Frequently Asked Questions

Lending

How do I apply for a loan?

The easiest way to apply for a loan is to speak to any one of our loan officers and they would be glad to walk you through the application process. They can do this over the phone or can meet with you in person. Our Loan Process page will give you an idea of the information you need to know in order to take the application. 

What kinds of loans does Mid America Bank offer?

We make all sorts of loans but our specialty is real estate lending, particularly residential real estate. We have access to a large variety of financing options and one of our loan officers would be glad to help you determine which one is right for you.

How can I get pre-approval to purchase a home?

The first step to getting pre-approved is to take an application with a loan officer. They will verify that you qualify and help answer any questions you have with regard to choosing the right program for you. If you are approved the loan officer will provide you a pre-approval letter for you to use while shopping for a new home.

What are interest rates today?

Interest rates can fluctuate daily so to find out what current rates are you need to first contact one of our loan officers. If you are shopping for a home we can tell what rates are at that time but we can not lock your interest rate until we know for sure when you will be closing.

Will I have closing costs associated with my loan?

There are closing costs associated with any loan, which will vary based on the size and type of loan you are obtaining. It is best to speak with a loan officer to determine the estimated closing costs on your loan.

Who will service my loan?

We service most of the loans we originate. Our local servicing is a feature many of our customers enjoy. We can answer the questions about your loan or escrow account.

Do I have to escrow for taxes and insurance?

New government regulations require banks to escrow for loans with interest rates exceeding a certain threshold. The majority of our conventional, fixed-rate loans fall below this threshold and do not require borrowers to escrow. That being said, most of those customers choose to escrow for taxes and insurance because it simplifies their lives and is one less thing for them to worry about.

What is a Jumbo loan?

A Jumbo loan is a program for loans starting at $484,350 to finance home purchases or refinancing. Jumbo loans are subject to more stringent underwriting requirements and usually carry a slightly higher interest rate.