Adrian A. Quilling Promoted To Mortgage Lender

Adrian Quilling, Mortgage Lender

Adrian A. Quilling has been promoted to Mortgage Lender at Merchants Bank in Rosemount, according to Michelle Selig, Branch Manager.

“Adrian already has a background in home loans and loves helping our customers, especially during important life stages. His new role as a Mortgage Lender will be a great fit for him and a benefit to those looking to buy or build homes in the Rosemount area,” said Selig.

Quilling has been with Merchants Bank since 2018 when he started as a Customer Service Representative and Lending Assistant. Prior to joining Merchants, he was a Universal Banker at Old National Bank (formerly Anchor Bank) and has experience in personal banking and lending, including deposit accounts, mortgages and personal loans.

“I’m excited to now be a complete financial partner for individuals and families – whether it’s showing them the right tools and accounts to meet personal savings goals or guiding them through the home loan process,” said Quilling.

You can get to know more about Quilling on the Merchants Bank website by visiting http://www.merchantsbank.com/aquilling.

Merchants Bank is a full service community bank with 21 bank locations and one loan production office in southeastern Minnesota and two bank locations in west-central Wisconsin. Headquartered in Winona, MN, the Bank has more than $2 billion in assets and was founded in 1875. Loans are subject to credit approval.

 

3 Big Benefits to Buying a House Off-Season

Buyingintheoffseason

Just because it’s winter doesn’t mean you should put off searching for the perfect house. In fact, now may be one of the best times to buy. Really. Here are three reasons why buying your house in the off-season (November-March) may bring you big benefits.

House Sellers are Motivated

Many homeowners are eager to finalize a house sale now, saving them from the work of winter home maintenance – think shoveling, heat bills for house showings and more. The burden of keeping a house on the market can be even more pressing for sellers who have relocated or retired.

If you’ve found a home you’d like to put an offer on, dealing with a motivated seller can work to your advantage. In the off-season, sellers may be more willing to negotiate:

  • The price of the home
  • Closing costs or closing date
  • Terms of the sale, including things like household appliances or other items

Fewer Buyers in Competition

Generally, when the housing market slows down each winter fewer houses are for sale and buyers become less interested in shopping. Use this to your benefit.

Less competition from fellow buyers means:

  • Fewer competing offers when you find a house you’re interested in.
  • More leverage during negotiations with sellers since they aren’t picking from a slew of buyers.

Potential Savings

The first two benefits on our list can add up to potential savings. Motivated sellers who aren’t juggling multiple offers may lower the asking price or throw in other perks for a qualified buyer.

Take for example the median home prices for Minnesota and Wisconsin, according to their respective Realtor Associations:

  • Minnesota – Median home price for homes sold in January 2018 was $219,000 compared to $244,745 for July, which is a cost difference of more than $25,000. For the past three years, the difference in median home price between these two months falls between $25,000-$30,000.
  • Wisconsin – Median home price for homes sold in January 2018 was $169,000 compared to $195,000 for July, which is a cost difference of more than $25,000. For the past three years, the difference in median home price between these two months falls between $25,000-$28,000.

Bonus Benefit: This time of the year is slower for many businesses, including moving companies. If you’re looking to hire movers, it should be easier to coordinate compared to the busy summer months.

Give sellers no reason to hesitate when you place your offer by being pre-approved for a mortgage. It’s an easy step to take to show sellers you’re serious and get an accurate picture of what you can afford.

To learn more about pre-approval, contact a local Merchants Bank Mortgage Lender today to get your questions answered and schedule an appointment.

Sources: Minnesota Realtor Association and Wisconsin Realtor Association

Loans are subject to approval.

 

 

 

Mortgage Lender Dawn Garms Promoted to Assistant Vice President at Merchants Bank in Onalaska

Dawn Garms, Mortgage Lender

Mortgage Lender Dawn Garms has been promoted to Assistant Vice President, according to Steve Christiansen, Merchants Bank President in Onalaska and La Crescent.

“Dawn’s people first attitude has helped her customers get into the homes that are right for them,” Christiansen said. “She does everything she can for her customers, and that has helped Dawn be successful.”

Garms joined Merchants in 2013, after spending a dozen years with another organization serving customers. She has consistently been one of the top mortgage lenders in the Merchants organization, building a broad referral network and consistently receiving high marks from her customers for her service to them.

“I know that buying a home can be stressful, and there are so many things for someone to think about. My goal is to take care of my customers from the start of the process to beyond the end of it,” Garms said. “If they have a question, I am there with the answer.”

Garms is an active member of the La Crosse Area Builders Association, La Crosse Area Realtors Association and La Crosse Area Chamber of Commerce, where she serves as an Ambassador. She is a graduate of Northern Iowa University, where she majored in Finance and minored in Real Estate.

Merchants Bank has 21 locations, including its location in Onalaska. Minnesota locations include La Crescent, Winona, St. Charles, Rochester, Rushford, Lanesboro, Caledonia, Spring Grove, Cannon Falls, Red Wing, Hampton, and the southern Twin Cities metropolitan suburbs of Apple Valley, Cottage Grove, Hastings, Lakeville and Rosemount. Merchants has another Wisconsin location in Eau Claire. Loans are subject to approval. Twin Cities-based Merchants Bank Equipment Finance is also a division of Merchants Bank, N.A.

