First Steps in Buying a Home
Whether you're a first-time buyer or experienced in the housing market, the key first step is securing a Preapproval. The Equitable Bank's quick and reliable process sets you on the right path, providing the confidence to start your home search with clarity and assurance.
Real Deal Preapproval
The Equitable Bank's Real Deal Preapproval is a swift and cost-free process that not only serves as the crucial starting point, but also grants you an extra advantage through in-house underwriting, recognized credibility, and a competitive edge, all while benefiting from the guidance of our team of mortgage experts.
Offers:
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- In-House Underwriting: Done by our experts, providing you with a clear understanding of your affordability.
- Recognized Credibility: Real estate professionals acknowledge the reliability of The Equitable Bank's preapprovals.
- Competitive Edge: Our reputation gives your offers an edge when competing in the market.
- Quick Approval: Get preapproved within 24 hours on regular business days
- No cost involved.
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Resources for Buying a home
Whether you're a first-time homebuyer or on the hunt for your next property, kickstart your journey on the right foot with valuable insights from The Equitable Bank's Smart Start Podcast. Check out our informative videos for essential tips on navigating the home buying process.
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Before You Apply - Avoid Trigger Leads
Have you ever applied for a loan, only to be inundated with calls and emails from other lenders? This is because credit bureaus often share your information. To avoid these calls and opt out, visit www.optoutprescreen.com or call toll-free at 1-888-5-OPT OUT (1-888-567-8688). Check out our Trigger Leads flyer to learn about trigger leads and what opting out means.
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Choose from Our Loan Programs
No matter your experience level, we offer a variety of mortgage loans with competitive interest rates. Our experienced loan officers are here to assist you.
Fixed Rate
A fixed-rate mortgage ensures that the interest rate remains constant throughout the entire life of the loan. This stability is particularly beneficial for those who are purchasing a home with the intention of long-term residence or simply prefer the predictability of steady payments. Check out our Daily Fixed Mortgage Rates.
Benefits:
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- Consistent Rates: Fixed rate for the entire loan duration, ranging from 10 to 30 years.
- Program Variety: Choose from multiple fixed-rate mortgage programs.
- Competitive Rates: Enjoy competitive interest rates.
- Flexible Options: Option for no closing costs.
- Refinancing Opportunities: Potential to refinance in a lower-rate environment.
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Adjustable Rate Mortgage (ARM)
An adjustable-rate mortgage is flexible because it lets the interest rate change while you're paying off the loan. This can be helpful if you plan to live in the home for only a short time, and the lower initial rate might allow you to borrow more money for your home purchase.
Benefits:
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- Lower Initial Rate: Start with a lower rate to qualify for a larger loan.
- Pick Your Terms: Choose how long to pay and when your rate changes in a mortgage that suits you.
- Competitive Rates: Benefit from low-interest rates that save you money.
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Federal Housing Administration (FHA)*
An FHA loan is backed by the federal government and allows for a lower down payment. It is the perfect choice for those who are buying their first home or those looking to refinance out of an adjustable rate into a fixed rate. *Loan amount must be within the FHA lending limits for your county and property type.
Benefits:
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- Low Rate Fixed Financing: Enjoy a stable interest rate throughout the loan term.
- Low Down Payment: Access homeownership with a lower upfront payment.
- Low Closing Costs: Reduce the financial burden with lower closing costs.
- Flexible Credit Guidelines: Accommodating credit requirements for a broader range of borrowers.
- Competitive Interest Rates: Benefit from competitive rates for FHA-backed loans, opening doors to homeownership that may have seemed out of reach.
Find a Loan Officer
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Veterans Affairs (VA)
The Equitable Bank is honored to present a specialized mortgage program tailored for qualified veterans of the Armed Services, those on active duty, reservists, and spouses of veterans. The VA loan stands as a testament to our commitment to those who have served.
Benefits:
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- Low/No Down Payment: Open doors to homeownership with minimal upfront costs.
- Competitive Interest Rates: Enjoy favorable rates recognizing your service.
