With rates being at a historical low it is a great time to refinance or buy a new home! Call one of our Mortgage Loan Specialists today to see if you can take advantage of these low interest rates.
Whether you’re in the process of purchasing or refinancing a home, buying a car, or even purchasing new appliances, you’ve most likely had a credit history obtained. Your credit history and your credit score are one of the most important factors in determining approval for a loan.
Specific to purchasing or refinancing a home, your credit history says a lot, including current credit obligations, balances, delinquencies, bankruptcy, public records and inquires. All of these factors not only will determine if you qualify for a loan, but can greatly impact a favorable interest rate on that loan.
Your credit score is based on your credit history, and is determined by the three major credit bureaus; Experian, Equifax and Transunion. Your score is essentially broken down by these categories:
Payment History: 35%
Total loan balances: 30%
Length of credit history: 15%
New Credit: 10%
Type of Credit: 10%
Most credit scores range from 300 to 850. Your score is based on different factors of your history, and some will weigh more heavily than others in calculating your score.
So why is a credit score so important? It affects how much money you are able to borrow. As a lender, we will look at those factors and determine our risks giving you a loan. For more information about credit scores and the role they play, feel free to contact one of our mortgage loan specialists.
Thank you to all of our customers who joined us in celebration of our 60th anniversary at our Weston location last Friday – it was a great success! Our customers enjoyed brats and beverages under the big tent, with many reminiscing about days gone by and “back in the days.” It was fun to hear their stories about Intercity’s history.
A fun aspect of the appreciation event was that we accepted donations to the Marathon County Humane Society. We received over $200 in cash donations! In addition, other donations such as dog food, treats, and cleaning supplies were collected. We even had special guests, Lovely and Sassy, a dog and cat from the Humane Society! They were a big hit with the kids, and even the adults fell in love with them.
The annual Leisure Club picnic was held June 20th at The Hanger in Wausau, with 200 members in attendance. Members tried their luck at bingo, with many prizes given to the winners. The usual picnic lunch of brats and hamburgers was served with all the delicious side dishes. It was nice to visit with friends during lunch. This year’s theme was “Celebrating 60 Years.” The Grand Prize was an Intercity piggy bank filled with 60 gold dollar coins.
Our next Leisure Club event is September 28th to the Warrens Cranberry Fest in Warrens, WI. The cost of this trip is $34 for members. The bus will leave the Weston location at 6:00 am. Call 715-241-0400 to make your reservation, or use our convenient online sign-up form.
Please join us as we celebrate our customers and 60 years of community banking! Stop in at our Weston office on Friday, July 13th from 11am to 2pm for FREE brats, chips and beverages! We’re also accepting donations (food, toys, etc.) for the Marathon County Humane Society. We hope you find the brief history of our bank enjoyable and interesting…see you on the 13th!
How Was Intercity State Bank Started?
In 1951, the only banking facilities available to the people of Schofield, Rothschild, Weston and the south side of Wausau were either in the downtown Wausau business district or on its west side. A local group of citizens felt that there was a definite need for a bank to serve this fast-growing area. This group proceeded to solicit funds for the capital structure of a bank and, on November 29, 1951, a meeting was held in Schofield at the City Hall, and a new bank was launched with a capitalization of $100,000.00. Because this bank was to be located in Schofield between Rothschild, Weston, and Wausau, the name “Intercity State Bank” was chosen. A state banking charter was applied for under that name. At this meeting, Otto H. Jahns was elected Chairman, Hugh H. Karrmann, Secretary, and Arthur E. A. Mueller, Treasurer.
Ground was broken for the new bank building on April 7, 1952 on the site formerly occupied by the Schofield City Hall. The first meeting of the stockholders of this bank was held June 19, 1952 at the Schofield School. At this meeting, the following individuals were elected to serve as the first Board of Directors: Clarence O. Egdahl, Dan M. Genrich, and Otto H. Jahns. The Board of Directors elected the following officers: Otto H. Jahns, President and Cashier; Arthur E. A. Mueller, Vice President; Dan M. Genrich, Vice President; Hugh H. Karrmann; Arthur E. A. Mueller; Hjalmer A. Olson; Jeanne Damp, Assistant Cashier; Hugh H. Karrmann, Board of Secretary.
The Bank was opened for business on July 14, 1952.
On August 6, 1973, Intercity State Bank opened the doors of its new building located immediately north of the old building on Grand Avenue. Cutting the ribbon was Mrs. Otto H. Jahns, wife of the late founder, who believed the building constructed in 1952 would provide ample service to the modestly-growing community. Growth of the Schofield area has been so great, however, that President Ray C. Jahns, son of the founder, said, “In twenty years from now, we may have to do construction all over again.” The new bank had three times the space of the old.
In February 1985, Bosshard Banco, Ltd. (John Bosshard) acquired majority ownership of Intercity State Bank. We are part of a group of banks originally owned by John Bosshard and now run by his son, William Bosshard.
On November 6, 1990, our Weston Branch was opened at 2900 Schofield Avenue. The building had been purchased from Calvary Baptist church and the 4,480 square-foot facility was remodeled and converted to Intercity’s full service Weston Branch.
Randy L. Balk was named the new president of Intercity State Bank on June 2, 1991, by Chairman of the Board William Bosshard. Balk had prior experience in the Bosshard system and had most recently served as VP of the First National Bank & Trust Co. of Baraboo, WI.
In 2007, the bank expanded into the Wausau market with the construction of a new 6,500 square-foot office condo at the northwest corner of Stewart Avenue and 36th Avenue in Wausau. The building is co-owned by Intercity and Keller, Inc., a design/build general contractor. The bank owns 4,354 main level square feet of that condominium facility, with four-lane drive-up access and full service banking convenience.
