Home Loans

 
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...

Are the high home prices and interest rates kiboshing your plans of home ownership? It doesn’t have to be hopeless. Follow these tips so when the right house, the ‘affordable’ house, is available, you can confidently make an offer.

You can still prepare yourself to be a homeowner. Here’s what you should do. Prepare with these 8 tips.

Buying a home is an exciting milestone, but the variety of loan options can feel overwhelming. Let’s break down the differences between FHA, USDA, VA, and conventional home loans to help you decide which might be the best fit for you.

What are they?
Backed by the Federal Housing Administration, FHA loans are designed for buyers with moderate incomes or less-than-perfect credit. Read More

(2025) Buying a home is one of the most significant financial decisions you’ll make. It’s easy to get swept up in the excitement of finding the perfect place, but a few missteps can turn your dream home into a nightmare. Here are some of the worst home buying mistakes to avoid:

Not establishing a clear budget is a common error. Many home-buyers focus on the maximum loan amount a lender approves without considering additional...

(Updated Dec 2024) 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 borrowers 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 does come with monthly premiums that are often included in the monthly mortgage...