What, Why and How: Merchants Bank Mortgage Underwriting

Mortgage Underwriting Team

Merchants Bank Underwriters (l-r): Chris Thrune, Angie Booher, Abbey Krumrie, Shelley Vondrasek, Teresa Ebersold, Lynn Corey, Shay Yackel, Kady Cada, Haley Schultz and Jenna Hartman.

Underwriting. A term you might not be familiar with, or if you are, one that brings to mind piles of documents and lots of questions. In this edition of our eNewsletter, we’re demystifying the underwriting process to help you understand why it’s important, essential and ultimately a beneficial part of the mortgage process.

“Underwriting is about assessing risk – the risk the Bank takes in loaning money, but also the risk the customer is taking by promising to pay back borrowed money. Our underwriters work hard every day to make sure applicants truly qualify for a mortgage and help guide them to smarter financial decisions,” says Underwriting Manager, Jenna Hartman.

But, first things first, where does underwriting fit in the mortgage process? Here’s a simple breakdown of the steps:

  1. Discussing Your Needs. You meet with a local lender to discuss your goals, budget and loan options. With your lender’s help, you select a home loan program.
  2. Pre-Approval Application. You apply for a mortgage pre-approval and provide the necessary paperwork to your mortgage lender. Pre-approval is a great first step to help you determine how much you can afford before you look for a house and show buyers you’re serious about purchasing a property or land.
  3. Pre-Approval Application Reviewed by Lender. The lender reviews your application and documentation.
  4. Pre-Approval Decision/Approval. After review, your lender determines if you qualify for mortgage pre-approval and how much you can afford. You’ll discuss your budget in more detail and prepare for your house search (or contractor search, if you’re building).
  5. House Hunting. Now comes the fun part! Once you have qualified, stay in touch with your lender during the building or house hunting process. Or, maybe you’ve already found the perfect home…then you’ll move on to step six.
  6. Application Reviewed by Underwriting. With the property selected, you provide additional documentation to your lender. From there, the Underwriting department at Merchants Bank, made up of nine employees based in Winona, MN, reviews your application, including all of the documentation you provided.
  7. Loan Decision/Approval. After careful review of all your documentation, the Underwriting department determines if you qualify for the home loan. The decision is communicated to you by your mortgage lender. If you are refinancing a current mortgage, you’re ready to sign papers.
  8. Buying/Building a Home. You finalize the details of the mortgage terms with your lender, who will also communicate with the realtor and/or sellers. Once terms have been agreed upon, you meet with all involved parties to sign the final paperwork.
  9. Moving In. Congratulations! Now that you’re moving in you’ll be busy making your house into a home and begin your mortgage payments. Our local Loan Servicing department will be with you throughout the repayment process to answer all your questions and help put you at ease. About a month after your loan closing, you’ll either receive your loan payment book or notice of your first automatic payment, whichever payment option you selected. If you are escrowing (putting money aside each month as part of your mortgage payment), for your property taxes and homeowner’s insurance the Loan Servicing department will pay those bills the next time they are due. Stay tuned for an article in our next eNewsletter with an inside look at Merchants Bank Loan Servicing and tips from our experts.

We’re with you from start to finish. This mortgage application process can take anywhere from a few weeks to a few months, depending on the housing market.

The important thing to note is that while there are guidelines our Underwriting department must work within when reviewing loan applications, lenders, customers and underwriters can all work together to make the process go smoothly. Communication is key and another reason having local lenders and local underwriters is so beneficial to our customers. Jenna shares two common issues that can slow the loan process and how you can avoid them.

Acquiring New Debt

“One common issue we see is applying for or acquiring new debt – like a credit card – while our team is reviewing a loan application,” says Jenna.

She recommends consulting your lender prior to taking out new debt to avoid this hiccup in the loan process. “Even if you could save 25% at a department store or on furniture for your new home – it might not be worth it. Any new debt you take on during the loan process has to be documented and could affect if you qualify for the loan.”

Moving Money Between Accounts

Jenna adds, “[w]hen you move money from account to account or bank to bank, it can make our job to verify your financial assets more difficult.”

When your money is moved between accounts or financial institutions, it makes the paper trail to track the funds harder for the Underwriting team to verify. Many people don’t realize that verifying adequate liquid assets is part of the mortgage loan approval process. It’s all a part of the education we provide our customers. This problem can also be avoided by consulting your lender before you move any money.

If you have questions about the underwriting, or any part of the mortgage process, just ask your local Merchants Bank mortgage lender.

“Everyone in the Merchants Mortgage team is working hard for you – from the lenders to those of us behind the scenes. As underwriters, we know that when we approve a loan, there are people moving into homes and making memories. It’s such a rewarding process to be a part of.”

Additional Resources:

 

 

B.J. Hamilton Joins Merchants Bank as an Assistant Vice President/Mortgage Lender

B.J. Hamilton has joined Merchants Bank in La Crescent as an Assistant Vice President/Mortgage Lender, according to Steve Christiansen, Merchants Bank President in La Crescent and Onalaska.