We believe that a bank’s progress and success are directly related to the talents and dedication of its employees. We pride ourselves on the high quality of our people and look forward to offering excellent quality service and competitive community banking products for years to come.
As the local community came together for the Forrest Goetsch run on June 23, 2012, several Intercity State Bank employees waited behind the start line along with the other runners. Participants had the option to run/walk either 2 miles or 5 miles for the benefit. This year was the second time this event was held and both years have had a great turnout. This year, over 800 participants were registered!
Forrest Goetsch was a 14-year-old D.C. Everest student who loved to run as a cross-country athlete. His smile was contagious and he had a warm personality, which is why he was so well-liked. On September 21, 2009 Forrest collapsed and passed away during warm-ups at cross country practice. This charity run has been established in memory of Forrest Goetsch. Intercity State Bank felt honored that they could sponsor such a wonderful and meaningful event in the community. Some Intercity State Bank employees even placed well at the awards ceremony! It was a memorable race for all.
Although we know many of our customers like receiving paper statements, we also know a number of them like the ease of getting their statements electronically. We are now offering all of our customers the ability to manage their accounts with e-statements.
To sign-up for this service, simply do the following:
1. Login to your ISB account. Once you are logged in, you should see something like the image below:
2. Click on the box to the left of the account name for which you want to enroll for e-statements, so that it looks like this:
3. Beneath this area, check the box to agree to the terms and conditions, and then click on “Accept”:
4. If you get a message like the one below, make sure to enter confirm your e-mail address to the right of the Primary Account Owner Email area:
5. If successful, you should see the following message on the next screen:
If you have any trouble with this, please contact us during business hours with any questions (715-359-4231). We’d be happy to help you use this new service.
Although most of Intercity State Bank’s Commercial loans are done with conventional financing, sometimes that conventional financing may be difficult to obtain. In those situations, Intercity State Bank participates with other various loan programs that are available.
We have worked with Marathon County Development Corporation (McDevco) and Central Wisconsin Economic Development Fund (CWED) to help provide additional resources or down payment assistance for companies through their Revolving Loan Fund. They offer a 2% fixed rate over a longer loan term. Their area of focus is in job creation and typically lend up to $10,000 for each job created or retained and will not exceed the amount of the lead bank’s participation.
When a business is purchasing, constructing or expanding a facility or making a large equipment purchase, we have partnered with Wisconsin Business Development Corporation (WBD) and their SBA 504 Loan Program. This program helps your business by having 30-40% of the costs financed on a long term fixed rate note, and helps the bank by allowing us to be in a first lien position at up to 50% of the costs. Depending on what exactly is being financed, they require a 10-20% down payment. However, some of that down payment may be covered through CWED.
SBA is now starting to implement a new program called the 8(a). This program is designed to assist socially and economically disadvantaged individuals. The program can assist your business by offering counseling and also by monitoring your business plan. It also looks for opportunities to assist with obtaining some government contracts for your business.
Intercity State Bank still participates with the SBA 7(a) program. This program gives a guaranty to the bank for 75% of the outstanding balance. We have used this program when loans do not fit standard collateral guidelines.
All of these programs have both advantages and disadvantages depending on what and how much you are financing. Different programs are designed for different business and I can help you decide which one would work the best for you. Always feel free to contact me with any questions.
When you purchase a home, you are given a title to the property, giving you full legal ownership. However, there could be possible hidden defects, risks, or flaws that may affect your title to the property. Some of these include unsatisfied claims, clerical errors, forgeries,and tax or water/sewer assessments. Title insurance is basically protection against a loss if a problem or defect is found in a property title.
There are two types of title insurance issued when you purchase a property. If you are financing your home, you will be required to purchase a loan policy, which covers the outstanding balance on the mortgage for the lender, but doesn’t cover the owner. The second type is an owner’s policy, which insures the owner of the property. The premium you pay is only once, when the title is transferred from the property’s prior owner, and the policy remains in effect for as long at you retain ownership in the property.
If you have any questions regarding title insurance, please feel free to contact one of our lenders at Intercity State Bank.
With home values stabilizing and interest rates at or below record levels, now may be the time to purchase the new home of your dreams. As a first time homebuyer, you probably have many questions about the process of securing financing. The most common questions asked are as follows:
Home much money will I need to buy a home?
You will need enough money to cover these costs: Earnest Money; the deposit you make on the home when you submit the offer to purchase. The down payment; a percentage of the cost of the home that you must pay at closing. Closing costs; which are the costs associated with processing the paperwork, such as an appraisal, title insurance, credit report, recording fees. etc. Also, a homeowner’s insurance policy must be provided prior to closing with a receipt for the first year paid in full. Homeowners insurance insures the property against loss from fires, smoke, theft, and other hazards.
How much of a down payment do I need?
We offer mortgage options with as little as 3% down. Mortgages with less than a 20% down payment will require a mortgage insurance policy (PMI) to secure the loan.
What is Mortgage Insurance (PMI)?
Mortgage insurance is a contract insuring a mortgage lender against default. Mortgage insurance allows a borrower to purchase a home with a down payment as low as 3% and less then 20% down. Mortgage insurance insures the mortgage and it will reimburse the mortgage lender if default occurs.
Does credit matter?
Yes, credit is one of the key factors in determining eligibility for financing. Credit is determined by the following factors; credit score, payment history, collections and public records, number of inquiries on a borrowers credit report, credit limits, etc. The most important factor is the borrower’s record of paying their debts.
Always feel free to contact one of our mortgage lenders: Michelle Knopf, Julie Jacobson, or Tracy Engman with any additional questions you may have on becoming a first time home buyer.