Shanda Prater

Mortgage Originator

I started my career in financial services in 1997 with a consumer financial firm. I learned there; the needs of my clients always come first. I have continued putting clients first over the last 18 years while working in every area of the mortgage industry.

I have experience in mortgage operations, along with vast product knowledge and have been a licensed loan office for many years. I strive to always assist my clients in finding the best mortgage product for their current and future needs.

Over the last 25 years, in financial services, I have built many personal relationships that been a benefit to my clients.

What’s your next move?

Shanda Prater

Mortgage Originator

I started my career in financial services in 1997 with a consumer financial firm. I learned there; the needs of my clients always come first. I have continued putting clients first over the last 18 years while working in every area of the mortgage industry.

I have experience in mortgage operations, along with vast product knowledge and have been a licensed loan office for many years. I strive to always assist my clients in finding the best mortgage product for their current and future needs.

Over the last 25 years, in financial services, I have built many personal relationships that been a benefit to my clients.

What’s your next move?

Shanda Prater

Mortgage Originator

I started my career in financial services in 1997 with a consumer financial firm. I learned there; the needs of my clients always come first. I have continued putting clients first over the last 18 years while working in every area of the mortgage industry.

I have experience in mortgage operations, along with vast product knowledge and have been a licensed loan office for many years. I strive to always assist my clients in finding the best mortgage product for their current and future needs.

Over the last 25 years, in financial services, I have built many personal relationships that been a benefit to my clients.

What’s your next move?

Get Preapproved

Ready to start your search? A Waterman Bank mortgage professional is here to guide you step by step through the pre-approval process.

Refinance

There are many reasons to refinance your mortgage, contact us to see if refinance is right for you.

Loan Options

Learn more about all of the loan options that you have when you partner with Waterman Bank.

A fixed rate mortgage is designed to lock in your interest rate for the entire duration of the loan's term. Common fixed rate terms are 30-year, 20-year, or 15 year. Although US mortgage rates will increase or decrease over the years, you'll still pay the same interest rate as you did on your first mortgage payment.​

An adjustable-rate mortgage (ARM) is loan program that is split into two parts. The rate is fixed in the beginning of the loan (typically 5-, 7- or 10-year options) and variable for the rest of the loan, adjusting each year (typically once each year or every 6 months). This can be a great option for homeowners because it can offer an introductory fixed rate that's lower than a typical fixed rate mortgage before the variable rate period kicks in.

An example would be a 5/1 ARM or 5/6 ARM, the first number "5" would stand for the length of the initial fixed rate period of the loan (5 years of a fixed interest rate) while the second number "1" or "6" would stand for how often the loan will adjust after the fixed rate period is over. "1" for once every year or "6" for every 6 months.

If you can dream it you can finance it. A renovation loan allows you to purchase or refinance a home and pay for future renovations or repairs by wrapping the all those cost into one loan. What makes a renovation loan extra special is that the loan is based on the properties after repair value, that way the buyer can finance the home improvements rather than having to come out of pocket for those costs.​

Interest only product with no prepayment penalty, can be used for a plethora of circumstances to “bridge” a gap in time for borrowers to be able to complete transactions in a timely manner. This product is structured to be refinanced into a normal rate and term mortgage as soon as the borrower’s situation is ready/capable of doing so in accordance with conventional lenders

An FHA loan is a government-backed mortgage insured by the Federal Housing Administration. For this reason FHA loans lower minimum requirements relating to credit scores, down payments and debt to income limits, making it an attractive option of first time homebuyers.​

A VA loan is a mortgage loan backed by the U.S. Department of Veterans Affairs for service members, veterans, and their surviving spouses. They offer several advantages traditional loans, including lower interest rates, more lenient borrowing requirements and no down payment due at closing. VA loans also never have monthly mortgage insurance.​

A jumbo loan is a mortgage used to finance properties that are too expensive for a conventional conforming loan. The maximum amount for a conforming loan is $647,200 in most counties, as determined by the Federal Housing Finance Agency (FHFA). Homes that exceed the local conforming loan limit require a jumbo loan.​

Does your application not fit the box? Whether its 4+ units or unique income situations, we have an array of products to help you close your loan.​

Services

Real Estate Agents

Commercial Loans

Mortgage Calculator

Use this free Mortgage Calculator to see how much you would need to pay given a certain purchase price and other specifications.

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Mortgage Calculator

Use this free Mortgage Calculator to see how much you would need to pay given a certain purchase price and other specifications.

Let's Talk!

Contact Me below to start your financial journey
Phone: 770.313.5009
Email: sprater@watermanbank.com
Fax: 678.827.8009
1747 W North Ave, Unit C
Chicago, IL 60622

Shanda Prater

Mortgage Originator

NMLS#: 1018606

770.313.5009

sprater@watermanbank.com

1747 W. North Ave

Chicago, IL 60622