Key Features

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Competitive Rates

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Local Processing

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Quick Decisions

Looking for a mortgage loan in Oshkosh, Waupun, or Fond du Lac, WI? FVSBank has been part of your community in the Fox Valley region since 1934. With local advising, local decision-making, and local processing—we keep your home mortgage close to home.

What are the steps of getting a mortgage in Wisconsin?

Understand the steps in the mortgage application process:

The Application: Get pre-qualified to know how much you can afford to borrow.

Pre-qualification is the first step in the mortgage process. It provides an estimate of how much you might be able to borrow based on a preliminary review of your credit information. You’ll need to provide some basic financial information, such as your income, savings, and investments. Remember, pre-qualification doesn’t guarantee you’ll get the loan; it’s simply an estimate of the amount you might qualify for.

Approval: The primary factors in getting approved for a mortgage include credit score, debt-to-income ratio, and down payment amount.

  • Credit Score: Your credit score is a numerical representation of your creditworthiness, based on an analysis of your credit. A high credit score indicates a history of responsible credit use and timely payments, which makes you a more attractive borrower to lenders.
  • Debt-to-Income Ratio (DTI): This is a measure of your monthly debt payments compared to your monthly income. Lenders use this ratio to determine your ability to manage monthly payments and repay debts. A lower DTI can make you a more attractive borrower.
  • Down Payment: This is the amount of money you pay upfront to secure a mortgage. The typical down payment is 20% of the home’s purchase price, but it can vary. Some loan programs allow for lower down payments, but they may require additional mortgage insurance, which could increase your monthly payment.

Closing Day: With hybrid e-signing, you have the option to sign your papers the day of closing or sign some electronically. You also have payment options, including wire, direct debit, or a cashier’s check.

  • Hybrid E-Signing: This is a process that allows you to sign some of your closing documents electronically before the closing day. This can make the closing process more efficient and less stressful.
  • Payment Options: On closing day, you’ll need to bring funds to cover your down payment and closing costs. You can typically do this through a wire transfer or a cashier’s check. Some lenders may also offer the option of a direct debit from your bank account.

Fixed rate Mortgage vs. Adjustable-rate Mortgage (ARM)

A Fixed Rate Mortgage is a home loan with the same interest rate over the course of the loan. Choose between a 10, 15, 20, or 30-year term – plus anything in between.

An ARM loan is a home loan with an interest rate that adjusts over time based on the benchmark rate it’s tied to. Adjustable-rate mortgages can also have an introductory period with a fixed rate. After that period ends, your monthly payment may change at certain intervals based on adjustments to your interest rate.

What is included in a total monthly mortgage payment?

  • Principal: This is the money you borrowed to buy your house. Each month, part of your payment goes to paying back this money.
  • Interest: This is like a fee you pay for borrowing the money to buy your house.
  • Mortgage Insurance: If you didn’t pay a big chunk of the house’s price upfront (usually 20%), you have to pay an extra fee each month.
  • Escrow: Your lender collects a certain amount of money each month to put into an escrow account until your property taxes are due.

Apply for a Mortgage in Wisconsin!

Buying a home is a big decision, but you don’t have to go through it alone. Conveniently located in Fond du Lac, Oshkosh, and Waupun, our home loan specialists are here to guide you through the homebuying process. For more information on our home mortgage rates and options, please contact one of our home loan specialists to learn more. You can also start the application process online.