Transform your Home Search with Portfolio Loans
You’ve perhaps heard us talk a lot about portfolio home loans. If not, here’s the lowdown.
What is a Portfolio Loan?
What makes a portfolio loan different than most mortgage loans is that the loan is funded locally, with funds deposited by our account holders. The loan becomes part of the bank’s “portfolio”. We’re not selling the loan – or the servicing (monthly payment collection) off to another bank or organization.
Why a Portfolio Loan?
Portfolio loans come with a number of advantages. Because the loan is funded by Great Midwest, there are almost always fewer underwriting restrictions. Portfolio loans are seen as a common-sense approach to mortgage lending – different from the “fit in-the-box” approach consumers experience from a conventional mortgage.
What are the Borrower Advantages?
There are a number of reasons why a particular borrower might not fit into the typical conventional “box”. Life events like divorce, injury resulting in medical bills, or bankruptcy can have a negative impact on your credit score. Portfolio lenders like Great Midwest Bank have the ability to consider your situation and the particular circumstances you faced.
Those who are self-employed do not always fit into the conventional mortgage box either. Portfolio lenders have the ability to look at a borrower’s entire financial situation and make a common-sense decision.
Condos or unique properties are another great fit for portfolio loan consideration. Often times condominiums do not meet the right standards for conventional or FHA loans. Unique and higher priced homes that do not have any comparable sales available for an appraisal can be considered for a portfolio loan.
At Great Midwest Bank, we value our relationships with our clients and borrowers, taking the time to custom-fit a solution one customer at a time. Few know the Wisconsin housing market like us, because we are Wisconsin homeowners too – another reason that makes our portfolio loan option is so popular.