Category Archives: Mortgages

The Credit Scoring Mystery

How your credit score is calculated is like the secret formula for Coke –  the average consumer doesn’t really know! However, FICO has provided five categories that are considered when determining a credit score. Payment History: 35% Length of Credit … Continue reading

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All Credit Scores are Not the Same

Credit scores are one of those things that has consumers (and sometimes lenders) scratching their heads and saying “How did they come up with THAT credit score?” The one you hear about the most are FICO scores (acronym for the … Continue reading

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Is it Time to Build a Home? Questions to Ask Yourself!

There comes a time in your life when you might ask yourself, “Is it time to build a new home?” It can be a tough decision. Your current home may be “good enough.” Or you look around and there are … Continue reading

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Does It Really Help to Round up Your Mortgage Payment?

Recently, we’ve had clients ask us about how to prepay on their mortgage. Of course, if you have an extra $100 per month, you may just want to add that to your monthly payment. But there’s another way…by rounding up … Continue reading

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Small Remodeling Tips that Pay Big Returns

Do you ever watch those “remodeling “ shows on TV?  It seems like they totally gut a room and then spend thousands of dollars and a lot of time turning it into something fabulous. If you’re not quite ready to … Continue reading

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The Different Levels of Homeowner’s Insurance: What You Need to Know

Most standard homeowner’s insurance policies cover damage to your home for theft, fire, lighting, smoke, frozen pipes, ice or certain types of weather damage. It usually covers you up to a certain dollar amount if someone is injured on your … Continue reading

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How to Read those Confusing Credit Score Codes

As part of virtually every credit report that we’ve seen, credit bureaus include a list of “reason codes” with numbers and a short (very short) explanation of what the number means. So if you’ve read a copy of your credit … Continue reading

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GREAT: IT’S IN OUR NAME. IT’S WHO WE ARE

From our Loan Officers to our tellers, it’s no secret that our customers think we’re not just good at what we do, we’re GREAT! Whether it’s handling a complicated refinance or a simple mortgage transaction, we’ve been proudly serving Wisconsin … Continue reading

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MEET OUR SIMPLY…LOCAL WINNERS FROM WAUKESHA

(From left to right: GMB President Dennis Doyle, Live Mortgage Free winners Pete and Connie Swanson, and Hartland Loan Officer Matt Gaulke) Stunned, sitting in complete and utter silence, Pete Swanson just couldn’t believe it. Our Hartland Loan Officer, Matt … Continue reading

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“Our Simply…Local events are just that, Simply…Local”

How does a Simply…Local Bank stay local? By continuing to be involved in the community, of course! Great Midwest Bank has been active in a variety of local events this past month with plenty more events on the horizon. Those … Continue reading

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Turn the Key with GMB

 Whether you believe us or not, warmer spring days ARE on the horizon. With warmer days come many fun festivities and once-in-a-lifetime moments. Your daughter’s first Easter egg hunt in Grandma’s backyard… Mom pinning Johnny’s boutonniere before he poses for … Continue reading

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Tax Credit for First Time Buyers!

Are you – or do you know – a first time home buyer? If so, Great Midwest Bank has a program that will definitely catch your eye. Great Midwest Bank is one of the few lenders offering a Mortgage Credit Certificate (MCC) … Continue reading

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Should I Buy a Condo?

Buying a condo is a relatively affordable, low-maintenance alternative to the traditional single-family home.  And – as with all major investments – there are a few key issues to understand before taking the plunge. One of the most important issues … Continue reading

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Four Strategies to Avoid Getting Stuck in a “Bidding War”

More often in today’s real estate market, buyers find themselves in an all-out ‘Offer Competition’ when trying to buy their dream home.  They have already done their homework by getting pre-approved, determining what neighborhood they want to live in, and what type … Continue reading

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Considering a Major Remodel? We have Options.

Location, location, location. We’ve all heard this about real estate – and it’s so true, right? You love your neighborhood, your schools and getting to work is so convenient. But your house no longer meets your needs. If you’re considering … Continue reading

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Appraised Value vs. Assessed Value – What’s the Difference?

As a homeowner or home buyer, it’s important to understand the difference between the ‘Tax Value’, usually referred to as ‘Assessed Value’ and the ‘Appraised Value’ when trying to determine the ‘Fair Market Value’, which presumably should be at or … Continue reading

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Simply… Local. That’s Sue Berg Roedel.

Sue Berg Roedel stepped off a Milwaukee city bus in June 1973, blissfully unaware she would spend the next four decades dedicated to Great Midwest Bank.   “I was 17 years old, looking for a job, and Great Midwest Bank was … Continue reading

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Cash to Close

So you’re thinking about buying your first home.  Or maybe selling and moving up.  Though most prospective borrowers come to me with some idea of the funds necessary for down payment, many don’t have a good grip on the additional … Continue reading

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LTV, PMI, FHA & FNMA – Huh?

Like most industries, we love acronyms in the mortgage world. LTV is the loan amount divided into the value, where value is determined as the lesser of the appraisal or, if you’re buying, the purchase price.  This is the point … Continue reading

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To our Madison-area Customers: Here to Serve!

Please welcome John Schroder to our Mortage Lending team.  John is at our Odana Road Office and is ready to serve our ever-growing customer base in Madison.  To those that came to know the outstanding service that Jim Gullick and his … Continue reading

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