How to Get a Mortgage in Wisconsin

Avoid feeling overwhelmed by a home mortgage loan in Wisconsin. With the right tools and research, you can feel confident buying a home. Follow these steps to get a Wisconsin home mortgage loan.

Instructions

Difficulty: Easy

1. Obtain a copy of your credit report prior to making application for a home mortgage loan. Work with the agency responsible for the report to make sure any errors are corrected, as erroneous information could stall your loan application.
2. Know that Wisconsin is a community property state, which means both spouses own half of the property regardless of who is paying for it.
3. Examine several homeownership assistance programs offered by the State of Wisconsin and federal government for low-income buyers, single parents, senior citizens, veterans, disabled and rural home buyers. Programs include Down Payment Plus, the HOME Loan Program, and the Partnership for Homeownership program, among others.
4. Delve into these government ites and see if you are qualified for homeownership assistance:
   • Wisconsin Homeownership Overview
   • USDA Wisconsin Rural Development programs
   • Wisconsin Homeownership Assistance programs
5. Contact the loan officers at several lending institutions of your choice for a home mortgage loan within your price range. Visit credit unions, banks and mortgage brokers, and search for online mortgage lenders.
6. Get pre-approval from the lender of your choice. Take your pertinent financial information such as proof of employment, tax returns, as well as any other lender-specified documents.
7. Choose a reputable licensed real estate broker and begin the search for your new home.
8. Find the home of your choice, and then finalize a home mortgage loan application with your selected lender. Make a formal offer on the house.
9. Be prepared to pay certain closing costs, attorney fees, and realtor fees at the time of closing. The lender will provide you with a schedule for repayment of the mortgage loan.

Tips & Warnings

• Make sure you shop around for the lowest interest rates. Even one quarter of a percent can mean thousands of savings over a thirty year mortgage.
• Have your prospective home professionally inspected. Discover problems that may exist before the deal is finalized.
• Do not let a real estate agent pressure you to buy a specific home, they may have another agenda.
• Do not pay a lender to apply for a loan. No reputable lenders engages in this practice.
• If you are worried about your lender, select an attorney experienced in real estate transactions to represent you. The attorney will also review the title to the property to be purchased to make sure the title is clear of liens.
• Beware of predatory lenders. This is when a lender intentionally coerces consumers into contractual loans with unusually high payment terms and interest rates, often directed at uninformed borrowers or those with poor credit.