Best Mortgage Lenders in Green Bay, WI

How to choose a mortgage lender in Green Bay

The U.S. Department of Housing and Urban Development forecasts a demand for 2,000 new homes in Green Bay over the next couple of years as the local population grows. Much of this population growth is expected based on Green Bay’s strong economy and home prices that are about 10 percent lower than the state average. Demand is highest for homes near Humboldt and homes costing between $200,000 to $300,000.

A house is the largest purchase most people make, and it’s important to get the lowest interest rate possible to keep your total costs down. Several factors affect your interest rate, including general market conditions, your personal financial situation—including your credit score and income—and the terms of your loan.

When determining how much you will need to finance a home, consider other expenses that could cut into what you saved for your down payment. Some are recurring and can add to monthly expenses in addition to your mortgage. Such costs include:

• Inspection fees
• Appraisal fees
• Closing costs
• Moving costs
• Property taxes
• Homeowners insurance
• Homeowners association fees

There are many types of mortgage loans available in Green Bay. Conventional mortgages can have a fixed or adjustable interest rate. A fixed rate protects you if interest rates go up, but you won’t see a benefit if rates go down. You may also have a 15-year or 30-year term. You’ll pay more each month with a 15-year mortgage, but the final amount will be lower than it will with a 30-year mortgage.

Your mortgage company can help you decide which loan type is right for you. Popular mortgage loans include:

• Conventional loans: These loans are not guaranteed or insured by any government agency. Buyers who have high credit scores and can afford a large down payment are best qualified for this type of loan.
• FHA (Federal Housing Administration) loans: FHA loans are guaranteed by the federal government and are a good option for homebuyers with lower credit scores. These loans require mortgage insurance and generally cost more over the life of the loan.
• VA (Veterans Affairs) loans: These low-interest loans are available for active members of the armed services, military veterans and surviving spouses. The U.S. Department of Veterans Affairs guarantees the loan, which has no down payment and no mortgage insurance requirement.
• HUD loans: The Department of Housing and Urban Development guarantees these loans, which are available to low-income borrowers.
• Jumbo loans: These loans are for high-value mortgages that do not conform to the standards set by the major lenders and therefore are not eligible to be guaranteed or securitized by Fannie Mae or Freddie Mac.
• USDA loans: The Department of Agriculture guarantees these loans. They are available to buyers in specified rural areas.