We Make It Easier to Buy a New Home
Buying a new home should be a pleasant experience. We’d like to help make it that way by taking the worry out of applying for a mortgage. That’s why we would like you to take our Home BuyAbility Test. It will help you find out how much home is right for you, so you can feel more comfortable when you apply for your mortgage loan with us.
Select A Mortgage Loan To Fit Your Financial Situation. Before you apply for your mortgage loan, you’ll need to decide which type of loan may be right for you.
- Conventional Loans have a fixed rate and monthly payment for the entire life of the loan. It’s easy to budget for this type of loan because your payment will always be the same. The rate on a conventional mortgage loan is generally higher than an adjustable rate mortgage. We offer 10,15, 20, and 30 year options
- Adjustable Rate Loans usually start with lower rates than conventional loans. We’ll let you know how much the rate can be adjusted over the life of the loan, so you’ll know from the beginning the absolute maximum amount you would ever have to pay. If you will be moving in a few years, or if you think interest rates will be going down, you’ll want to consider an adjustable rate since monthly payments may be lower.
Once you know approximately how much home is in your price range, use the guide below or our convenient Mortgage Loan Calculator to estimate your monthly payments based on the principal and interest. Closing costs are normally paid in a lump sum at the time you take out the loan. Other annual costs such as taxes, insurance and mortgage life insurance are also not included on the chart, but may be added to your monthly payments.
Monthly Mortgage Payment Guide |
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| Mortgage Amount | 4% APR | 5% APR | 6% APR | 7% APR | 8% APR | |
| $ 60,000 | $ 286 | $ 322 | $ 360 | $ 399 | $ 440 | |
| $ 80,000 | $ 382 | $ 429 | $ 480 | $ 532 | $ 587 | |
| $ 100,000 | $ 477 | $ 537 | $ 600 | $ 665 | $ 734 | |
| $ 120,000 | $ 573 | $ 644 | $ 719 | $ 798 | $ 881 | |
| $ 140,000 | $ 668 | $ 751 | $ 839 | $ 931 | $ 1,028 | |
| $ 160,000 | $ 764 | $ 859 | $ 959 | $ 1,064 | $ 1,174 | |
| $ 180,000 | $ 859 | $ 966 | $ 1,079 | $ 1,198 | $ 1,321 | |
| $ 200,000 | $ 955 | $ 1,074 | $ 1,199 | $ 1,331 | $ 1,468 | |
The above rates are for illustrative purposes only. They are based on the Annual Percentage Rate (APR) indicated for principal and simple interest with a term of 30 years. We offer a variety of mortgage plans.
Is Refinancing Right For You? Generally, it’s a good idea for you to consider refinancing whenever the interest rate for mortgages is more than one percentage point below your present mortgage or if you are able to recoup the closing costs in a 12 month period. And, whether you apply with us for a new mortgage to buy the home you want, or to refinance your present mortgage, ask about a HELOC. It can help you save on fees, interest and on taxes.
For more details, speak to one of our mortgage loan experts: Ann Murray at 262-546-1121 in the Grafton and Fox Point area, or Becky Maurice at 262-437-7234 in the Menomonee Falls area.
How is my credit score calculated?
The FICO formula basis 35% of your score on your payment history, 30% on how much of your available credit you’re using (the lower the better), 15% on how long you’ve had credit, 10% on how long it’s been since your last application for credit (longer is better) and 10% on the mix of credit you have and use. It’s better to have both revolving accounts (credit cards) and installment accounts (mortgages, car loans), rather than having one or the other.
- Apply for a Mortgage Loan.
- Check our current rates.