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Guide to Wisconsin Mortgages
Maybe you are buying your first home in Wisconsin, or perhaps you're relocating to Wisconsin from another state. Then again, you may be a long-time Wisconsin resident who is looking to either refinance your current mortgage or take out a home equity loan for home improvements. Regardless of your situation, it's important that you educate yourself on Wisconsin home loans before shopping for a home and/or mortgage. This article explains what you will need to know before seeking a home loan in Wisconsin:
The median price of a home in Wisconsin is $211,500. Recently, homes in Wisconsin have been appreciating at rates well above the national average. As a result, income levels in many parts of Wisconsin are too low to purchase a median-priced home with a conventional loan. Although average interest rates in Wisconsin are below the national average, Wisconsin has one of the lowest levels of home affordability in the nation.
In Wisconsin, before a buyer submits an offer on a home, their real estate agent is required to present them with a completed Real Estate Transfer Disclosure Statement. This document, completed by the seller of the property, requires the seller to name all of the property that will be included in the purchase (refrigerator, stove, alarm system, etc.) and rate certain aspects of the conditions of both the included property and of the house itself. This document requires the seller to disclose any potential problems or hazards that may discourage the buyer from putting an offer in on the home.
Wisconsin's Civil Code Provision of the Real Estate Act regulates the issuance of variable interest rates for the purchase of real estate. Therefore, borrowers who are issued large mortgage amounts are guaranteed a fixed rate mortgage. Wisconsin law also prohibits the charging of interest more than one day prior to the recording of the mortgage even if the borrower received the loan prior to that time.
In July of 2002, Wisconsin law enacted a set of anti-predatory lending laws in order to help protect Wisconsin homebuyers from predatory lenders. Some of the provisions of this new set of laws include the prohibition of a lender charging points and fees in excess of 6% of the total principal financed amount, the prohibition of a mortgage company issuing a loan to a borrower in an amount that the borrower could not reasonably afford to repay, and the prohibition of the financing of single-premium credit insurance, among others.
If you're buying a home in the state of Wisconsin, you qualify for both federal and state FHA, USDA, and VA loans. First-time home buyers qualify for Wisconsin FHA loans with below-market interest rates, and, depending on their eligibility, may also qualify for a loan in order to cover down payment and/or closing costs. Teachers and other professionals who work in an educational capacity may qualify for Wisconsin's Extra Credit Teacher Home Purchase Program, a down payment assistance loan with forgivable interest.
In addition to FHA loans, the state of Wisconsin also offers comparable programs to persons with disabilities or persons who live with and care for persons with disabilities. The state also offers several unconventional loans designed to aid homebuyers with the costs of their monthly mortgage payment. For example, Wisconsin's Interest Only PLUS loan provides qualified homebuyers with a 100% financing 35-year loan that only requires payments toward the accrued interest on the mortgage for the first five years of the loan -- borrowers do not have to pay toward the principal amount borrowed until after the first five years. The individual requirements of each of these loans vary depending on the county in which you are buying a house. Specific requirements can be obtained through the Wisconsin Housing Finance Agency.
Last Updated: Wednesday, September 17, 2008
Wisconsin Real Estate Market View
updated Wednesday, September 17, 2008
| Housing & Social Facts |
Wisconsin |
United States |
| Total housing units |
2,498,500 |
n/a |
| Owner-occupied housing units |
70.1% |
66.9% |
| Renter-occupied housing units |
29.9% |
33.1% |
| Vacant housing units |
11.2% |
10.8% |
| Average Home Value |
$152,600 |
$167,500 |
| Average Mortgage Payment |
$1,258.00 |
$1,295.00 |
| Average Rental Payment |
$451 .00 |
$388.00 |
| Total Population |
5,375,751 |
n/a |
| Percentage Male |
49.4% |
49.0% |
| Percentage Female |
50.6% |
51.0% |
| Median Age |
37.9 |
36.4 |
| Under 5 years |
6.3% |
7.0% |
| 18 years and over |
76.0% |
74.6% |
| 65 years and over |
12.5% |
12.1% |
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1 Year Market Value Change for Wisconsin |
| 1yr | 5yr | 10yr |
 |
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Popular Wisconsin Cities and Towns
| Location |
Population |
Median Family Income (2005) |
| Appleton |
70,087 |
$47,285 |
| Brookfield |
38,649 |
$76,225 |
| Eau Claire |
61,704 |
$36,399 |
| Fond du Lac |
42,203 |
$41,113 |
| Green Bay |
102,313 |
$38,820 |
| Janesville |
59,498 |
$45,961 |
