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Frequently Asked Questions

Ask A Banker Videos

See our bankers in action as they talk about specific products and services offered by Waukesha State Bank!

What is a HELOC? How can I use it?

Presented by: Gerry Benton, Bank Manager - E. Main St. Office, NMLS #1151292

Video Transcript:
Your home is an investment. A Home Equity Line of Credit allows you to access those funds for literally anything you might need. Some examples are a home remodeling project, a new car, or education expenses. HELOCs are great for when you don't know how much you're going to need, when you don't want to take out of savings, or for emergencies, like when your water heater or furnace breaks down. Much like a credit card, you can use it, pay it down and use it again. We offer competitive rates because your home is a great source of collateral. Take advantage of your investment today.

What is a Bridge Loan?

Presented by: Scott Hart, Senior Sales Manager, NMLS #: 526247

Video Transcript: A bridge loan simply liquidates the equity of your current home to use as a down payment towards the purchase or construction of your next home. Although not all bridge loans are created equal. At Waukesha State Bank, we have structured our program to tap into 90% of the appraised value of your home. And then after closing, you’ll make interest-only payments, making the transition into your next home much easier on your monthly budget.

What is the difference between a pre-qualification and a pre-approval?

Presented by: Craig Mariani, Mortgage Consultant, NMLS #: 282092

Video Transcript: One question I get asked a lot is, “What is the difference between a pre-qualification and a pre-approval?” Well, pre-qualification is an opinion made by a loan originator, such as myself, based on conversations had with borrowers. Often credit is pulled, sometimes documentation is reviewed, but for the most part the information provided by the borrower is verbal.

What is a pre-approval? On the other hand, a pre-approval is a credit decision made by an underwriter that can only be contingent upon a few items, such as the sale of a current home, appraisal, and no changes to the borrower’s situation. To get a verified pre-approval from Waukesha State Bank, a credit report, along with income and asset documentation, are submitted to an underwriter, who then verifies that that information is both accurate and adequate to approve an individual for a mortgage loan on any given property. A verified pre-approval gives a level of certainty that can help get accepted offers in this competitive real-estate market.

Why Waukesha State Bank? Here at Waukesha State Bank, we have all the standard agency and government loan products, but we also have a vast array of innovative portfolio loan products as well. And our on-staff, professional underwriters are experts in all of them. You can rest assured that a verified pre-approval from Waukesha State Bank will not be substandard or flimsy in any way. Your success is our success.

How Does One Get Pre-Approved for a Mortgage Loan?

Presented by: Jeff Burkhart, Mortgage Consultant, NMLS #: 277831

A pre-approval is an actual credit decision, made by an underwriter, that can only be contingent on a few items, such as the sale of a current home, the new home appraisal, and no other changes in the borrower's situation.

To get a "Verified" mortgage pre-approval from Waukesha State Bank, a borrower will submit his credit report, along with asset and income documentation. It is then submitted to one of our underwriters. The underwriter then verifies that all the information is accurate and adequate to approve the borrower for the loan. Pre-approvals provide a level of certainty that will help get accepted offers.

It is our goal, at Waukesha State Bank, to turn pre-approvals around as quickly as possible. Most pre-approvals can be completed within 1-2 business days.

What is a conforming loan?

Presented by: Lee Turner, Mortgage Sales Manager, NMLS #762383

The terms “conforming” and “conventional” are often used interchangeably, but there are some differences. All conforming loans are conventional loans, but conventional loans can be conforming or “non-conforming,” which means they either conform to Fannie Mae and Freddie Mac’s lending criteria, or they don’t.

What are the new conforming loan limits for 2024?

Each year, the Federal Housing Finance Agency sets new conforming loan limits, and in 2024 they will be $766,550 (up from $726,200 in 2023).

What do the new conforming loan limits mean for borrowers?

The new higher conforming loan limit means that now you can get a larger conventional loan while still benefiting from more flexible qualifying criteria and lower down payment options. To learn more, contact a Waukesha State Bank mortgage lender today.

What is Treasury Management?

Presented by: Claire Bessette, Vice President - Commercial Banking Officer

Video Transcript: Treasury Management consists of additional services that a bank offers to its business customers in the banking relationship. It can be divided into three different areas that have payment, collection and protection. Under the payment portion, we would offer services such as ACH, which is a way to make payments electronically while paying employees or vendor payments. Under the collection portion, we would use a service such as Remote Deposit Capture. This is a way to get your payments that you’re receiving into the bank quickly and safely. Under the protection piece, we offer services such as Positive Pay, which is a way to protect your checking account from fraud. Waukesha State Bank will review your accounts with you, along with the processes that you currently have in place. At that point, we would make recommendations to improve efficiency, save your company money, and to provide protection from fraud on your banking accounts. Our goal is to help you do what you do best, which is to run your business and let the bank do the rest.