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Fixed Rate Conventional Loan
FHA Loan
WHEDA First Time Buyer Loan
Conventional ARM (Adjustable Rate Mortgage)
Great Midwest Bank has offered 1, 3, and 5 Year Adjustable Rate Conventional loan alternatives to our customers for many years. Those utilizing this option often benefit from a reduced interest rate and, in turn, a monthly payment that is lower than a comparable fixed rate alternative. Other features and benefits include:
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A 3% minimum down payment requirement, meaning a maximum loan equal to no more than 97% of the purchase price. These funds must be sourced from your assets, which can include borrowed retirement funds, and must have been in your possession for at least two months prior to the application date.
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Greater flexibility in the underwriting and approval process, especially compared to FHA.
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Reduced loan fees, offering an economical alternative for those affected by added costs on fixed rate loans due to less-than-perfect credit scores.
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An option, under certain circumstances, to re-lock an interest rate in the future without the need for a new appraisal and updated financial documentation - and avoiding the higher cost of refinancing.
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Local payments processed by Great Midwest Bank.