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| Lang Financial Services, LLC |
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We pride ourselves on providing superior customer service and creating satisfied customers. We work hard to satisfy the mortgage needs and exceed the expectations of our customers. From mortgage processing and underwriting, to loan closing and funding, our expert mortgage staff will efficiently expedite your entire transaction. We'll keep you informed every step of the way. We are committed to building rewarding, long-term customer relationships. With that in mind, you'll receive the highest quality mortgage services. Lang Financial Services prides itself in providing exceptional loan packages and great customer service. We are well aware that the deciding on purchasing a new house or refinancing an existing mortgage is a tremendous financial obligation. We also know that the loan process can be confusing, daunting and stressful. We make ourselves readily available to our clients to address and concerns; answer any questions along with providing updates on the loan process in order to make it easy, efficient and stress-free. Here is a list of loan options/programs that we offer: Fixed Rate Mortgages; 15 & 30 Year Fixed, Adjustable Rate Mortgages, Balloon Mortgages; 5 & 7 Years, First Time Buyer Programs, Stated Income Programs, Interest Only Programs, No Point, No Fee Programs, Imperfect Credit Programs, Home Equity Line of Credit and Home Equity Fixed Loan. Lang Financial Services, LLC
P.O. Box 47
Butte Des Morts, WI 54927
920.740.4235 Office Phone
920.232.1650 Fax
800.620.5264 Toll Free We lend in the following state(s): WI, CO, FL Lang Financial Services, LLC is a real estate broker licensed by the WI Dept of Real Estate License
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| GSF Mortgage Corporation |
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GSF Mortgage Corporation is a full service mortgage company dedicated to customer service before, during and after the transaction. We realize that home financing is a dynamic undertaking and requires a lot of attention. Motivation and capabilities differ from customer to customer and we believe that we can connect to our customer's specific goals and needs and assist them in accomplishing their financing goals. Our company slogan is "We value your business and will earn your referrals." We are committed to you and your needs as a client and believe that through our unmatched, superior service and expertise you will tell everyone you know about us. You will be convinced that we will give the same level of service to your friends, family, and co-workers. A referral to our company is the highest form of flattery we can achieve in this business. Beyond company slogans and marketing, people are what drive our business and we are committed to building lasting relationships with the people who choose GSF Mortgage. We believe that no one else will provide the high level of service that we consistently provide to our clients for a lifetime. We hope to talk with you soon, not only to begin the process of doing business, but the process of building a lasting relationship. Here are just a few of our loan options/programs you can select: Balloon Mortgages, FHA Mortgages, Fixed Rate Mortgages, Home Equity Loans & 2nd Mortgages, Zero & Low Down Payment Options and more. GSF Mortgage Corporation
300 Patriot Drive
Little Chute, WI 54140
920.788.9608 Phone
920.687.8301 Fax We are licensed in Wisconsin, Illinois, Minnesota, Indiana, Maryland and Massachusetts. GSF Mortgage Corporation is a real estate broker licensed by the WI Dept of Real Estate License
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| Wisconsin Mortgage Corporation |
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Since 1983, Wisconsin Mortgage Corporation has been providing home mortgage loans to throughout Wisconsin. Since we understand that there is not one client that shares similar needs to another client, we find innovative financial solutions to meet your individual needs. We stand by our commitment to excellence and even though Wisconsin Mortgage has changed and grown, providing excellent customer service and quality loans have always been a staple of our business. We have loan officers available, seven days a week and an Express Pre Approval program that guarantees loan approval before you even begin shopping for a home. It is these qualities and more that help us provide the customer service that you need. Here is a list of loan options/programs that we offer: Fixed Rate Mortgages; 15 & 30 Year Fixed, Adjustable Rate Mortgages, Balloon Mortgages; 5 & 7 Years, First Time Buyer Programs, Stated Income Programs, Interest Only Programs, No Point, No Fee Programs, Imperfect Credit Programs, Home Equity Line of Credit and Home Equity Fixed Loan. Wisconsin Mortgage Corporation
17450 West North Avenue
P.O. Box 942
Brookfield, WI 53008-0942
(800) 444-0387: Toll Free
(262) 786-8676: Fax Wisconsin Mortgage Corporation is a real estate broker licensed by the WI Dept of Real Estate License
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