Milwaukee Home Loan
Milwaukee Home Loan - There are many home loans available for people living in Milwaukee. Depending on your credit score and financial situation, there is a loan out there for you.
Not only is Milwaukee a great city to live in but the suburban area's around Milwaukee are even better and most have a lower property tax level then the city itself.
If your credit score is currently not allowing you to refinance or purchase a new home, then now is the time to take care of your credit. Call [name] at 415-617-5448 or email me at [email protected], to be put into credit repair.
Milwaukee is a great city full of things to do. Don't let your home keep you from enjoying one of the many lakefront festivals, events around town, or even the great beer that we are known for. The ability to purchase a new home with low closing costs, or even refinancing to take cash-out could give you the freedom to enjoy the great city we live in.
How about using your home's equity to meet your Milwaukee lifestyle? If you have equity in your home, you could get a no closing cost home equity line of credit (HELOC). The HELOC can be used to upgrade your home for the winter, or even add some amenities that you would be able to enjoy in the summer. The rate on a HELOC is going to be better than the rate you would get by putting the same purchases on your credit card, as well as some, or all, of the interest could be tax deductible.
Your milwaukee mortgage broker should be able to connect you with a great realtor to help you find a house faster. Milwaukee has some very unique neighborhoods and a good realtor can fit you to the right neighborhood.
Call your mortgage professional to get your loan in Milwaukee now. Your mortgage professional can provide you with 0 down purchase loans, 100% refinance loans, loans for all credit types and income types, interest only loans, Pay Option ARM's and much, much more. Your trusted Milwaukee mortgage broker can find the right program for you.
If you live in the Milwaukee area, your mortgage professional should also be able to help you with finding quality contractors, painters, insurance agents, and any other service providers that you, as a homeowner, may need.
Property values in southeastern Wisconsin rose by 8.9% in 2004, and in Milwaukee County the property values increased by 8.2%. If you are currently paying private mortgage isurance (PMI), you may be eligible to refinance and stop paying the PMI. With the property values going upand you paying down your mortgage, you may be below the minimum loan to value ratio that PMI is based off of. Contact your mortgage professional in Milwaukee, to see if you are eligible to drop the PMI and start saving money.
If you are looking to purchase a home with a 100% financing in the Milwaukee area, your local realtor should be able to supply you with information on the Milwaukee Public Schools (MPS). This way you can ensure that you get the best possible education for your children while living in the Milwaukee area.
Types of documents I need for the application - What types of documentation do I need for the application?
Based on the loan program you choose, the exact documents required will vary. In general, you should bring the following:
Federal income tax statements and verification of any additional income
Your two most recent W2’s.
Current paycheck stubs
Recent bank statements
Asset and liability information (stocks, bonds, other real estate, etc.)
If you are self employed, plan on being able to provide proof of your self employment. If your business is licensed, then a copy of the business license(s) may be sufficient. An unlicensed but incorporated business may require additional proof to substantiate its existence, such as a Letter from your CPA stating they have prepared your taxes for 2 or more years, that you are self employed and that you file the appropriate Scehdules (notably Schedule "C") for your business type, along with letters from business references such as vendors or clients, as well as any yellow pages listings, websites, or advertising you have done for the business.
Types of closing costs - Certain areas of the country may have added closing costs, but these are the general types of closing costs you might see at closing:
Attorneys or escrow fees
Loan Origination fee
First premium of mortgage Insurance
Loan discount points
First payment to escrow account for future real estate taxes and insurance
Paid receipt for homeowners insurance policy Underwriting fee
Tax service fee
Whether or not you chose to escrow taxes and insurance is your option, and it often has an effect on the rate of the loan, so make sure to be clear to your broker on what your intentions are for payments of taxes and insurance.
On a purchase loan, the buyer can negotiate vender invoices to be included as seller closing costs to be paid out of escrow.
Always ask for a copy of the final Hud-1 24 hours from closing to give you a chance to look through the fees and compare.
Always ask questions about any fees that you do not know what they are for, especially if you notice a big difference between the fees listed on your Good Faith Estimate and your final settlement (HUD-1) paper. Closing costs are generally broken down into a few categories: lender fees, mortgage professional fees, title fees, and state/county/city fees and pre-paid items (such as escrowing for taxes and insurance and prepaid interest). Understanding where the fees and costs are going will sometimes help to understand the necessity and reasons for some of the costs.
The closing costs usually can be broken down into three basic areas. 1) Costs from the lender 2) Costs from the broker (if any) and 3) Costs from third party service providers and government agencies.
What comparing closing cost between mortgage brokers and lenders it is also good to have the Truth N' Lending (TIL). Some lenders will have higher closing costs with a lower rate, and vice versa. The TIL will help you compare the cost the entire loan package between lenders.
Be sure your mortgage professional explains each and every charge on your Good Faith Estimate. Many costs may be third party charges that need to be explained as well.
It is a good idea to look at both the good faith estimate (GFE) and the truth in lending (TIL) when shopping for a mortgage.
In most states, there are transfer taxes that must be paid at the time of a home purchase. These taxes are usually split between the seller and the buyer.
Most closing costs are not set in stone, and are negotiable. Some closing costs may depend on which loan program you decide to go with, and or what interest rate you qualify for.
In states such as New York, one of the largest closing costs to be aware of is mortgage recording tax, a fee charged by your county. To determine how much mortgage tax will be payable at the closing of your mortgage refinance, contact us at 415-617-5448 .
Property taxes may be credited to you if they are paid in the back or you may have to pay the property taxes if they are prepaid in that particular state.
Prepaid interest is the interest per day that the lender charges for using the money. For example if you close on the 10th of the month you will pay interest for aproximately 20 days (in a 30 day month) for using their money for 20 days then on the first of the following month your interest will start to accrue daily for the full month. The purpose is so that when you make your first mortgage payment you are only paying the 30 days worth of interest and some to the principal compared to paying for 50 days worth of interest if you were not to pay the prepaid interest.
Closing costs are fees associated with any real estate loan transaction.
Federal law requires the lender to disclose all reasonable fees at the origination of the loan on a 'good faith estimate' within 3 days of application.
All actual closing costs are then again disclosed on the closing documents , commonly called the HUD .
Always take your Good Faith Estimate with you to compare to the fee's on the final HUD statement. You want to make sure that there were no extra added fee's.
Recording Fees are the costs to record any documents that needed to be recorded at the county clerk's office. The most likely documents that are recorded are the mortgage agreement, the note, and the deed. Recording is often done by the title company.
The Settlement document containing the final closing costs or HUD may also be referred to as the HUD-1 or HUD-1A
All of your closing cost will be provided to you by your mortgage consultant. All of the fees associated with your closing will e provided to you via G.F.E (Good Faith Estimate).