Associated Bank is a bank offering lending and other banking and personal finance services in the Midwest, particularly in Minnesota, Wisconsin, and Illinois.
The bank headquarters are located in Green Bay, Wisconsin, and the oldest branch that became a part of Associated Bank was founded in 1861 in Neenah, Wisconsin. It has a grade of A+ from the Better Business Bureau.
Associated Bank Quick Facts
- Ranks among the most popular mortgage and refinance lenders in Wisconsin
- Offers a variety of conventional and non-conforming loans
- Provides insurance and investment options, in addition to personal banking products
- Was recognized by the J.D. Power 2017 Certified Contact Center Program
- The online application makes starting the borrowing process simple for consumers
- Works with the VA, USDA, and FHA to offer government-backed mortgage products
Associated Bank is a bank offering lending and other banking and personal finance services in the Midwest, particularly in Minnesota, Wisconsin, and Illinois.
The bank headquarters are located in Green Bay, Wisconsin, and the oldest branch that became a part of Associated Bank was founded in 1861 in Neenah, Wisconsin. It has a grade of A+ from the Better Business Bureau.
Background of Associated Bank
Associated Bank was formed in 1970 through an alliance of three Wisconsin-based banks and is headquartered in Green Bay, Wisconsin, with branches in Illinois and Minnesota.
This bank is not listed in the top 10 lenders in the U.S. mortgage industry, nor is it among the top originators on the Consumer Finance Protection Bureau’s list. It’s among the leading lenders in the Midwest, particularly Wisconsin.
The loan options available through Associated Bank are varied and appeal to a host of borrower needs. The bank offers conforming loans as well as jumbo mortgages and government-sponsored programs.
Associated Bank has a good reputation, with an A+ rating from the BBB and no history of actions against the company by the Consumer Finance Protection Bureau.
The bank has fairly strict mortgage qualification requirements. It typically won’t work with consumers who have credit scores below 620 and requires a minimum 5 percent down payment from homebuyers who aren’t first-timers.
Consumers who have generally good credit and are looking for a standard mortgage will likely have a positive experience working with Associated Bank.
Associated Bank Loan Specifics
Associated Bank provides numerous loan types to accommodate buyers with varying needs. Conventional mortgages, for example, can feature fixed or adjustable rates, making them ideal for many homebuyers.
Some, on the other hand, will be eligible for government-backed loan programs such as FHA, VA, or USDA loans, which feature lower down payment requirements. Associated Bank also offers jumbo mortgages for those who have their eyes set on a higher-priced home.
Fixed Rate Loans
Fixed-rate mortgages are available in flexible loan terms. Customers who opt for these types of loans also have access to preferred rates and discounts on checking accounts, certificates of deposit, and other Associated Bank products.
Fixed-rate mortgages provide long-term predictability, so this option might be best for homebuyers who plan to stay in their home for many years or those who prefer to stick to a predictable budget.
Adjustable Rate Loans
Adjustable-rate mortgages have rate protection for up to 10 years. Consumers who choose this option will likely see low upfront rates. This is well-suited for people who plan to sell their home in a few years or who expect to increase their income in the 5-10 years after the home purchase.
Jumbo Loans
Nonconforming or jumbo loans offered through Associated Bank allow buyers to take out loan amounts beyond the maximum borrowing limits set by governmental entities Freddie Mac and Fannie Mae. In most counties, that limit is $453,100 and will be raised to $484,350 in 2019.
Associated Bank offers jumbo loans with both fixed and variable rates and the chance to combine a jumbo mortgage with a second mortgage to help consumers control costs.
FHA Loans
FHA loans are insured by the Federal Housing Administration and offer low-cost mortgage insurance and flexible credit requirements. Unlike typical conforming loans, FHA loans have lower down payment requirements and often include closing costs and fees.
VA Loans
VA mortgages don’t require a down payment or mortgage insurance and allow buyers to finance 100 percent of their home. Rates and fees are generally lower for VA loans, and credit requirements are usually more flexible. These loans can also help borrowers unable to cover closing costs.
