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The
best first step if you plan on financing your property purchase is to
get pre-qualified for your mortgage. This allows you to know in advance
the terms of your loan and amount of your payments so you can make good
decisions when doing your property search. Many borrowers shop on-line
for a mortgage. It's always a good idea to speak to at least one local
lender as well who is familiar with the area where the property will be
located. When you make your mortgage application, be prepared to thoroughly
document your income, assets and liabilities.
YOUR
COSTS
If you have the resources for a down-payment the amount you need to borrow
will be reduced. There are programs available, however, for buyers with
limited or no down-payment.
Other costs that may be associated with obtaining a mortgage may include
fees for such things as loan origination, appraisal fee and credit report.
Your lender will be prepared to discuss your mortgage options and provide
you with a full list of associated costs.
CALCULATE
YOUR PAYMENT
The monthly payment for your new home loan will consist of:
* Principal
(the amount borrowed)
* Interest
(a percentage of your balance that is paid to the lender)
Tax (state real estate tax)
Insurance (property owner's insurance)
Use the amortization
calculator at www.bankrate.com/brm/amortization-calculator.asp
to calculate your monthly principal and interest payment.
Don't forget to add 1/12 of your annual estimated tax and insurance for
your total monthly payment!
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MORTGAGE
OPTIONS
Vernon & Monroe County
Area Lenders
We invite you to check the following sites for
mortgage options:
WHEDA
www.wheda.com
Rural Development
www.rurdev.usda.gov/wi/
Vernon
County area lenders:
Anchorbank
www.anchorbank.com
Associated Bank, Viroqua
www.associatedbank.com
Bank of Cashton
www.bankofcashton.com
Associated Bank
www.associatedbank.com
Citizens First Bank -
Viroqua and Viola
www.citizensfirstbank.net
Community State Bank, Norwalk
Harris Bank -
Westby, Coon Valley & Chaseburg
www.harrisbank.com
River Bank, Westby
www.riverbank.biz
Viroqua Bank, Viroqua
www.baraboonational.com
Westby Co-op Credit Union
www.wccucreditunion.coop
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