Interest Rate
6.721%
APR*
6.829%
Average home price
$202.029

If you’ve started to look at homes in Wisconsin, you need ot know in advance what the best possible rate is, and what is taken into account before you are offered your personalized rate quote. This will depend on factors like you debt-to-income ratio and credit score, as well as your overall income and the down payment you’ve saved up.

If you hope to get a favorable mortgage rate in Wisconsin , you’ll want to be ready when you apply for preapproved with a respected lender. Get together and organize all of your financial documents, and check your credit to ward of unpleasant surprises.

Here’s a quick look at current Wisconsin mortgage rates:

Loan Program Mortgage Rate APR* 1 Day Change
Conventional 30 year fixed 6.721% 6.829% +0.19%
Conventional 20 year fixed 6.763% 6.905% +0.61%
Conventional 15 year fixed 5.819% 6.042% +0.23%
Conventional 10 year fixed 5.577% 5.883% +0.09%
Conventional 7 year ARM 5.752% 5.525% Unchanged
Conventional 5 year ARM 5.773% 5.57% +0.1%
FHA 30 year fixed 5.7% 6.578% Unchanged
VA 30 year fixed 5.804% 6.109% +0.05%
VA 15 year fixed 5% 5.298% Unchanged

Data source: ©Zillow, Inc. Use is subject to the Terms of Use

Buying a Home in Wisconsin

Have you been daydreaming about buying a home in Wisconsin? The Badger State may just be the home you’ve been looking for. Before you start looking, here’s everything you need to know about Wisconsin.

Hello, Wisconsin! Besides plenty of cheese, this state boasts a total population of well over 5.7 million individuals, of which one if five prefer to dwell in the state’s five biggest cities:

  • Milwaukee
  • Madison (state capital)
  • Green Bay
  • Kenosha
  • Racine

Take your time and calculate the amount of home that you can afford to purchase. Wisconsin ranks 37th in US homes for sale at average price, and 28th for homes over $1,000,000. The first thing you need to do–before you start looking at homes– is to acquire a loan preapproval. It’ll be invaluable for budgeting purposes.

First-time Homebuyers

First-time homebuyers may qualify for a program administrated by the Wisconsin Housing and Economic Development Authority (WHEDA.) Pick a 30-year fixed-rate Advantage Conventional loan, or choose a HomeStyle Renovation loan to finance the purchase price of the home, your planned renovation, and up to six months’ of mortgage payments.

Combine your conventional or Advantage Conventional loan with a down payment assistance program to get up to 3% of the purchase price that can be applied to a 3.5% down payment requirement. This is offered as a second mortgage with a ten year payback period.

You’ll be required to have:

  • A 620 minimum credit score
  • A loan amount at or under the conforming loan limit
  • Proof of a completed homebuyer education course
  • The ability to meet WHEDA income limits and purchase price requirements

Refinancing in Wisconsin

If the lower Wisconsin mortgage rates appeal to you and you already own a home, you may be thinking about refinancing. If so, here are some things to think about:

  • Refinancing could extend your mortgage’s length and terms
  • Refinancing could lower your interest rate and save you thousands
  • Refinancing can provide you with excess cash from your home equity
  • Refinancing may allow you to stop paying PMI, also known as private mortgage insurance

You may get offered a streamlined refinance based on your type of existing loan. Ask your lender for more information.

GUIDES

Buying a Home?

Each step-by-step guide is designed to shepherd you through a process from start to finish. Know what to expect and how to proceed, no matter where you are in your home buying journey.

1 The First Step in Buying a Home – Preapproval

What Is a Mortgage Preapproval? | How Much Will My Monthly Payment Be? | How Much Will My Down Payment Be? | How Long Does a Mortgage Preapproval Last? | What Is the Difference Between a Standard Preapproval and an Underwritten Preapproval?

Read More

3 How much money do I need?

How Can I Lower My Mortgage Payment? | How Can I Lower My Closing Costs? | When Do I Pay Out-Of-Pocket Costs? | What are Prepaid Items or Escrows? | What Will My Closing Costs Be?

Read More

4 The Basics of Mortgage

What Documents Need to be Updated During the Home Loan Process? | What Contingencies Do I Need? | How Important is the Closing Date? | Steps in the Loan Process | Understanding Common Mortgage Terms

Read More

5 Finding a Real Estate Agent

What Are the Top 6 Questions to Ask a Real Estate Agent? | Should I Use the Seller's Real Estate Agent? | Are Online Discount Realty Services a Good Idea? | How Much Does a Buyer's Real Estate Agent Cost? | Why Do I Need a Real Estate Agent to Buy a Home?

Read More
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