Whether you're looking for a Milwaukee new home loan or a Madison mortgage refinance, it pays to do your homework.
Also compare competing quotes from our lender database of reputable Wisconsin mortgage lenders by filling the form above. For most of us, buying a home is the largest investment we'll make in our lives, so take the time to speak to different lenders and see what offers are available to you. Getting several competing quotes and getting the best offer can save you thousands over the course of your loan.
Wisconsin Fixed-Rate Mortgages (FRMs)
This is the traditional type of Wisconsin mortgage that your parents probably had. As the name implies, the rate and payment stays the same throughout the term of the loan. That means that you're always protected against rate rises, and can budget easily; every monthly repayment will be the same. Like other types of mortgage, FRMs can be backed by FHA insurance.
Adjustable-Rate Mortgages (ARMs)
ARMs are slightly riskier than FRMs, but offer some definite advantages. With an ARM, your rate is tied to an index, which means that you could end up with higher monthly repayments if rates go up. However, ARMs often have introductory periods with very low rates, which can be great if you plan to move again quite quickly, or if you think your income will increase. And, of course, ARM rates also go down--and you don't have to refinance to take advantage when they do.
Balloon Mortgages
These are also called interest-only mortgages, because generally you pay only interest on the home loan for a specified time. Of course, you have to pay back the principal (the amount of the original loan) sometime! But balloon mortgages can have nice low monthly repayments, and may be right for you if you know you'll move again quickly, if you plan to refinance later, or if you have other investments with which you can repay the principal at the end of the term.
Refinancing
If you find that your existing Wisconsin mortgage loan no longer meets your needs, or you wish to release some equity (the amount that your house is worth, less the amount outstanding on your mortgage), you can always refinance. This allows you to choose (with the help of the Calculators4Mortgages.com refinance calculator) the very best current deal for you.
Reverse Mortgages
These are a relatively new idea, which is sweeping Wisconsin and the nation. They're only available to seniors, and allow a home owner to release some of the equity in his or her house. With a reverse mortgage, there are no monthly repayments, because all the principal and rolled-up interest is repaid in a lump sum when the home is eventually sold, when the senior moves to a retirement home, or when the owners die. Of course, the borrower's estate is reduced by the amount of the loan balance.
If you're a first time buyer, or are on a low income, you may be eligible for assistance under a Wisconsin Housing and Economic Development Authority (WHEDA) scheme. Be sure to talk to your lender to see if you qualify.
Mortgage Calculator Tools
As you go from researcher to homebuyer to homeowner, please continue to make use of our loan calculators which include a refinance calculator, a mortgage loan rate comparison calculator, and an amortization calculator & amortization chart. There's also a mortgage calculator to tell you your monthly payments, and an affordability calculator that looks as how much you can spend, and your expenses to show you how much home you can afford.
