In simplest terms, a mortgage is a loan that helps you finance a home.
In simplest terms, a mortgage is a loan that helps you finance a home. Your lender advances you a predetermined amount of money, which you agree to repay over a specified period of time. Here are some common terms you’ll hear:
Rates, points and loan fees
Your monthly mortgage payment
After you find the right house or property, it’s time to secure financing. Use the full version of the Pre-Approval Application when you’re ready to apply for loan approval. You can save an incomplete application and finish it later.
How do you choose the right loan? First we suggest choosing the right lender: Wisconsin Mortgage Corporation. They’ve earned a reputation for delivering the most progressive solutions available, with skilled, experienced loan officers who put your schedule—and your needs—first.
Fixed-rate mortgages and adjustable-rate mortgages are the two primary loan types you’ll find. Here’s what you need to know about them:
Government loans are available for many buyers. Insured by the federal government, they come in two types: FHA loans and VA loans.
FHA loans are backed by the Federal Housing Administration and are designed to assist homebuyers by offering low down payment requirements and flexible qualifying guidelines.
VA loans are backed by the Department of Veterans Affairs and available to qualified veterans and active-duty military personnel and their spouses. They offer many of the same benefits as FHA loans.
Learn more about the specifics of these mortgage types on our mortgage options page.
The period of time for repayment is called the term. Terms ranging from 10 to 40 years are available, with 30 years being the most common. Your monthly income and long-term financial goals usually determine the length of your term.
Longer mortgage terms offer lower monthly payments and make sense if you’re on a tight budget or you’d prefer to direct your monthly cash flow to other expenses or investments.
Shorter mortgage terms translate to higher monthly payments, but allow you to repay the loan faster and reduce the amount you pay in interest.
Visit the Wisconsin Mortgage Corporation Loan Officer Selection page. All loan officers offer pre-qualifications, pre-approvals and full applications on their personal websites.
Learn more about Wisconsin Mortgage Corporation by visiting its website.