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Home Loans in Madison & South Central Wisconsin: Buying and Financing your Madison, WI Home

There are currently 6 blog entries related to this category.

In the age of online everything, home buyers may be tempted to use online lenders. These lenders offer online mortgage applications and approvals, and claim to offer the best rates for your home purchase. But they may not be your best option. Karen Wedvick, a mortgage lender at Johnson Bank, explains why local lenders are best equipped to help you with your home purchase. "When buying the biggest purchase of your life, you might want some local advice. There are lots of things that kill deals besides your credit rating and interest rates," she says. Wedvick suggests buyers consider the advantages of a local lender:

1. Local Decision Making. A lender at a local bank is well-versed on the local market. They often approve their own loans (or have

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In a hot real estate market, making a strong offer to purchase is the key to success. If you include a contingency to sell, it can be enough to prevent you from obtaining an accepted offer. Because there are a limited number of properties available this spring, we encourage our buyers to do everything they can to avoid having a sale contingency on their offer.

Karen Wedvick, of Johnson Bank, offers a few suggestions to help buyers have a good offer ready, without selling first.

1. Get a Home Equity Line of Credit BEFORE you List your Home.  A line of credit allows you to use your home equity to work for you, including the option to use it for a down payment. This option can be appealing, because it typically allows you to access 90% of your current

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Sit down with Steve Hansen at Summit Credit Union, and he will put you right at ease. He's the kind of lender that listens to you, partners with you, and helps to prepare you for a home purchase. "I really want to be an adviser to my clients,” he says.  “I can look at their goals and help them develop strategies to meet them." Sometimes this involves identifying the best mortgage options available. Other times, it can be figuring out how to reduce debt and save for a down payment.

"Having a down payment isn't always required, but it certainly makes the home buying process easier," he says. But so does having a pre-approval letter prepared for the moment you make an offer. "In this market, you have to move fast. If you have the pre-approval in hand,

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Karen Wedvick Mortgage Lender Madison WIYou don’t want to find your perfect home, and then realize you can’t afford it. Likewise, you don’t want to underestimate what you can afford, and limit yourself to less than your dream. The first step to starting a real estate search is to talk with a lender. 

There was a time when a buyer needed 20% down to consider purchasing a home. Today, the market has changed, and the rules for qualifying have too. Buyers are finding they can afford more home than originally expected, or that qualifying is possible, even without a sizable down payment.  A variety of options exist to allow buyers to purchase with as little as 3% or possibly even 0% down.  Between gifted down payments, reductions in closing costs, or seller-assisted closing costs, there are many

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Although Madison mortgage rates rose in May of this year from rock bottom levels, rates continue to trend in a favorable direction for anyone thinking of buying or refinancing a home.

Mortgage Rates from a Historical Point of View

This data from Freddie Mac trends mortgage rates dating back to 1992. Mortgage rates for 30 year fixed rate loans are currently well below 4.5%, putting current rates among the lowest for any time period in the last 22 years.

View Madison WI Mortgage Rates Updated Daily

Great Midwest Bank publishes its mortgage rates daily and online here. Looking to closely monitor rates? Sign up for the Great Midwest Bank mortgage rate watch.

Upcoming Changes in the Mortgage Market

Mortgage underwriting guidelines will

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Buying a home in the Madison area and in need of a loan? We've worked with hundreds of buyers over the years, and we've collected their feedback about the lenders who assist them with their mortgages. Over time we've developed a network of service-oriented lenders who are universally loved by their clients for their exceptional service. Each of these lenders has different strengths and areas of expertise, so we're happy to refer you to a lender who is a good match for you and your specific situation. Just let us know how we can help!

One of our preferred lenders who consistently receives raving feedback is Great Midwest Bank, where John Schroder works out of the Odana Road office on Madison's west side. Below are a few reasons why our buying clients

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