Find Your Home Buying Financing Solution
Owning a home remains a huge part of the “American Dream,” and at Northwest Bank, we can help turn that dream into a reality. With a variety of mortgage options available, our Mortgage Originators will help you find a competitive rate on your home loan. Mortgage options available at Northwest Bank include:
Conventional (fixed-rate, adjustable-rate)
- Fixed-Rate Mortgage: You will pay a consistent amount each month. Ideal for long-term mortgages and for those who want to make budgeting easier each month.
- Adjustable-Rate Mortgage: The interest rate on your mortgage is adjusted each month. This is a good option for homeowners who are looking at short-term ownership or are expecting a rise in income.
Government Loans
- VA Loans: Offers 100% financing with low down payment requirement for U.S. Veterans and some surviving spouses. Click here to learn more about this program.
- FHA Loans: Helps borrowers with limited assets buy homes. The low down payment and closing costs can be covered by gifts from family members or grants from certain agencies. Click here to find out more.
- USDA Loans: Designated for rural-area homes, these loans provide 100% financing, including most or all closing costs, for qualified buyers. Low rates may make payments lower than some FHA loans. These loans are not limited to first-time homebuyers. Click here to learn more.
Rehab Loans
With the Owner Occupied Rehab Program at Northwest Bank, now you not only have a better chance of purchasing that “Fixer Upper,” but you may also qualify for a larger home! The program includes:
- Short-term interest-only program
- Minimum down payment
- All costs of improvements may be financed into the loan
- Allows you to purchase distressed properties that may not be able to sell to the secondary market
- Must escrow for property taxes & homeowners insurance
Contact a Northwest Bank Mortgage Lender today to learn about this unique program!
Construction Loans
If that perfect home doesn't exist, let's build it together! Northwest Bank offers residential construction loan. This short-term loan is for buying land or building on a piece of property that you already own. Only borrow what you need when you need it. You will only be required to pay interest on that exact amount.
Are you qualified to get a construction loan? After you have applied and expressed your intent to proceed with the Construction Loan, you will be required to provide the following information: basic income, asset, debt, and liabilities. You will need to have a signed purchase or construction contract with your builder or developer, signed sworn statement for the contractor, builder's risk insurance, and HUD-1 settlement statement/closing disclosure for purchase of the lot. Northwest Bank Mortgage will need to approve your construction plans and specifications.
What happens once you get a construction loan?
- Funds from your down payment will be used prior to accessing the funds of the Construction Loan
- The land purchase is the first payout of the Construction Loan
- All payouts will be made through a title company
- All projects must use an established building contractor or may use self-general
Ask a Northwest Bank Loan Originator about our current low interest rates. We do offer local processing, underwriting, and draw requests.
Speak with a Mortgage Originator Today
If you’re ready to find a financing solution to purchase your dream home, stop by our Mortgage Department located at 4402 Peak Drive in Loves Park to speak with a Mortgage Originator or give us a call at 815.229.9456. Click here to Meet Our Lenders and apply for a loan. NMLS# 585495