AnchorBank’s home-loan programs
Helping you buy your dream home!
Helping you buy your dream home!
It's that time of year when people begin to think about taking advantage of the warm weather — and the current housing market. Many people are
reviewing their finances to determine how much they can afford. Others are reviewing their spending plans to make sure they can manage a monthly
mortgage payment. So if you don't know what kind of loan you'd like, or don't know what you can afford, AnchorBank can help.
Here are the key steps to finding the home you love and a mortgage you can live with:
Find a Good Lender
The most important step is to find a good lender that you trust before you even begin looking at homes. A good lender will introduce you to all your
loan options and then let you choose which one is right. Remember, getting a mortgage is a big step — but it doesn't have to be stressful.
Get Pre-Approved
The second step is getting a free pre-approval. You should never have to pay for a pre-approval from your trusted lender. The pre-approval process
should help you determine if you qualify for a loan, what the maximum loan amount is, and ultimately, establish how much house you can afford.
This not only keeps you within your budget, but it also makes house hunting a lot simpler.
Buy Soon
After you have found your lender and determined how much you can afford, remember that now is great time for anyone to buy. Rates continue to
remain at historic lows, and there is a large inventory of homes to choose from.
There are many types of loan products available and an opportunity to negotiate price, so with help from your lender and realtor, you should be able
to find the perfect home for you.
Choosing the Right Mortgage
The next step is deciding between a fixed — and adjustable-rate mortgage. Long-term fixed rate products are typically the most popular type of
loan. A conventional fixed rate mortgage may be right for you if you put five percent toward your down payment. If you are willing to pay a little
higher fixed rate, you will only pay three percent for a down payment. Private mortgage insurance is required when down payments are less than 20
percent of the purchase price.
An adjustable-rate mortgage may also be appealing because the interest rate can increase or decrease throughout the term, or length, of your
loan. Your monthly payments may also be lower than your payments with a fixed rate loan.
Loan Options
There are many loans to choose from so you can find the one that is right for you.
AnchorBank can help you finance your home purchase with a Wisconsin Housing and Economic Development Authority (WHEDA) loan, the HOME
Plus loan, AnchorBank's New Neighbor mortgage or the USDA Rural Development Guarantee loan. Consult your lender to see if your income
qualifies for loans available through WHEDA.
WHEDA mortgage loans - These loans have below market fixed rate mortgage that will finance 97 percent of your home purchase price. You can
also pay a slightly higher fixed rate and finance 100 percent of the home purchase with a WHEDA loan. These loans also have income and
purchase price limits, and WHEDA borrowers pay lower private mortgage insurance premium payments.
The HOME Plus loan - This WHEDA loan can be used to make the down payment, cover closing costs and prepaid expenses. Ask your AnchorBank
lender for more information about this loan.
New Neighbor Loan - This is the best loan for first time home buyers. It offers flexible underwriting guidelines and does not require mortgage
insurance. You may be able to buy a home that costs a little more by using one of the New Neighbor loans to finance your purchase. There is a five-
year adjustable-rate loan with a 30-year term. If you prefer a longer term, a five-year adjustable-rate loan with a 40-year term is available for income
qualified home buyers.
The USDA Rural Development Guarantee loan - This loan can be used to purchase properties in Wisconsin's rural areas. You can use this loan to
finance 100 percent of your purchase price and finance the guarantee fee. The Rural Development guarantee fee is a type of mortgage insurance.
This loan is available to finance purchases in specific Wisconsin communities including some in Dane and Waukesha Counties. Your AnchorBank
lender can review with you the income limits and the areas where homes can be purchased using this loan.
If you have any questions about your mortgage or would like to get more information on the loans that are available to you, feel free to stop by or
call your neighborhood AnchorBank at 1-800-25 ANCHOR (252-6246). Or, visit us online at anchorbank.com.
reviewing their finances to determine how much they can afford. Others are reviewing their spending plans to make sure they can manage a monthly
mortgage payment. So if you don't know what kind of loan you'd like, or don't know what you can afford, AnchorBank can help.
Here are the key steps to finding the home you love and a mortgage you can live with:
Find a Good Lender
The most important step is to find a good lender that you trust before you even begin looking at homes. A good lender will introduce you to all your
loan options and then let you choose which one is right. Remember, getting a mortgage is a big step — but it doesn't have to be stressful.
Get Pre-Approved
The second step is getting a free pre-approval. You should never have to pay for a pre-approval from your trusted lender. The pre-approval process
should help you determine if you qualify for a loan, what the maximum loan amount is, and ultimately, establish how much house you can afford.
This not only keeps you within your budget, but it also makes house hunting a lot simpler.
Buy Soon
After you have found your lender and determined how much you can afford, remember that now is great time for anyone to buy. Rates continue to
remain at historic lows, and there is a large inventory of homes to choose from.
There are many types of loan products available and an opportunity to negotiate price, so with help from your lender and realtor, you should be able
to find the perfect home for you.
Choosing the Right Mortgage
The next step is deciding between a fixed — and adjustable-rate mortgage. Long-term fixed rate products are typically the most popular type of
loan. A conventional fixed rate mortgage may be right for you if you put five percent toward your down payment. If you are willing to pay a little
higher fixed rate, you will only pay three percent for a down payment. Private mortgage insurance is required when down payments are less than 20
percent of the purchase price.
An adjustable-rate mortgage may also be appealing because the interest rate can increase or decrease throughout the term, or length, of your
loan. Your monthly payments may also be lower than your payments with a fixed rate loan.
Loan Options
There are many loans to choose from so you can find the one that is right for you.
AnchorBank can help you finance your home purchase with a Wisconsin Housing and Economic Development Authority (WHEDA) loan, the HOME
Plus loan, AnchorBank's New Neighbor mortgage or the USDA Rural Development Guarantee loan. Consult your lender to see if your income
qualifies for loans available through WHEDA.
WHEDA mortgage loans - These loans have below market fixed rate mortgage that will finance 97 percent of your home purchase price. You can
also pay a slightly higher fixed rate and finance 100 percent of the home purchase with a WHEDA loan. These loans also have income and
purchase price limits, and WHEDA borrowers pay lower private mortgage insurance premium payments.
The HOME Plus loan - This WHEDA loan can be used to make the down payment, cover closing costs and prepaid expenses. Ask your AnchorBank
lender for more information about this loan.
New Neighbor Loan - This is the best loan for first time home buyers. It offers flexible underwriting guidelines and does not require mortgage
insurance. You may be able to buy a home that costs a little more by using one of the New Neighbor loans to finance your purchase. There is a five-
year adjustable-rate loan with a 30-year term. If you prefer a longer term, a five-year adjustable-rate loan with a 40-year term is available for income
qualified home buyers.
The USDA Rural Development Guarantee loan - This loan can be used to purchase properties in Wisconsin's rural areas. You can use this loan to
finance 100 percent of your purchase price and finance the guarantee fee. The Rural Development guarantee fee is a type of mortgage insurance.
This loan is available to finance purchases in specific Wisconsin communities including some in Dane and Waukesha Counties. Your AnchorBank
lender can review with you the income limits and the areas where homes can be purchased using this loan.
If you have any questions about your mortgage or would like to get more information on the loans that are available to you, feel free to stop by or
call your neighborhood AnchorBank at 1-800-25 ANCHOR (252-6246). Or, visit us online at anchorbank.com.