- Flexible Repayment Options: Tailor your mortgage to fit your unique financial situation.
- Up to 100% Loan-to-Value: Access a loan covering the entire property value.
- No Monthly Mortgage Insurance: Experience affordable homeownership without additional costs.
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New Home Construction
Building a home lets you create a space that perfectly fits your family's needs, something that may be hard to find in the current housing market. Our expert loan officers are here to guide you through the process with a construction loan program that makes building easy and cost-effective.
Benefits:
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- Simplified Process: One closing, one set of closing costs - making things easy and reducing expenses.
- Single Construction Loan: Navigate construction seamlessly with a single, comprehensive loan.
- Low Monthly Payments: Keep your budget in check with affordable monthly payments during construction.
- Competitive Rates: Secure your investment with competitive interest rates for a cost-effective build.
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Renovation Mortgage
Many people enjoy the idea of a good project, having the freedom to transform their space into something uniquely theirs. Whether you're eyeing a fixer-upper or looking to revamp your current home, our renovation mortgage loan is the ideal choice.
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Benefits:
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- Versatile Funding: Use funds for refinances or purchases, giving flexibility for your project.
- Works with ARM Program: Combine with our ARM program for more options and benefits.
- Single Closing Costs: Streamlined process with only one set of closing costs.
- Competitive Rates: Enjoy rates that make your renovation financially sensible.
- No Second Mortgage: Achieve your goals of financing a renovation without the need for an extra mortgage.
- Up to 95% Loan-To-Value: Secure financing up to 95% of the appraised value upon completion.
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JUMBO
Unlock unparalleled opportunities with our JUMBO loans. We'll find the right financial package to match your budget and handle all the details, start to finish.
Benefits:
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- Generous Loan Amounts: Secure loans up to $1,000,000 with a 20% down payment.
- Flexible Down Payments: Lower down payment options available—call for specific details.
- Efficient In-House Processing: With in-house processing, underwriting, and closing, expect swift approval and closing times.
- Local Servicing: Enjoy personalized service with our local team committed to your financial needs.
- Versatility for Jumbo and Constructions: Whether it's a Jumbo or construction project, our loans are versatile to meet your diverse needs.
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Home Equity
Each mortgage payment builds equity, reducing the gap between what you owe and your home's market value. Our home equity loans offer access to up to 90% of your home's value, allowing you to leverage this equity for future purchases or fund projects and expenses.
Home Equity Loans
Our low fixed-rate loans provide certainty with fixed monthly payments and access to funds all at once. You'll make regular installments over the life of the loan.
A Home Equity Loan Offers:
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- Fixed Payments: Enjoy predictability with monthly payments at a fixed rate.
- Availability of Funds: Access funds all at once.
- Structured Repayment: Make regular installments over the life of the loan.
Find a Loan Officer |
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Home Equity Lines of Credit (HELOC)
Our low variable rate lines of credit have long terms and interest-only payment options. You can establish a line of credit and draw funds only as needed.
A HELOC Offers:
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- Competitive interest rate
- Low monthly interest-only payments
- Multiple ways to access funds
- Interest may be tax-deductible – consult your tax advisor
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Community Lending
At The Equitable Bank, we have a community lending team that is here to offer lending solutions as diversified as our community. We’re prepared to help anyone in our community find the financing option that works best for them. We participate in several Down Payment Assistance programs as well as participating in local community homebuyer education. If you have no credit or credit problems, we also have a credit builder loan program to help you re-establish your credit. Regardless of your current financial situation, we are here to help you.
Down Payment Assistance & Homebuyer Education
The Equitable Bank participates in several down payment assistance programs that help income-eligible buyers receive funds that assist with down payment and closing costs.
- FHLBC DPP Grant up to $10,000
- Home Consortium DPA up to $10,000
We work with many area community groups to provide homebuyer education, which is required for most down payment assistance programs.
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HomeReady/Home Possible
Special loan programs designed to help low to moderate creditworthy borrowers. Borrowers can become eligible depending on the property’s location and income limit. Affordable loans with as little as 3% down payment for owner occupied properties.
