MTI Mortgage Promotion
Frequently Asked Questions
What are my closing costs?
There is a $500 closing cost for this loan.
Do I have to pay for anything else – over and above closing costs?
You may have to pay for interim interest and escrows. The formula for the transaction will look like this: Pay off amount of your old loan + interim interest on the new loan + escrows [if any] + net closing cost of $500.
How do I lock my rate?
You will pay a $300.00 fee to WPS Community Bank and your rate will be locked. We will then send you a revised Good Faith estimate listing a Lock expiration date.
Will I get my $300.00 back?
If you proceed to closing you will receive a $300.00 Lender credit on the Settlement Statement. If the loan doesn’t close the fee is not reimbursable.
How long it will take to process my loan?
It will take 6-8 weeks.
Am I required to escrow for taxes and Insurance?
You are only required to escrow if your Loan to Value is > 80%. If you want to escrow, please indicate - Y or N.
Will I need an appraisal?
Generally speaking, you will. That fee will be paid by the bank as a part of the $500 closing cost.
Who Do I contact if I have any questions?
Bryan (608) 224 5547 (Bryan.Bartman@bankwps.com) or
Jurga (608) 224-5548 (Jurga.J@bankwps.com)
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WPS Community Bank is a full-service bank offering a complete range of financial products and services for families and businesses throughout Dane County.
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