Bank of Lake Mills - Loan Office

Do your expectations match ours? Let's find out!

Please read any and preferably all the topics for your benefit. You will find the process much more understandable and less stressful. Whether you are a first time buyer or currently own a home, we hope you will benefit from this information.

1: What does a lender look at when qualifying a borrower for a home loan?

2: What is the time frame for getting a pre approval for a home loan?

3: Why does the lender ask for so much personal information? Is this typical?

4: What information can you expect from us?

5: How important is the appraisal in the entire lending process?

We want you to find your experience with the bank and our staff to be one that leads you to tell other people. When you refer us to others, we know we did our jobs right. We also know that with your direct involvement in the loan process by being the best educated customers, you will also make yourself the best consumer for our industry long term.

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Please be sure to consult with a Bank of Lake Mills professional for a full and accurate rate quote. These rates are for informational purposes only.

Assumptions: The monthly payment amount shown includes principal and interest and does not include amounts for taxes and insurance premiums, if applicable. Your actual monthly payment will be higher if an escrow account is established or required.

The information provided assumes the purpose of the loan is to purchase a property with a loan amount of $140,000 and an estimated property value of $175,000. The rate lock period is 45 days and the assumed credit score is 740. The property is an existing single family home and will be used as a primary residence.

**Rural Housing** information assumes the purpose of a purchase of a single family property for a primary residence. The base loan amount used is $150,000 with a property value of $150,000. The Rural Housing Guarantee Fee of 3.5% is financed into the base loan amount, with a final loan amount of $155,250.


**Federal VA** information assumes the purpose of a purchase of a single family home for a primary residence. The base loan amount used is $150,000 with a property value of $150,000. The VA Funding Fee, if applicable, will be financed into loan.

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