VA loans are provided through the Department of Veterans Affairs, which works with qualified lenders such as Associated Bank.
Refinance Loans
Refinancing a mortgage gives consumers access to their home equity in the form of cash and can potentially lower interest rates. Those who have adjustable-rate mortgages, for example, can refinance to a fixed-rate loan and benefit from fixed monthly payments. Another option is to refinance to a shorter loan term, which can help build equity faster.
Rural Housing Loans
The U.S. Department of Agriculture offers rural housing loans through the Guaranteed Rural Housing program. Consumers who meet the income requirements and are purchasing a home in a rural area, as defined by the USDA, are eligible for these loans.
Consumers can finance up to 100 percent of the home. Some closing costs may be included in the loan as well.
Associated Bank Mortgage Customer Experience
Customers can apply for an Associated Bank mortgage online. The bank notes that the application will take about 15-20 minutes to fill out, though users can also save the application to finish later. After the application is submitted, a mortgage professional will reach out to the applicant by phone within the next business day.
The application page offers checklists of necessary items to apply for a purchase or refinances loan, a second mortgage, or a VA mortgage. Associated Bank has a first-time homebuyer guide on its site to help people understand the mortgage process.
Customers can check up-to-date mortgage rates in the Daily Rate Sheet, though there doesn’t appear to be a way for users to sign up for email alerts for rate changes.
The bank’s resource center provides articles about mortgages, home buying, and other personal finance topics. There’s a long list of personal finance calculators and tools in the resource center, with 21 of the 47 listed pertaining to home financing.
Though the bank has received generally positive scores from the Better Business Bureau and Bankrate, some consumers have expressed issues with Associated Bank, particularly due to their strict credit requirements.
Associated Bank Lender Reputation
Associated Bank is a bank active in the Midwestern states. It was founded in 1970 with the alliance of Kellogg Citizens Bank of Green Bay, Manitowoc Savings Bank, and First National Bank of Neenah. First National Bank was the oldest of the three, dating back to 1861.
Associated Bank’s contact centers were certified by the J.D. Power Certified Contact Center Program in 2016 and 2017, highlighting excellence in customer service.
To achieve this distinction, an institution must rank in the top 20 percent of customer service scores, and its representatives must have detailed knowledge about the services customers ask about and be able to resolve issues promptly.
Associated Bank has an A+ from the Better Business Bureau and has been accredited since 1945. There are 53 customer complaints against the company on the BBB website, 22 of which were posted in 2018.
- Information Collected on Dec. 10, 2018.
Associated Bank Mortgage Qualifications
Associated Bank accepts gifted funds for homebuyers’ down payments. The gift money can total up to 100 percent of the down payment if the buyer wishes. They will also work with down payment assistance programs.
The minimum down payment required for first-time homebuyers is 3 percent, while FHA borrowers must put down 3.5 percent. Non-first-time homebuyers need to put 5 percent down.
The bank also requires borrowers to have a debt-to-income ratio of no more than 50 percent.
Associated Bank checks the credit scores of each loan applicant on Experian, Equifax, and Transunion. Two of the three must be 620 or above; if this isn’t the case, the applicant will most likely be turned away. That said, it is possible in some cases for applicants who have non-traditional credit histories to be considered for a loan.
| Credit score | Ranking | Difficulty to get an Associated Bank mortgage |
|---|---|---|
| 800-850 | Exceptional | Easy |
| 740-799 | Very good | Easy |
| 670-739 | Good | Fairly easy |
| 580-669 | Fair | Difficult |
| 300-579 | Very poor | Very difficult |
Associated Bank Phone Number & Additional Details
- Homepage URL: http://bit.ly/1oypykA
- Company Phone: 800-236-8866; Mortgages: 800-236-3617
- Headquarters Address: 200 North Adams Street, Green Bay, WI 54305
- States serviced: Services in the greater Midwest, particularly in Minnesota, Wisconsin, and Illinois.
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