Mortgage Information

Mortgage Information

Articles


Syndicate content

Wisconsin Mortgages

Written by Rachel Arieff
Bookmark and Share

Wisconsin mortgages can be found for nearly any budget. Wisconsin is a picturesque state with friendly people, thousands of lakes, and a fully seasonal climate. The lower cost of living in Wisconsin, compared to other states in the union, is another reason why people choose to buy homes in Wisconsin.

Before you look for Wisconsin mortgages, figure out exactly what you can afford. Take into account not just your income, but your expenses, your other investments or sources of money, and what you predict your financial situation to be in the future. Then figure out which of the two main types of home mortgage loans is best for you.

The Two Types of Wisconsin Mortgages

The fixed-rate mortgage is the most popular of the Wisconsin home mortgage loans. These involve a fixed interest rate that the buyer "locks in" at the time of the loan agreement, and a certain monthly payment that will never change for the term of the loan. Most people favor these types of mortgages because they're dependable and have no "surprises".

The other kind of Wisconsin mortgages are adjustable-rate mortgages, or ARMs. Though ARMs are initially offered at lower rates than fixed-rate mortgages, the rates will not always stay that way, but rather go up or down with the fluctuations of the market. For people who can afford the ups and downs of the economy and like to gamble on interest rates staying lower, this mortgage has appeal for them.


Bookmark and Share