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PERSONAL BANKING
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First Mortgages

Normally, first mortgages are primary financing on the residence of the borrower. These can be variable or fixed rate loans.  Interest paid is normally deductible for personal income tax purposes. Check with your tax advisor to determine deductibility. 

With a Balloon Loan, the note term is shorter than the full amortization of the loan.  For example, a 15 year mortgage with a note that renews annually.  At the renewal date, the balance (or balloon) is refinanced for another short term period at the interest rate in effect at that time.    Payments are based on the full term of the loan. 

A fixed rate loan is usually a longer term than a variable rate.  The interest rate and payment amount is locked in for the entire term of the loan, for example 15 or 30 years.  These loans may be sold on the secondary market, however, all payments are serviced through our bank.

Our mortgage calculators will help you the amount of mortgage you qualify for and payment amounts.  

Second Mortgages

Second mortgages and Home Equity loans are additional borrowing over the amount of the first mortgage and are normally used for vehicle purchases, home improvements, etc.  These loans are made based on the equity in the borrower's residence.  Equity is the difference between the amount borrowed against the residence and the value of the residence. Interest paid is normally deductible for personal income tax purposes. Check with your tax advisor to determine deductibility.

A Home Equity Line of Credit allows you to borrow and repay on a revolving basis against the equity in your home.  Interest is tied to Prime Rate and adjusts annually.  Monthly interest payments are required.   There is a $25.00 annual fee.

Use our Home Equity Borrowing calculator to determine the borrowing power of your home equity. 

Other Programs

WHEDA First Time Home Buyer loans, which is a special home loan program through the State of Wisconsin Housing and Economic Development Authority.  Specific income and borrowing guidelines are established to provide housing alternatives to lower income first time home buyers.   

Rural Housing Loans are guaranteed by the federal government for the purchase of residential rural property.   

Fixed and Variable Rate Commercial Loans

Commercial loans can be used for the purchase, expansion or refinancing of a business.  Types of commercial loans are manufacturing, service industries, retail, commercial and residential real estate development, etc. Fixed rate commercial loans have a rate that is locked in for the term of the loan, normally one to five years.  Variable rate loans are tied to an index rate with the loan rate fluctuating whenever the index rate changes.  Loans can be secured by real estate, fixtures, inventory and accounts receivable, etc.  Other loan programs such as SBA, WHEDA, etc. are also offered.

Commercial Revolving Line of Credit

Normally established once per year for a certain amount, these loans can be drawn against or paid on anytime during the year.  These loans are normally required to be revolving in nature and paid to zero at least once per year. 

Agricultural Real Estate Loan

Agricultural Real Estate loans are primarily for the purchase, refinancing or improvement of real estate property such as construction financing for expansion purposes.  These loans can be for the small family farm to large corporations for production agriculture including dairy, cash crop, custom work, etc.   

Agricultural Personal Property Loan

Agricultural Personal Property Loans are primarily for the purchase or refinancing of equipment, machinery and livestock.   

Agricultural Revolving Line of Credit

Agricultural Revolving Line of Credit loans are set up for a predetermined amount which can be borrowed, repaid and borrowed again up to an aggregate set amount.  These loans can be tied to a checking account to provide overdraft protection.  An annual fee is assessed for these loans based upon the original amount.  Funds used for operating expenses or seasonal purchases repaid within a year.  The line typically must be cleared annually for thirty consecutive days.  

Other Agricultural Programs

Wisconsin Housing and Economic Development Authority crop loans are normally for twelve months with monthly installments to pay the loan off within that period.    The loan is 90% guaranteed by WHEDA to allow farmers access to credit to meet their spring operating needs.  Other WHEDA and FSA financing products are also available.  For more information on these programs, visit the Medford Ag Center website.

Milk Check Assignments can be established so the loan payment comes directly to our bank from the milk company.   The payment is deducted from the milk check proceeds either monthly or semi-monthly.  This automatic payment option ensures that loan payments are made on time.

Single Payment Consumer Loan

These loans can be unsecured or secured with collateral such as automobiles, recreational vehicles, household items, etc.  There is no set monthly payment however interest is normally payable monthly, quarterly, semiannually or at maturity. Principal payments made at any time. 

Installment Consumer Loan

Normally these loans are for the purchase of automobiles, household items, recreational vehicles, etc.  Typically, monthly installments of principal and interest payments are required for the term of the loan until paid. 

Personal Line of Credit

This loan is tied to a specific checking account and serves as a reserve in the event the checking account is about to become overdrawn.  Funds from the line of credit are transferred in increments of $100.00 to the checking account to cover the potential overdraft amount.  The Personal Line of Credit amount, term and collateral are determined at the time of inception based upon the borrowers credit history.  Minimum payments are automatically deducted from the checking account monthly or the entire balance can be paid off at any time.

Higher Education Loan

These loans are used to fund higher education fees, such as college or technical school tuition.  The repayment can be deferred while in school.  Student loan funding is provided by Sallie Mae .  Application packets are available at our bank.  The Financial Aid office at your post-secondary school can provide more information on higher education funding.   

Loan Protection Insurance

Life and disability insurance to cover the loan principal balance in the case of death and monthly payment in the case of disability.  Premiums are based upon loan amount.  Coverage is available for installment loans, residential real estate mortgages, agricultural and commercial loans.

Automatic Loan Payment Transfer

With an existing deposit account at our bank, your loan payment can be automatically transferred on the due date.   This saves you the time involved to make the payment in person and, provided your deposit account has sufficient funds, ensures that your payment is always made on time.   There is no charge for this service.

 

 
        
 
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