America’s dairyland has been one of the most appreciated places to live in the country. The lifestyle in Wisconsin consists of family values, kindness, and a fun attitude that makes anyone from this great state charming. Wisconsin has more to offer than just great people; it is conveniently located in the Great Lakes area, which provides immediate access to some of the most exciting water sports and greatest cities in the country. So, it is no wonder that many hail Wisconsin as one of the greatest places to live. This fact correlates with the fact that housing prices have been on the rise over the past decades, which has left current Wisconsin residents increasingly more burdened by their financial woes. For many of these homeowners, refinancing may be an option. Refinancing is the process by which a homeowner obtains a new loan to cover the remaining balance on their home. This new loan is for a lower amount and will, therefore, lower your monthly payments, and homeowners will gain access to the new and exciting innovations in terms and conditions for this new loan, which is a refreshing change from their old home loans.
Quick Wisconsin Housing Facts:
- Percent of homeowners in Wisconsin: 68.4%
- Percent of renters in Wisconsin: 31.6%
- Median annual income in Wisconsin: $46,612
- Average credit score in Wisconsin: 699
- Best Wisconsin city to live in: Middletown, WI
- Median Wisconsin home value: $112,200
When to Refinance in Wisconsin
The single most important thing to remember about refinancing is that you should only do it if you are going to save money. So, first, be sure to check to see if rates are lower than 1.5% less than what you are currently paying. Then, you are going to want to calculate the point at which you are going to break even. This is the point when the refinancing package is going to begin saving you money. You can calculate this number by lumping all of the fees and monthly payments together for your new and your old loan. The point at which the amounts are the same is called the break-even point, and it is after this point that you will begin to see savings. Follow this up with a long-term projection of expenses. You will want to see a marked amount of savings from the new refinancing package. If you don’t, perhaps you will want to reconsider refinancing.
How much house can I afford in Wisconsin
One of the biggest problems facing Wisconsin’s homebuyers is figuring out how much house you can afford. We have some great mortgage calculators that can help you figure how much home will fit into your monthly budget. Don’t forget there are many other home options out there specifically for Wisconsin’s residences. We work with local and national lenders to make sure that you get the best rate possible.
This site is not a broker and does not collect or solicit mortgage applications. Content is for informational or comparison purposes only. Services are not available in New York. Products and services may not be available in all other states.