Guide to Refinance, Mortgage,
& Home Equity Loans in
Waukesha, Wisconsin (WI)
If you are planning to move to Waukesha, this could be the year you buy your home. If you are already a Waukesha homeowner, you may be considering refinancing your home or getting a home equity loan. In either case, here are ten basic facts about home loans in Waukesha:
- Home loan interest rates are low right now, which makes fixed rate mortgages a good deal. Fixed rate mortgages are commonly used for home purchases or home equity loans. Many people refinance their adjustable rate mortgages to get a fixed rate mortgage when interest rates are low.
- You can usually deduct the interest from a home loan on your income tax. That includes the interest from home refinance loans and home equity loans.
- You can use an adjustable rate mortgage (ARM) for a home purchase loan, a refinance or, sometimes, for a home equity loan. Adjustable rate mortgages are a good buy when you think interest rates will decrease.
- You may not have to pay an application fee or closing costs on a home equity loan.
- You can usually refinance your home for 80% - 90% of its appraised value. Under some circumstances, you can even refinance it for 100% of the appraised value.
- You can use the money from a home equity loan or refinance to pay off high interest credit card bills, to make major purchases, or for any other expense. There are no restrictions on how you can use the money.
- If you have a poor credit history, you may still be able to get a home loan, refinance, or get a home equity loan. You may have to pay a higher interest rate and there may be added costs for your loan, but you may still be able to buy a home.
- 80% of credit reports from the three credit report agencies have errors in them. It pays to check your credit report before you apply for a home loan.
- A new type of loan allows you to select your monthly payment from different options. You can choose to pay only the interest, or the interest plus various amounts of the principle.
- A hybrid loan combines a fixed rate loan and an adjustable rate mortgage. You usually get a fixed rate well below current market rates for the first several years of the loan. Some rates are as low as 1.25%. After a set period of time, the loan converts to an adjustable rate.
If you are considering purchasing or refinancing your home, or if you are thinking about getting a home equity loan, we can help. Simply complete the form at the bottom of this page, and one of our representatives will contact you.
(Click on any city name below for more information on finding a local or national lender near you & saving money!)