“B.J. has built a strong following in our area because of his commitment to meeting and exceeding the needs of his customers,” Christiansen said. “Our customers will value his knowledge of lending and benefit from his ability to make sure their needs are taken care of from start to finish.”

Hamilton had been a mortgage lender at Altra since 2013. Before that, he spent nearly ten years in Montana, both working in home lending for Montana banks and working as a project manager for a construction company.

“Merchants has impressed me since I moved to the Coulee Region. Merchants has a great reputation for taking care of its customers, and it offers a full range of mortgage products. I’m especially excited for my customers who are considering building because of our 5 percent down construction loan. That can really help them get started building right away,” Hamilton said. “Plus, I had a former co-worker that was so happy when she made the move to Merchants that I had to consider it when an opportunity was available.”

Hamilton is involved in the area. He is a member of the La Crosse Area Builders Association and the La Crosse Area Realtors Association. He is a former member of the Great Rivers United Way Funds Distribution Committee and a former Board member of the St. Thomas Child and Family Center in Great Falls, Montana.

Merchants Bank has 21 locations, including its location in La Crescent, and other Minnesota locations in Winona, St. Charles, Rochester, Rushford, Lanesboro, Caledonia, Spring Grove, Cannon Falls, Red Wing, Hampton, and the southern Twin Cities metropolitan suburbs of Apple Valley, Cottage Grove, Hastings, Lakeville and Rosemount. Merchants has Wisconsin locations in Eau Claire and Onalaska. Loans are subject to approval. Twin Cities-based Merchants Bank Equipment Finance is also a division of Merchants Bank, N.A.

Meet Arlene Schwerzler, Mortgage Lender and Home Loan Expert

Arlene Schwerzler, Mortgage LenderGet to know Arlene Schwerzler, Mortgage Lender at Merchants Bank in Red Wing.

When did you start your banking career?

Arlene: I started banking a very long time ago. Thirty-two years. I’ve been a teller, personal loan assistant, personal banker, branch manager and mortgage lender. I started at Merchants 20 years ago, where I’ve been a mortgage lender. I’ve stayed a mortgage lender for so long because I love it. I don’t want to do anything else; it’s extremely rewarding.

What is your best banking tip?

Arlene: There are so many people involved in a real estate transaction, but the key to a successful transaction is spending time with a lender first. We’re here to help you understand all the moving parts of the process, and talk about what resources are available to you.

I am dedicated to helping customers make good decisions regarding this significant financial commitment. We’ll talk about the rewards, the risks, and where you are in relation to where you want to be. It’s important that your lender understands your unique situation.

What’s one thing your mom or dad taught you about money?

Arlene: My parents were great role models, and although it isn’t specific to money, they taught me that hard work pays off and to always do the right thing, even if it means not winning. Honesty truly is the best policy.

If you $1,875,000 what is one FUN thing you’d do with the money?

Arlene: I would most definitely take care of my kids, family and friends. If I can make someone else’s life easier or happier, that’d be the most fun I could have!

Besides money, what’s your favorite green thing?

Arlene: Plants – I love the outdoors, my garden and being outside.

Picture your dream home. What is your favorite room and why?

Arlene: It’s not really a room, but my favorite feature of a home would be gigantic windows. I love being able to see the beauty of the outdoors, even when I’m inside.

Dawn Stenberg Promoted to Assistant Vice President/Mortgage Lender

StenbergDawn

Dawn Stenberg has been promoted to Assistant Vice President/Mortgage Lender at Merchants Bank in Winona, according to Sue Hovell, Director of Retail Banking Performance at Merchants Bank.

“This promotion recognizes Dawn for the leader that she already is here at Merchants,” Hovell said. “She has extensive knowledge of the mortgage process and has used that expertise to provide outstanding customer service to our clients.”

Stenberg started in banking as a teller at 16 years old. She started in the mortgage industry in 2008 and has been with Merchants Bank since 2012.

“I am honored and really appreciate the ongoing support I have received from Merchants as well as my co-workers,” Stenberg said. “I truly can’t imagine working anywhere else; the culture just aligns with my beliefs and personality, and allows me to serve my customers the way I do, which is the reason we’re all here.”

Stenberg also credits the entire mortgage team at Merchants Bank: “We have a tremendous mortgage team. Our knowledgeable processors, underwriters and closers all strive to provide a great customer service experience, both during and after the loan process. It’s just who we are.”

Merchants Bank has 21 locations, including Minnesota locations in Winona, Goodview, St. Charles, Goodview, Rochester, Caledonia, La Crescent, Spring Grove, Rushford, Lanesboro, Red Wing, Cannon Falls, Hampton as well as Twin Cities locations in Lakeville, Apple Valley, Cottage Grove, Hastings and Rosemount. Merchants has Wisconsin locations in Eau Claire and Onalaska. Merchants Bank was founded in 1875. Loans are subject to approval. Merchants Bank Equipment Finance, the company’s leasing arm, is based in the Twin Cities.