Mortgage

Buying a home is a major milestone in life. At Farmers State Bank we are here to help our customers make an informed decision. Below we provide some information to aid the home buying process.

Fixed-Rate Mortgage*
With a fixed-rate mortgage, the interest rate stays the same for the entire term of the loan, as do the borrower’s monthly payments toward the mortgage. A fixed-rate mortgage is also called a traditional mortgage.

Adjustable-Rate Mortgage (ARM)*
With an adjustable-rate mortgage (ARM), the interest rate is fixed for an initial term, after which it can change periodically based on interest rates at that time. This means your monthly payments can go up or down throughout your loan term.

* Actual rates and terms may vary depending upon property type and programs available.

Know Your Credit Score
Credit scores and credit activity have a major impact on mortgage approvals. Pay your bills on time, lower your debt, and review your credit report.

Save Your Cash
A down payment is usually required for getting a mortgage. Getting a mortgage also involves closing costs, home inspections, home appraisals, title searches, credit report fees, application fees, and other expenses. If you are planning to purchase a new home, it is best to keep cash for your down payment and closing costs in an account that’s easily accessible when you are ready to buy.

Stay at Your Job
Sticking with your employer while going through the mortgage process is important. Any changes to your employment or income status can delay or stop the mortgage process.

Pay Down Debt
You do not need to have zero debt to qualify for a mortgage. However, the less you owe to creditors, the better. Your debt-to-income ratio determines how much of a mortgage you can be approved for.

Get Pre-Approved for a Mortgage
The pre-approval process is straightforward. Contact a mortgage lender, submit your financial and personal information, and wait for a response. Pre-approvals include everything from how much you can afford, to the interest rate you’ll pay on the loan.

• Completed application
• Two most recent pay stubs within the last thirty days
• Two most recent checking & savings statements
• Last two years of W2s
• If self employed, last two years of tax returns (include all pages)
• Social Security and or pension award letters

• Investment, IRA, 401K statements
• Drivers licenses for all applicants
• Accepted offer to purchase
• Proof of homeowners insurance coverage
• Additional items if requested by underwriters

To apply for a Mortgage today, please complete our online application. A Lender will contact you to finalize the paperwork and answer any questions you may have.
Farmers State Bank of Waupaca NMLS #485154.

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