Mortgage Loans
Helping you to purchase your home sweet home.
We Know You Have Questions
PyraMax Bank has a variety of programs to help you purchase your own home. We've put together some answers to questions you may have about obtaining your mortgage to become a proud homeowner.
How Much Can You Afford?
The best way to find out how much home you can afford, is to see one of our Loan Officers for a FREE pre-approval. Our Loan Officers will help you with financing options and the amount of money for your home loan.
Find the sample interest rate on the chart below. Follow that column to the monthly payment closest to the amount you can afford. The right-hand column will tell you the approximate amount you could qualify for. These rates are examples only. For current rates, page down.
To apply for a mortgage contact one of the Loan Officers below:
Tom Schlicht in Greenfield NMLS#: 447099
(414) 235-5839
tschlicht@pyramaxbank.com
Duane Kilby in Franklin NMLS#: 447087
(414) 698-8455
dkilby@pyramaxbank.com
Sandra Benitez in Milwaukee NMLS#:447074
(414) 235-5315
sbenitez@pyramaxbank.com
Randy Reese in Mukwonago NMLS#: 423392
(414) 852-6632
rreese@pyramaxbank.com
Robert Soneberg in Muskego NMLS#: 447100
(262) 363-3021
rsoneberg@pyramaxbank.com
Gary White in South Milwaukee NMLS#: 447104
(414) 235-5107
gwhite@pyramaxbank.com
Shane LaMacchia in the Third Ward NMLS#: 447089
(414) 235-5312
slamacchia@pyramaxbank.com
Victoria Andes in Waukesha NMLS#: 447073
(414) 235-5307
vandes@pyramaxbank.com
30 Year Fixed Rate Mortgage Rate Examples
| Interest Rate | 5.50% | 6.00% | 6.50% | 7.00% | MortgageAmount |
| APR | 5.566% | 6.068% | 6.570% | 7.072% | |
| our monthly principal and interest payment | $5.68 | $6.00 | $6.32 | $6.65 | $1,000 |
| 341 | 360 | 379 | 399 | 60,000 | |
| 397 | 420 | 442 | 466 | 70,000 | |
| 454 | 480 | 506 | 532 | 80,000 | |
| 511 | 540 | 569 | 599 | 90,000 | |
| 568 | 600 | 632 | 665 | 100,000 | |
| 625 | 660 | 695 | 732 | 110,000 | |
| 681 | 719 | 758 | 798 | 120,000 | |
| 738 | 779 | 822 | 865 | 130,000 | |
| 795 | 839 | 885 | 931 | 140,000 | |
| 852 | 899 | 948 | 998 | 150,000 |
What Will You Need for a Down Payment and Closing Costs?
You'll need 5% to 20% of the home's value for a minimum down payment. However, there are programs that you may qualify for that require less than 5% for a down payment. We'll be happy to let you know if you qualify!
You will also need cash to pay closing costs and loan fees. This usually amounts to 1 percent or less of the amount you will be financing. The closing costs and loan fees cover things like the application fee for a credit report and property appraisal, a closing or originators fee to cover costs (some times known as "points"), legal fees, recording fees and title insurance to help make sure your home purchase is legally correct. There are other fees for inspections and surveys. The initial homeowners insurance premium will also be included. You should have two months worth of mortgage payments on hand to cover any unexpected expenses. Don't think you'll have to remember all this! We'll provide you with a detailed estimate of these costs, along with a Truth-in-Lending statement that estimates the Annual Percentage Rate (APR) for your loan.
Which Mortgage Is Best For You?
With the variety of programs for existing homes or new construction PYRAMAX BANK has to offer, one will be perfect for you.
30-Year Fixed Rate Mortgage Loan
This is the most affordable for many buyers. Monthly payments are low since your balance is stretched out over 30 years. Your principal and interest are the same every month, making it easier to budget.
20-Year Fixed Rate Mortgage Loan
Similar to the 30-year loan, but payments are stretched over 20 years.
15-Year Fixed Rate Mortgage Loan
This type of loan allows you to own your home sooner. It saves you about 60% of the interest you would pay on a 30-year loan, but payments are about 25% higher than on a 30-year loan.
Adjustable Rate Mortgages (ARMs)
An adjustable rate mortgage is just what the name implies. The rate is adjusted at specific intervals; such as 1-year, 3 years, or 5 years. A rate cap protects you if rates rise significantly.
In addition to these traditional mortgages, PYRAMAX BANK has an In-House program that can tailor your mortgage to better fit your needs. Contact a Loan Officer for more information!
Balloon Loans
Balloon loans are short term mortgages that have some features of a fixed rate mortgage. The loans provide a level payment feature during the term of the loan, but as opposed to the 30 year fixed rate mortgage, balloon loans do not fully amortize over the original term. At the end of the loan term there is still a remaining principal loan balance which generally requires that the loan be paid in full, which can be accomplished by refinancing or opting to use a conversion feature at the end of the term.
Construction Loans
All of our Construction Loans feature:
- One-Two Family Owner Occupied
- One Time Closing
- Interest Only Payments during Construction
- Bridge Loan Financing Available
- 45 Day Rate Lock
- Adjustable Rate Mortgage with Conversion option available
- Jumbo Loans available
APR (Annual Percentage Rate) is based on a $125,000 mortgage, 20% down payment, 360 monthly payments and is subject to increase after the initial lock period with an annual cap of 2% and a lifetime cap of 6% over the initial rate. Maximum loan amount is $417,000. Maximum Loan to Value of 95% on a single family residence, and 90% Loan to Value on a two family residence.
Lot Loans (Improved Lots Only)
Affordable Housing Program
WHEDA, State VA loans, Federal VA loans, FHA
Interested in seeing how much your payments would be for a new mortgage? Check out PYRAMAX BANK'S Loan Payment Calculator below. This calculates principal & interest only. It will not include property tax, home owners insurance or PMI.
Or, if you would like to see how much of a loan you can receive try our Mortgage Affordability Calculator.
