Financing – Obtaining a Mortgage in Middleton, WI

Buying a new home is a huge step in anybody’s life, so it’s always smart to start move to start looking for a mortgage at the same time you begin your home search.

Unless you can afford to buy a home with cash you are going to need to take out a mortgage; that’s all there is to it. Luckily, there are many different mortgage options that you can look into. The only problem is that so many people think that a mortgage is a one-size-fits-all thing. In other words, they are under the impression that there is only one type of mortgage to choose from. And when it comes down to it, nothing could be further from the truth. Obtaining financing can be a very difficult process and leaving it for the last minute may cost you the property of your dreams.

What is a pre-approval?

By obtaining a mortgage pre-approval, you will be able to know how much house you can afford, and that will save you time during your property search. Being pre-approved for a mortgage gives you a lot of leverage when negotiating offers because the seller will know that you are a serious buyer who is prepared to buy. I often advise seller client that if two similar offers, one from a pre-approved buyer and another from a buyer who is not, the seller should consider the offer of the buyer who is most prepared to carry on with the purchase. Willing, able and ready is the correct term.

What is an interest rate?

This is the amount of interest you will pay over the life of the loan. It is important you shop for a competitive Annual Interest Rate(APR) in order to save money in the long run. Generally speaking, you will want to become familiar with both fixed rate mortgages and adjustable rate mortgages. If you only look into one or the other you may find out in the end that you spent more money than you had to. A fixed rate mortgage is exactly what it sounds like. You will have the same rate for the entire length of your loan. With a fixed rate mortgage you can choose from terms ranging from 15 to 40 years. The choice is yours, and you will have to base this on your own personal situation. On the other side of things you can also consider an adjustable rate mortgage. With these you will not be locked into one rate, but instead have a rate that fluctuates based on the industry. These are great if rates stay low, but if they begin to climb you are going to find yourself spending more money.

Overall, a mortgage is something that you will probably need if you are buying a new home. Instead of agreeing to the first type of mortgage you come across, why not search around a bit? Not only are there different options to choose from, but you can also get better rates from some lenders.

How do I apply for a mortgage?

First, you need to speak with a mortgage lender. We work with the top mortgage bankers in the Middleton area and can get you get pre-qualified and prepared to present the best offer to the owner selling the property of your dreams. Please complete the form below and we will contact you to help you obtain a mortgage pre-approval to get you well on the way to buying your dream property in the Middleton area with ease.


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