Seaway Bank to announce partnership that means 1% down mortgages for MPS employees

Written by admin   // October 24, 2012   // Comments Off

First recipient will use new mortgage to purchase grandparents’ home

On Thursday, Oct. 25, Seaway Bank and Trust Company will announce a new, exclusive partnership that gives Milwaukee Public Schools’ employees access to 1% Down Mortgages.

The announcement is set for 1:30 p.m. at Seaway’s Milwaukee branch, 2102 W.
Fond du Lac Avenue, Milwaukee 53206. MPS Superintendent Gregory Thornton,
Seaway Senior Vice President/Branch Manager Tracy Meeks and the first
recipient of a mortgage under the partnership will attend.

“This is a win-win-win,” Dr. Thornton said. “We’re strengthening
homeownership in our neighborhoods; helping build stronger connections
between MPS and the community; and we’re getting a great incentive for our
employees as we approach the last year of a three-year wave of retirements.
We appreciate Seaway recognizing that our more than 9,000 MPS employees are
important to the economic vitality of Milwaukee and reaching out to find a
way they can contribute even more as homeowners.”

That wave of retirements is tied to the aging of the baby boom generation,
which is strongly represented among MPS employees.

“We welcome this opportunity to partner with Milwaukee Public Schools,”
Meeks said.¬† “Seaway has always strived to support growth in the community.
Making homeownership more available and affordable to families through
innovative programs, such as our Educators Home Loan, is just one way we
contribute.”

Employees can take advantage of the program for a new home purchase or to
refinance an existing mortgage up to $200,000 on a single-family home,
condominium or duplex. MPS employees also receive a 25 basis-point discount
in addition to lower closing costs.

The first recipient of the program will use his mortgage to purchase the
northwest-side home his grandparents lived in before moving to a senior
living community.

“I’ve known this home for years. It’s attached to many memories for me,”
said Reginald Lawrence, a regional administrator who oversees 31 of MPS’ 166
schools. “I’ve been working over the past three years to get myself in a
position to re-enter homeownership and this awesome opportunity made that a
reality.”


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