Situated between the Mississippi River and the Great Lakes, Wisconsin is a state with 5.6 million people and 72 counties. Famous residents have included Harry Houdini, Frank Lloyd Wright, and William H. Rehnquist. Wisconsin is home of the Green Bay Packers (the only professional sports team in the U.S. owned by the people of the community), Summerfest (the world’s largest music festival, in Milwaukee), and Harley Davidson motorcycles.
Wisconsin is also known for its many lakes and rivers, state parks, forestland, country music festivals, and leading the nation’s production in cheese and beer. Homebuyers and homeowners in the Badger State should be aware of current housing market conditions and stay informed about Wisconsin mortgage rates.
Wisconsin mortgage rates, similar to national mortgage rates, have fallen steadily since financial crisis that began several years ago. Awaiting homebuyers may find that Wisconsin mortgage rates have reached historically-low levels. In addition, current homeowners may be able to gain from low Wisconsin mortgage rates by refinancing their mortgage loans.
The Wisconsin mortgage rate that you obtain will be affected by a number of important factors ― including your income, debts, credit history, and employment status. Wisconsin mortgage rates may be fixed or adjustable, depending on the type of loan you get. Note that your loan may also have other expenses, such as mortgage application fees and closing costs.
Declining Wisconsin mortgage rates have encouraged many homeowners to consider mortgage refinancing. For a successful refinance, you will need to show the mortgage lender proof of your income and assets, debt obligations, credit score, and home equity. If your loan balance is more than 80% of your home’s value (determined by an appraisal) you may need to pay for mortgage insurance.
While low Wisconsin mortgage rates have motivated numerous homeowners to refinance, you must make sure that it is the right choice for you. It’s usually advised that your refinance only if the Wisconsin mortgage rate offered is at least 1% lower than your current mortgage rate. Otherwise, when you include lender fees and closing costs, a refinance may not be worth it.
It is recommended that you shop around and compare offers from various lenders before making any final decisions. Since Wisconsin mortgage rates are continually changing, it’s in your best interest to do the proper research and stay informed.
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