Find a mortgage that's right for you:The most common best mortgage
rates Wisconsin are 30-year and 15-year fixed mortgages where the
interest rate is fixed for the term of the loan. Other types include
Adjustable Rate Mortgages (ARMs) where the interest rate
can vary over time, hybrid ARMs, jumbos, assumable and
seller financing.

Determine how much house you can afford:
Consider the equity in your current home (if you own),
the amount you can put down, monthly payments you
can manage, real estate taxes, closing costs and insurance
(definitely homeowners insurance and probably Private
Mortgage Insurance (PMI) if you put less than 20% down).
Monthly payments on debt obligations including items
such as credit card bills, alimony, child support and
student loans should not be more than 36% of your
pre-tax income.
Click here for a Online Mortgage calculator to help you
determine what you can afford

Choosing a lender:The most important thing to start the
loan process is to choose a lender. If you are looking for a
lender who gives you a FINANCIAL PLAN rather than just an
interest rate, we are at your service. Your first choice for Wisconsin mortgages.
Base your selection primarily on cost and references. We provide you with competitive rates and fees and are recommended by someone whose judgment you trust.

Pre-Qualification :Pre-qualification occurs before the loan process actually begins, and is usually the first step after initial contact is made. A pre-qualification is not as beneficial as a pre-approval where you have to go through a more rigorous process, which includes verification of your credit, income, assets and liabilities. It is highly recommended that you get pre-approved before you start looking for a house. Different loan programs may lead to different values, depending on whether you are qualified for them, so be sure to get a pre-qualification for each type of program you are suited for.

Application:The application is actually the beginning of the loan process. The buyer, now referred to as a "borrower", completes a mortgage application with the loan officer and supplies all of the required documentation for processing. Various fees and down payments are discussed at this time and the borrower will receive a Good Faith Estimate (GFE) and a Truth-In-Lending statement (TIL) within three days that itemizes the rates and associated costs for obtaining the loan..

Approval of Loan:Once your loan application has been received we will start the loan approval process immediately. This involves verifying your:
Credit history
Employment history
Assets including your bank accounts,stocks,mutual fund and retirement accounts
Property value

Based on your specific situation, additional documents or verifications may be required. To improve your chances of getting a loan approval:

	Fill out the loan application completely.
	Respond promptly to any requests for additional documents. This is especially critical if your rate is locked or if you plan to close by a certain date.
	Do not make any major purchases. Do not buy a car, furniture or another house till your loan is closed. Anything that causes your debts to increase might have an adverse affect on your current application.
	Do not move money into your bank accounts unless it can be traced. If you are receiving money from friends, family or other relatives, please contact us.
	Do not go out of town around the closing date. If you do plan to be out of town when your loan is expected to close, you may sign a power of attorney, to authorize another individual to sign on your behalf.

Processing:Processing occurs between days 5 and 20 of the loan. The "processor" reviews the credit reports and verifies the borrower's debts and payment histories. If there are unacceptable late payments, collections for judgment, etc., a written explanation is required from the borrower. The processor also reviews the appraisal and survey and checks for property issues that may require further discernment.

Underwriting:The underwriter is responsible for determining whether the combined package passed over by the processor is deemed as an acceptable loan. If more information is needed, the loan is put into "suspense" and the borrower is contacted to supply more documentation.

Mortgage Insurance:Mortgage insurance underwriting occurs when the borrower has less than 20% of the loan amount to put towards a down payment. At this time, the loan is submitted to a private mortgage guaranty insurer, who provides extra insurance to the lender in case of default. As above, if more information is needed the loan goes into suspense. Otherwise it is usually returned back to the mortgage company within 48 hours.

Pre-Closing:During this time the title insurance is ordered, all approval contingencies, if any, are met, and a closing time is scheduled for the loan.

Closing:After your loan is approved, you will be required to sign the final loan documents. The signing of the final paperwork can take place in a lawyer's office or at a title company, depending on where you live. Closing usually occurs between days 25 and 45 of the loan (depending upon the designated length of your escrow). At the closing, we"fund" the loan with a cashier's check, draft or wire to the selling party in exchange for the title to the property. This is the point at which the borrower finishes the loan process and actually buys the house.