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Dave Clem

Dave Clem

Mortgage Loan Officer

NMLS ID#553208
Office Phone: 608-316-9543

Old National Bank

6501 Monona Dr
Monona, WI

About Dave

A banking professional since 2000 and a residential mortgage lender since 2005, Dave uses his experience with Conventional, FHA, USDA, VA, WHEDA and first-time buyer programs to work with his clients to develop mortgage solutions that will accomplish their goals. Whether that solution is assisting a first-time buyer with applying for down payment assistance programs and federal income tax credits to help purchase their starter home, or working with a seasoned homeowner to refinance their current home or build their next dream home, Dave partners with his clients throughout the loan process.

Dave holds a Bachelor of Science from the University of Wisconsin-Madison and is active in many local housing groups, including Home Buyers Round Table of Dane County and RASCW Housing Foundation. In his free time, Dave enjoys spending time with his wife and 2 sons, coaching and volunteering with a local youth soccer club, biking and camping.

Current Mortgage Rates

Conventional
Term Rate APR
30 Year Fixed 4.625% 4.999%
15 Year Fixed 4.125% 4.331%
The above rate is based off of the following assumptions for your Conventional Loan:
  • Credit score 740 or higher
  • LTV 95% (5% down payment)
  • Loan amount of $230,000
  • $800 origination fee, $6.70 flood certification fee and $72 tax service fee. Additional closing costs apply
Please note that if your credit score, down-payment or loan amount is different than the above assumptions, your rate could be higher or lower. Subject to credit approval. Rates, terms and conditions effective 12/10/18 are for sample purposes only and subject to change. Please contact your Mortgage Loan Officer for specific, customized pricing for your financial situation.

Construction
Term Rate APR
Construction 30yr 4.375% 4.415%
Construction 15yr 3.875% 3.944%
The above rate is based off of the following assumptions for your Construction Loan:
  • Credit score 700 or higher
  • LTV 80% (20% down payment)
  • Loan amount up to $1,000,000
  • $1,000 origination fee, $6.70 flood certification fee and $72 tax service fee. Additional closing costs apply
Please note that if your credit score, down-payment or loan amount is different than the above assumptions, your rate could be higher or lower. Subject to credit approval. Rates, terms and conditions effective 12/10/18 are for sample purposes only and subject to change. Please contact your Mortgage Loan Officer for specific, customized pricing for your financial situation.

Jumbo
Term Rate APR
Jumbo 30 Year 4.250% 4.257%
2.25The above rate is based off of the following assumptions for your Jumbo Loan:
  • Credit score 740 or higher
  • LTV 60% (40% down payment)
  • Loan amount $453,101 to $1,000,000
  • $800 origination fee, $6.70 flood certification fee and $72 tax service fee. Additional closing costs apply
Please note that if your credit score, down-payment or loan amount is different than the above assumptions, your rate could be higher or lower. Subject to credit approval. Rates, terms and conditions effective 12/10/18 are for sample purposes only and subject to change. Please contact your Mortgage Loan Officer for specific, customized pricing for your financial situation.

ARM
Term Rate APR
5/1 ARM 4.000% 4.759%
The above rate is based off of the following assumptions for your Conventional ARM Loan:
  • Credit score 740 or higher
  • LTV 95% (5% down payment)
  • Loan amount up to $453,100
  • $800 origination fee, $6.70 flood certification fee and $72 tax service fee. Additional closing costs apply

Please note that if your credit score, down-payment or loan amount is different than the above assumptions, your rate could be higher or lower. Subject to credit approval. Rates, terms and conditions effective 12/10/18 are for sample purposes only and subject to change. Please contact your Mortgage Loan Officer for specific, customized pricing for your financial situation.

On a $230,000, 5-1 ARM amortized over 20 years with an initial interest rate of 4.625% with an annual percentage rate of 4.451%, after fixed-period of 5 years the rate may increase annually; individual adjustments are capped at 2% first, 2% subsequent and rate can never increase by more than the lifetime cap of 5%. A payment example would be as follows based on a fully-capped interest rate of the loan: Years 1-5 at 4.625% rate with a payment of $511.53, Year 6 at 6.625% rate with a payment of $582, Year 7 at 8.625% rate with a payment of $654 and Years 8-20 at 9.625% rate with a payment of $689. The monthly payment may change when the interest rate on an adjustable rate mortgage is reset. After the initial fixed-rate period, your interest rate can increase annually according to the market index. Current index (LIBOR 12 month) as of October 25, 2017 is 1.835%. The current index plus Margin rounded to the nearest 0.125 is 4.125%. Any change may significantly impact your monthly payment.


FHA
Term Rate APR
FHA 30 Year 4.500% 5.655%
The above rate is based off of the following assumptions for your FHA Loan:
  • Credit score 640 or higher
  • LTV 96.5% (3.5% down payment)
  • Loan amount of $170,000
  • $800 origination fee and $6.70 flood certification fee. Additional closing costs apply
Please note that if your credit score, down-payment or loan amount is different than the above assumptions, your rate could be higher or lower. Subject to credit approval. Rates, terms and conditions effective 12/10/18 are for sample purposes only and subject to change. Please contact your Mortgage Loan Officer for specific, customized pricing for your financial situation.

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