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 would be glad to 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, particular 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. How much those closing costs are varies based on the size and kind of loan you are obtaining. Depending on the type of loan you are getting we sometimes have the ability to pay some or all of your closing costs but it is best to speak with a loan officer to determine whether this is possible in your specific case.

Who will service my loan?

We hold and service a majority of the loans we originate. The exception to this would be government loans and some conventional loans with mortgage insurance. Local servicing is a feature many of our customers enjoy. They know who to call when the questions about their loan or their escrow account. They don’t have to worry about who there loan has been sold to or where to make their payment.

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 $417,000 to finance home purchases or refinancing. Jumbo loans are subject to more stringent underwriting requirements and usually carry a slightly higher interest rate.