Associated tops WHEDA lenders in 2004

The acquisition of First Federal Capital Corp. made Green Bay-based Associated Bank the top mortgage lender to low- and moderate-income borrowers through the Wisconsin Housing and Economic Development Authority (WHEDA), the bank said Monday.

WHEDA said Monday that its participating lenders closed more than 4,100 loans valued at more than $407 million last year. Associated Bank and its affiliates topped the list of lenders, closing 609 WHEDA loans valued at $59.2 million. More than 70 percent of those totals -- 432 loans worth $41.9 million -- were made by First Federal Capital Bank, which became part of Associated in October 2004.

In the five-county Milwaukee area, Associated completed 67 loans for a value of $7.6 million.

First Federal, which was based in La Crosse, was the most active WHEDA lender in 2003, with 431 home loans, according to the agency.

WHEDA is an independent state authority that works with lenders to provide low-cost financing for housing and small business development in Wisconsin.

What are people saying about mortgages today:

Rates on 30-year mortgages edged down last week to a seven-month low. Mortgage-giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages fell to 6.3 percent, down slightly from 6.31 percent two weeks ago. It put rates at the lowest level since they were at 6.24 percent the first week of March.

Bank of Hawaii, Central Pacific Bank, Territorial Savings Bank and Wells Fargo Home Mortgages all cut their 30-year mortgage rates to 5.75 percent this week.

Most people think of a mortgage as a means to an end. After all, you buy a house, not a home loan. But a mortgage is much more than the path to homeownership. It is a financial instrument that must be managed, just like any other financial investment.