Northwestern Bank
Northwestern Bank
212 St. Joseph Street
P.O. Box 245
Suttons Bay, MI 49682-0245
Phone: (231) 271-5993
Fax: (231) 271-6098
Email: tforrest@nwbank.com
Whether you're building or buying a home, buying a new car or boat--or just want to refinance your existing loan--Northwestern has the loan to fit your needs. Click a link in the Loan Products box on the left to learn more. We look forward to helping you finance your dreams!
Loan Products
* Mortgage Loans
* Construction Loans
* Home Equity Loans
* Consumer Loans
* Equity Builder Loan
Mortgage Loans
Northwestern Bank is one of the leading mortgage lenders in northwestern lower Michigan. At Northwestern, your mortgage is locally processed and serviced. To us, "up north" is more than a good place to buy real estate-it's home.
Northwestern Bank offers a wide range of mortgage financing including:
* Fixed Rate Mortgages
* ARMs (Adjustable Rate Mortgages)
* Construction Loans
* Second-Home Mortgages
* Home Equity Loans
* Refinancing
* Customized Programs
The Right Features.....
* Competitive Rates
* Reasonable Closing Costs
* Flexible Terms
* Fast Turnaround
* Free Consultation
* No Application Fees
Construction Loans
Choose from three different loan programs to fit your construction financing needs.
Fixed-Rate
Our most popular construction loan.
This is a fixed-rate, full-term, single-closing program. The permanent rate is locked at the start of construction and the borrower pays interest only, no principal, during build-out. Apply, close, build and you're done. Requires sound credit history. Perfect for financing with an established builder.
2-Part
Traditional construction loan.
This program makes use of two separate loans…an interest-payment-only loan for construction, and a standard fixed rate mortgage for the long run. The borrower closes prior to construction and again after build-out and final appraisal.
Convertible 3/1 ARM
Our most flexible construction loan program.
As with most construction loans, the borrower pays no principal during construction. The borrower closes once, at the start of construction. This is a 3-year fixed rate that then shifts to a 1-year ARM (adjustable-rate mortgage). You will then have the option of staying with the ARM over time, or converting to a traditional fixed-rate mortgage. This is a popular choice during times of volatile rate fluctuations.
Home Equity Loans
Link your Homeowner's Equity Line to your checking account! Click here to find out more.
If you're thinking about buying a new car, completing home improvements, financing education costs, or consolidating existing debt, a Northwestern Home Equity Loan could make good financial sense. Interest on your Home Equity Loan may be 100% tax-deductible (see below) and you'll borrow at a low fixed rate, with up to 15-year financing.
Great Tax Savings
One of the best reasons for borrowing with a Home Equity Loan is that, while federal tax reform has phased out deductions on credit card and other consumer loan interest, home equity loan interest may be fully tax-deductible up to the purchase price of your home plus improvements. (Check with your tax advisor for details.)
24-hour Approval
Call the loan officer at your local Northwestern Bank officer or stop by and pick up a Home Equity application form. Your loan officer can answer any questions and help you complete the form. In most cases, we'll process your Home Equity application in 24 hours or less.
Interested in convenient Home Equity line of credit?
Ask about Northwestern Bank's Homeowner's Equity Line, a revolving line of credit that gives you the same tax-savings benefits of our Home Equity Loan plus the convenience of writing yourself a loan whenever you need it-as easily as writing a check.
For more information, contact your local Northwestern office or call (231) 941-5626 or toll-free 1-866-915-6261, or e-mail to homebuilder@nwbank.com.
© Copyright 2010. Northwestern Bank. All rights reserved.
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