Tag Archives: home financing

The Route to Home Ownership

Mortgages

The journey to becoming a first time owner is an exciting and personal process. With questions ranging from price, commodities, to neighborhoods and more, the task of finding your ideal property can seem daunting. At Timberwood Bank we want to help you make the most of your home buying experience with our guided route to home ownership. Sit back, relax, and enjoy the view as we take you step by step through the first time home buying process.

  1. Assess your personal finances. Take a good hard look at your current sources of income, in addition to the underlying expenses you have each month. Determine if your funds can support the cost of a monthly mortgage, property taxes, home insurance, and all the other associated costs of home ownership.
  2. Mortgage Pre-Approval. Once you’ve decided to make the jump into home ownership it’s time to determine what your ideal purchase price will look like. Work with your mortgage lender to decide on the best price range for you and your family. After determining your financing needs together, the bank will evaluate your credit history and award you with a pre-approval letter for the amount they will agree to finance.
  3. Find “The House.” Here comes the fun part – house hunting! Pair up with a reputable realtor from the area to look at houses that do not exceed the approved purchase price. You may look at six homes, or thirteen, but once you find the right property you’ll know it’s the one!
  4. Get an approved offer. After touring the property and checking for any major repairs, speak with your realtor about putting in an offer on the house at price within your budget. The seller may counter with a different price point, and negotiations for the offer can be discussed with your realtor. When you and the seller have agreed to a purchase price and a finalized offer is signed you officially have an accepted offer to purchase your future home!
  5. Speak with your mortgage lender. Now that you’ve found your new place, your mortgage lender can gather accurate tax information and further specifics for your mortgage financing. Reach out to confirm the terms of the loan prior to closing to help ensure a smooth transition.
  6. Home Inspection. Since you and the buyer now have an accepted agreement it’s time to fully inspect the property you intend on buying. Speak with your realtor for recommended home inspectors in the area, and set up a time when both you and the realtor can be present. The home inspector will detail notes about the property concerning safety hazards and other important repairs that be taken care of at the sellers expense.
  7. Close the offer. After all the paperwork is finalized, and you complete the final walk through of the home, it’s finally time receive your mortgage financing and close the home offer.
  8. The House is yours. All your hard work has paid off and you are now a home owner! Celebrate this monumental achievement by inviting family and friends over for a moving or house warming party!

Whether you’re looking for a peaceful cottage in the country, new construction in the city, or a happy hideaway in the suburbs, Timberwood Bank can help you with all your financing needs. Stop by the bank or give us a call at (608) 372-2265 and get started on your home buying journey today!

Mortgage Financing 101: Which type of loan is right for you?

Home Financing

A spacious backyard with a white picket fence. A rustic plot in the country just outside of town. A four-bedroom beauty custom designed by you and your spouse. Whatever your vision, home ownership is a unique and fulfilling adventure! At Timberwood Bank, we offer a variety of mortgage options to help you finance your slice of the American dream. Take a peek at just a few of our loan offerings:

Fixed Rate Mortgage Loan – Whether on a 15-year-plan or a 30, a fixed-rate mortgage ensures a consistent monthly payment for the length of your loan. Stable and dependable, frozen rates allow you to plan for the future, and refinancing options are available should your plans change. Timberwood makes it especially easy, offering customizable options to create the loan that works best with your budget.

USDA – Rural Development Loan – High down payments, traditional credit requirements, and steep debt-to-income ratios can be the barrier separating you from homeownership. The USDA-Rural Development loan program, however, helps navigate around these barriers. Helping fund closing costs, legal fees, title services, and other up-front payments, these loans

WHEDA Loan (Wisconsin Housing Economic Development Authority) – Unique financing options have made WHEDA a smart loan choice for Wisconsin residents for more than 40 years. Offering assistance with down payments, special tax credits to qualified borrowers, and preferred fixed interest rates for first-time home buyers, a WHEDA loan may be right for you. Ask your Timberwood Bank lender to help you discover the most effective WHEDA loan for you!

Home Equity Line of Credit (HELOC) – Take full advantage of the equity already sitting in your home with our HELOC option, which offers lower interest rates than many credit cards and consumer loans. Fund a home renovation, a much needed repair, or a home addition with this tax-deductible option that also helps build your credit score.

Lot Loan – You’ve got the land to build the house of your dreams, but perhaps you’re not quite ready to break ground. Our Lot Loans may serve you best! Through this option, you can purchase and secure your lot while you continue to design and plan your dream home. We’ll help you get the ball rolling once you’ve selected your contractor and uncovered your plan to your dream home.

Our experienced loan officers at Timberwood Bank are ready and excited to help you take the next big steps towards home ownership.  Give us a call at (608)372-2265 to set up an appointment today!