Fixed Rate Mortgages
Choosing a fixed rate mortgage loan is often the route to go
when you are entering into a long-term commitment with a property. Lock in an
interest rate to set your monthly payment for the term of the loan. You can
choose a longer term loan and have smaller monthly payments or pay
less overall interest with a shorter term loan and larger monthly payments.
Advantages of fixed rate mortgages include:
- Terms to fit your budget
- Dividends paid on escrows
- Monthly payment that never changes
- Interest rates locked in at time of application or float
(limitations may apply- see a Loan Originator for more details)
- Choice of 10, 15, 20, 30 year terms
Adjustable Rate Mortgages (ARMs)
ARM loans offer lower interest rates during the earlier term of
your loan with a rate that is fixed for 1 to 7 years and then adjusted
thereafter according to the market. WESTconsin's loan originators
will review several ARM loan alternatives and determine which saves you the
most. Below are common ARM options
whereas the first number indicates the number of years under fixed rate and the
second reflects the number of years the rate will adjust thereafter:
- 1/1 Year ARM
- 3/1 Year ARM
- 5/1 Year ARM
- 7/1 Year ARM
Zero-Down Home Loan
Do you have a good credit history and would like to purchase your dream home, but lack the funds for a down payment?
Or, maybe you'd rather have your cash available for other investment opportunities? All you need is a good credit history and savings equal to two months principal, interest, taxes and insurance.
WHEDA loans offer a low, fixed interest rate and are geared
toward first-time homebuyers with low to moderate income. You cannot have owned
a home within the past three years.
Vacant Lot Loans
Use this adjustable rate loan when you are ready to purchase
vacant land for either your next home or an investment.
Home Construction Loans
Builders and contractors often require payment before your home
is complete. WESTconsin offers options that keep your budget in line
and your construction schedule on time.