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Credit Builder Loan Program
The Credit Builder Loan from The Equitable Bank is designed to help anyone with no credit or with credit problems to re-establish positive credit history. It's also a great option for those looking to saving for a large purchase or a down payment on a new home.
How does it work?
We will lend you a set amount of money ($500 or more, based on your financial situation) to put into an interest-earning certificate of deposit (CD) in your name. Each month you pay back the amount of the loan plus interest. We report to the credit bureau how you handle your loan payments each month. If you make your monthly payments on time you will build a positive credit rating, all while saving money for yourself.
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Community Groups
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Contact anyone from our Community Lending Team for more details and check watch The Equitable Bank's Smart Start podcast; Starting Strong: A Beginner's Guide to Buying Your First Home.
Meet Our Community Lending Team
At The Equitable bank, our lenders are prepared to discuss available grants.
Veron Gray
NMLS ID# 491622
705 East Silver Spring Drive
Whitefish Bay, WI 53217
414.587.3663
Email Veron
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Customer Philosophy
It is important that my customers understand the mortgage process and I will always work for their best interest.
Customer Comments
“Veron was very professional and worked with me through this loan buying process for 2.5 years. Thank you Veron for all your hard work and encouragement.”
"I met Veron Gray at a first time home buyers seminar (WHEDA) in 2008, she has always been helpful through the years. I have been a customer since 2008, and my experience has been positive. Every one has been helpful, professional and friendly."
Years of Experience: 22 years
My expertise is first time home buyers and grant programs. I love helping people realize their dream of owning a home!
Apply With Veron
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Gail Milani
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NMLS ID# 491621
2290 North Mayfair Road
Wauwatosa, WI 53226
414.587.7061
Email Gail
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Customer Philosophy
Every customer and every home loan is different. I take the time to learn the individual needs of each of my customers and ensure they know all the options available to them. My job is to make sure that you are making informed decisions about your finances and I always work to ensure the process is as easy as possible.
Customer Comments
“Working with Gail Milani and The Equitable Bank was a very rewarding experience. I felt like Gail cared about me as a person and I am happy with the financial solutions she provided to me.”
Years of Experience: 35 years in banking and 21 years in community lending
My expertise lies in working with first-time home buyers. I take satisfaction in helping each individual attain their goal of becoming a homeowner. Nothing is more rewarding than to see a family move into their new home.
Apply With Gail
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Mario Monterrey
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NMLS ID# 553892
2290 North Mayfair Road
Wauwatosa, WI 53226
414.588.1111
Se Habla Español
Email Mario
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Customer Philosophy
I am passionate about homeownership and feel that helping people get into a new home is a privilege. I will always work hard for my customers and treat them with the respect they deserve. My goal is to do such a good job, that my customers cannot help but refer their family and friends. I work with all types of mortgage loan products while specializing in First-Time Home Buying and Grant Programs.
Years of Experience: 12 Years
With years of banking experience, I have gained a keen understanding of mortgage lending and banking. This knowledge helps me to ask the right questions, gather the necessary information and make solid recommendations for my customers, based on their situation.
La Filosofía del Cliente
Tengo una pasión por el hogar y siento que poder ayudar a las personas a conseguir una nueva casa es un privilegio. Siempre trabajo duro para mis clientes y les doy el respeto que ellos se merecen. Mi meta es hacer un trabajo tan bueno que mis clientes no puedan evitar referir a sus familiares y amigos. Trabajo con todo tipo de préstamos hipotecarios pero me especializo en compradores de casa por primera vez y trabajando con los Programas de Becas.
Años de Experiencia: 12 años
Con años de experiencia de banquero, he adquirido un conocimiento profundo de prestamos hipotecarios y de asuntos bancarios. Este conocimiento me ayuda a preguntar las preguntas correctas, obtener la información correcta y hacer recomendaciones solidas para mis clientes, basadas en su situación personal.
Apply With Mario
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Mortgage Rates
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