b'FINANCING YOUR HOMEGiven the competitive nature of thehave caps that limit how much the ratemarket has been very active. Affordable mortgage business,banks and othercan increase over time.prices and increased demand for housing lending institutions offer a variety ofhave significantly shortened the time products that have made home buyingBuying a Homehomes are on the market. In fact, it is not simpler. Mortgages come fixed or variableunusual for homes to have two or three interest rates. Fixed rates are typically oneMany lenders have online worksheets tooffersat asking price or higheron the or two percentage points higher thanhelp you determine how much house youfirst day that they are officially listed on variable rates, but the rate remainscan afford. Generally speaking, housethe market. As a result, potential buyers constant throughout the life of the loan.paymentsincluding insurance andneed to make sure they have everything They are best when interest rates areproperty taxesshould not exceed 28ready to go when they enter the market.stable or for homeowners who plan topercent of household gross monthlyOne of the best ways to prepare is to get live in their home for a long time. Variable-income (income before taxes). Totalpre-qualified by a lender. The lender will or adjustable-rate mortgages (ARMs)household debt (including credit cards,review all of your financial records and increase or decrease with the prevailingmortgage, auto and other loans) shouldcertify that it will give you up to a speci-interest rates. Variable-rate mortgages arenot exceed 36 percent of monthlyfied amount for a mortgage. Having that best when interest rates are changingincome. Homeowners who cant make ain hand when you make your offer can rapidly or for homeowners who expectdown payment equal to 20 percent of theease seller concerns over financing. rates to decline in the next few years,sales price will likely have to purchase plan to stay in their home for five years or less, or are confident their income willprivate mortgage insurance, which canMortgages increase in the years ahead. In order toadd $50 to more than $200 to the protect homeowners, variable rate loansmonthly payment. Buyers should consultMortgages are available through mort-a Realtor or mortgage banker togage brokers, banks, credit unions and determine what they can afford.savings banks. Whether you elect to Local Lenderswork directly with a lender or through a Average 2023mortgage broker, it is a good idea to get Home SalesMilwaukee has many local lenders, pre-qualified. This will help you defini-tively ascertain how much you can afford. Prices: such as Summit Credit Union, whoIt will give you a competitive advantage know the Milwaukee market well andwith sellers, because you can present Milwaukee County can provide valuable assistance with athem with a document demonstrating mortgage. that you will be able to pay the amount $245,000 (+6.6) There are many benefits to selectingthey are asking.Waukesha Countylocal lenders. They know and $435,000 (+9.5%)understand the local market and canFixed-Rateprovide advice if they think a sellers Ozaukee County price is too high. Sellers and listingFixed-rate mortgages feature an interest rate that stays constant throughout the $426,973 (+2.9%) agents like working with local lenderslife of the loan, which typically range in because they know each other. Finally,length from 10 years to 30 years.Washington Countyselecting a local lender is a great way to start a banking relationship for $365,000 (+14.3%) people moving to the area. Adjustable-Rate Racine County With an adjustable-rate mortgage (ARM), $250,000 (+4.7%) Prequalificationthe interest rate changes periodically. They are typically characterized by the In the past few years, the Milwaukeeamount of time that must pass before the 72 YOUR RELOCATION RESOURCE'