Wisconsin Mortgage Rates

October 9, 2015 01:39 PM Eastern

Refinance rates now in MILWAUKEE, WI [Change this]

Home Price (Purchase)
When you get a mortgage to purchase a home, the lender uses the lower of the agreed-upon purchase price or the property's appraised value to determine your maximum loan amount. The loan amount divided by the property home price equals your loan-to-value ratio, or LTV. That ratio is one of the major factors that lenders use to set your mortgage rate. If your LTV exceeds 80 percent, you'll probably be required to pay mortgage insurance, which increases your monthly payment. If the property appraises for less than the agreed-on purchase price, you are not usually required to complete the purchase.
Home Value (Refinance)
This is your estimate of the current value of your property. When you refinance, your home is almost always evaluated by a licensed appraiser. The refinance loan amount divided by the property's appraised value equals your loan-to-value ratio (LTV), and that number is one of the major factors that determine your mortgage rate. To get an accurate refinance rate quote, your home value estimate must be reasonably accurate.
Down Payment
The down payment is the amount you pay upfront when you finance property. Your purchase price minus your down payment equals your mortgage amount. The higher your down payment, the more likely you are to be approved for a home loan. If your down payment is less than 20 percent of the purchase price, you'll probably be required to pay for mortgage insurance, which increases your monthly payment.
Credit Score
Your credit score is a number designed to measure your credit-worthiness. It's based on a formula that combines many factors, including your payment history, amount of credit used and number of accounts. This number is used by lenders to calculate the probability that you'll default on your mortgage. Most lenders won't approve mortgages to applicants with credit scores lower than 620. Your credit score is one of the most important factors that determines your mortgage rate - applicants with higher scores are offered better mortgage rates.

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Mortgage rate quotes displayed on LendingTree LoanExplorer℠, including loan pricing data, rates and fees, are provided by third party data providers including, but not limited to, Mortech®, a registered trademark of Zillow®, LoanXEngine, a product of Mortgage Builder Software, Inc., and LoanTek, Inc.

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WI Mortgage Rates for First Time Homebuyers
Wisconsin first time homebuyers have options when it comes to getting financing with current WI mortgage rates. In addition to programs through the VA, FHA and Rural Housing Development departments, Wisconsin buyers can also take part in the Wisconsin Neighborhood Advantage Program. These programs are all available with assistance from the Wisconsin Housing and Economic Development Authority.

WHEDA FHA Programs using Current Wisconsin Mortgage Rates
The Federal Housing Administration (FHA) offers home loan assistance to those who live in "America’s Dairyland." The FHA program is run through Housing and Urban Development (HUD), but the Wisconsin Housing and Economic Development Authority (WHEDA) can provide WI residents with details about the program, as well as information on necessary homeowner education programs.

When applying for an FHA insured loan, certain requirements must be fulfilled:

• the amount of money you can borrow is limited on a county by county basis.
• you must meet income requirements.

Wisconsin Mortgage Interest Rates and VA Loans
For Wisconsinites who meet certain armed forces eligibility requirements, the VA loan using WI mortgage interest rates is a good bet. This program allows up to 100 percent financing.

When you get a VA loan, a minimal funding fee will be added to the loan amount. This funding fee is paid off over time, as part of your normal monthly payments. The fee is used to help avoid monthly mortgage insurance payments, which can add to the overall cost of your home loan.

USDA Rural Housing Loan Programs Using WI Mortgage Interest Rates
If you want to live in a rural part of Wisconsin, a loan program is available especially for you. WHEDA can connect you with the United States Department of Agriculture (USDA) Rural Housing Program. This program is restricted to assistance in securing homes and land in designated rural areas of WI.

The USDA Rural Housing program has rates lower than current WI mortgage interest rates. With this program, it is sometimes possible to finance the entire purchase price of the house. Some income restrictions apply, however, based on the number of people in your family.

Wisconsin Mortgage Rates and Wisconsin Neighborhood Advantage
This homeowner assistance program, designed help restore old properties and purchased vacant homes, is available exclusively through WHEDA. Financing for a foreclosed or vacant home is available in the following counties:

• Brown
• Kenosha
• Milwaukee
• Racine
• Rock