MORTGAGE LOANS

 mortgage loans

First Mortgage Home Loans

Owning your own home is one of the best ways to invest in your future! We offer credit approvals, so you can find the home you've always wanted at a price you know you can afford. Trust MidWest America to help you reach financial success. Visit our Mortgage Center to apply or check out our rates online.

 

Mortgage Center Calculate Your Payment

Second Mortgage Loans

A Second Mortgage is a fixed rate home loan with up to 15 years to repay. There are no prepayment penalties. It's a great way to finance the improvement of a residence, bill consolidation, tuition, vacation, etc. The home must be owner-occupied and the loan qualification is based on property appraisal and credit approval.

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Home Equity Loans

Use the equity in your home to finish your to-do list. Add that porch, make repairs, or have a back-up source of funds for an emergency. You will receive a guaranteed decision on the loan within 2 hours of all documentation received.

  • Low rate
  • Must be owner-occupied
  • Members living within 50 miles of any MWA branch are eligible
  • Debt Protection available
  • No prepayment penalty
  • Prime Rate: up to 80% LTV: 5.00% APR*
  • Prime plus 1%: over 80% LTV: 6.00% APR*

If you think you’re ready to move forward with getting a Home Equity Loan we have Mortgage Specialists at all our branch locations who can discuss the various loan options available to you. You can also get started right away and apply online (click on the "Real Estate" tab) today!

apply online


* The annual percentage rate [A.P.R.] is variable and can change on a monthly basis on the second Monday of each month. The APR is current as of 10/14/19, and based on the highest prime rate published in the money rate column of the Wall Street Journal. The minimum APR is 4.25% and maximum is 18.00% in accordance with Federal law. The APR is Prime Rate plus 0% when borrowing up to 80% of the current market value of your home, minus existing liens. When borrowing more than 80% of the current market value of your home, minus existing liens, APR is Prime Rate plus 1%. Maximum lines to $100,000 and the minimum allowable first advance is $500. The Home Equity Visa Gold Card carries a $25 annual fee charged on the anniversary date of the plan. This is available exclusively to owner occupied single family residence properties. If your property is currently not insured or is under-insured, you may be required to buy insurance. The actual amount of your loan will be determined by the amount of equity in your home.

10 & Done

Would you like to take advantage of the low mortgage rates but don’t want to pay the high cost to refinance? 

Our 10 & Done program has a term of 10 years at the current fixed rate of 3.39% while our 7 & Done has a term of 7 years at the current fixed rate of 3.19%. And both come with only $199 in closing costs! With our special programs, you can refinance your existing first mortgage balance or combine your existing 1st and 2nd mortgage balances.

For example, with a loan amount of $60,000 for 7 years at a rate of 3.19%, the APR would be 3.29% with the $199 loan origination fee included. The approximate payment would be $798.01 per month. With a loan amount of $60,000 for 10 years at a rate of 3.39%, the APR would be 3.462% with the $199 loan origination fee included. The approximate payment would be $591.14 per month.

Please call 1-800-348-4738 or stop by your nearest branch to find out additional information or to apply.


APR = Annual Percentage Rate. This product is not eligible for real estate purchase transactions. Closing costs to borrower include $199 loan origination fee and appraisal fee (if required). All other costs are paid by the lender unless further disclosed. Appraisals will be required on all loan amounts exceeding $150,001 or LTV in excess of 70%.  Loan amounts in excess of $150,000 may require title insurance and will be paid for by the borrower. Borrower will be responsible for cost of subordinating any junior liens currently in force on the subject property. All applications will be subject to credit review and approval. Actual interest rate charged will be based on the highest of the credit scores of all applicants. Subject to credit review and approval. This does not constitute a commitment to lend. 

Construction Home Loans

For Indiana Residents

Building your new home is a big decision. MidWest America is here to help you through the process of obtaining construction financing. Lock your interest rate in at the beginning of your construction loan and pay interest only during the construction period. We offer a one-time closing with one set of closing costs and local decision making. For more information or to apply, please contact one of our Mortgage Specialists.

Mortgage Specialists

Calculate Your Payments

Preparing for a new home is exciting but can be stressful! Whether you are a first-time home buyer or considering a mortgage refinance, our mortgage calculators can tell you exactly what you need to know to make the right decisions.

MORTGAGE CALCULATORS  
How much home can I afford?   
Should I refinance my home?  
Should I pay discount points?  
Should I make extra payments on my mortgage?  
How much of a down payment should I make on my new home?  
Mortgage Payment Calculator  
Comparing mortgages (i.e. 15, 20, 30 year).  
What is the Loan to Value Ratio of my home?  

Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.