Mortgage Made Easy: Everything You Need to Know

By: RJ Lang, SVP, Residential Mortgage Division Manager

Looking to apply for a mortgage for the first time and unsure where to start? The process can be overwhelming, even if you’ve gone through it before. Having a true partner in a lender who will walk you through each step will make the process simpler and easier.

As a community bank, MidWestOne Bank is uniquely positioned to help those going through the mortgage process. We help get you access to local programs and grants, have a team in your community to support you and we will be there even after you’ve closed on your home.

We’ve helped plenty of couples, families and individuals on their mortgage journey with MidWestOne Bank. Here are our tips when applying for a mortgage.

Start Early

It’s never too early to get yourself familiar with the process. Do some research, assess your financial situation and talk to a lender. At MidWestOne Bank, we always want to start with a face-to-face conversation. Maybe you don’t think you’re ready because your credit score isn’t where you want it to be. Our team will give you a roadmap and offer advice on how to get it into a good place. We can estimate what you need and how long it may take before you’re approved for a mortgage that fits your lifestyle. We can also connect you with resources, like a credit counseling expert, to help you along the way.

Prepare the information a lender will need. Usually, this includes two years of W-2 forms, your last two payment stubs and a list of your liquid and non-liquid assets. If you’re self-employed, you’ll also need your federal tax returns. Have all of this ready to go for your first meeting.

Pick the Right Partner

Everyone wants to get the most bang for their buck, including the best rate and all the grant money they’re eligible for. As a community bank, our team of lenders knows the city, county and state programs inside and out. We work with those entities every day to ensure as many options are available to you as possible. 

At MidWestOne Bank, we also offer different types of loans and programs. This includes:

• “First Home Now:” A program for first-time home buyers with no down payment, no private mortgage insurance and 100% financing available
• “Resident and Doctor Loan Program:” A program for medical residents with 100% financing for those with no mortgage insurance
• New construction loans, where a one-time loan converts to permanent financing when construction is complete

We also service over 80% of our loans. This eliminates the middleman, meaning we have control over the whole transaction. It also means your mortgage stays with us, and you can go back to the same lender, who is working in your community, for the entire length of your mortgage, whenever you have questions.

Avoid Fraud and Scams

When pulling a person’s credit report, it can lead to problems down the road with potential fraud and scams. These come from trigger leads. A trigger lead happens when a company obtains lists of people who have recently had hard credit checks. These companies will then target those on the list with similar offers, sometimes predatory in nature. At MidWestOne Bank, we take an approach that lets our customers opt out of those leads before they even become a problem. Less than 20% of lenders can do this because of the compliance process of setting it up. However, we want to ensure our customers have the best experience and aren’t being bombarded with nefarious actors and lenders.

The process of securing a mortgage doesn’t have to be intimidating. Being prepared and finding the right partner will relieve a lot of uncertainty. At MidWestOne Bank, we will grow with you and meet all your needs for mortgages and beyond.