Jumbo Mortgage Products
Great Midwest Bank offers a variety of options for those looking to borrow more than $417,000, which is the Conventional limit for mortgage loans. Our products accomodate borrowers looking to buy either a Primary Residence or Second Home. Features and benefits include:
Fixed Rate Option:
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15, 20 & 30 Year Fixed Rate options with interest rates slightly higher than Conventional loans.
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20% minimum down payment requirement for purchase loans.
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Cash-out refinances available to 80% of value as determined through the appraisal process.
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1, 3 & 5 Year Adjustable Rates; Up to 30 Year Amortization
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10% minimum down payment requirement, subject to Mortgage Insurance approval
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Underwriting standards that allow for more flexibility than Conventional loans in certain cases.
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Construction Loan Alternatives
