Understanding your credit score can be confusing. Here are some helpful tips to help understand how to improve your credit score and get your life back on track.

Avoid late payments. Payment history is the main factor when determining your credit score and making a payment on time, every time is very important. Signing up for recurring payments is an easy way to avoid missing a payment and late fees. Increase credit limits. Credit utilization...
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pants

Three Tips to Raise Your Credit Score and Keep it High

Posted On: August 1, 2017 by Prevail Bank in: Home Loans

Your credit score affects many aspects of your life, including making large purchases, obtaining loans, renting an apartment and even applying for a job! Do you know your current credit score? When was the last time you checked your credit report? Here are a few simple steps you can take to help improve your credit score and keep it working for you, not against you.

Monitor Your Debt Ratio

One of the major factors in your credit score is how much...

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Tags: credit, credit score, Debt, Lending, Ratio

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