Madison Mortgage Blog: Brian Collins

As Wisconsin mortgage rates remain historically low as a result of the federal government purchasing mortgage-backed securities, home owners can still save hundreds of dollars a month on their monthly mortgage payment, and tens of thousands of dollars over the term of their mortgage.
However, the crucial question remains: how do I know if a Wisconsin refinance is right for me?

The answer is actually rather simple. It depends on how long you plan on living in the home. Because refinancing a home in Wisconsin entails closing costs, it could mean a few thousand dollars added to your mortgage loan if you roll the closing costs into the new mortgage amount. The length of time a homeowner plans on living in a particular home will largely determine how long it will take to recoup those closing costs. If a you plan on living in the home for at least 5 years and it only takes 2 years to recoup the closing costs, then refinancing now is well worth the effort. There are many mortgage calculators that will help assess this for you.

It’s hard to determine exactly how long the mortgage rates will remain this low, so experts recommend that if you are thinking about refinancing, act sooner rather than later. Wisconsin mortgage rates are updated daily on our website http://www.madisonmortgageguys.com/current_rates/index.htm or right here on my blog. It is widely assumed the government will continue to purchase mortgage-backed securities through the end of 2009, but when they stop, mortgage rates will undoubtedly increase.

Conventional/Conforming Refinance and purchase in Wisconsin:
95% Purchase
Rate and term refinance
Cash out refinance
Debt consolidation refinance

FHA Refinance and Purchase in Wisconsin:
96.5% Purchase or 100% no money down purchase with gift funds
Rate and term FHA refinance
Cash out FHA refinance
Streamline FHA refinance (FHA to FHA)

VA Refinance and  purchase in Wisconsin:
100% no money down purchase
Rate and term VA refinance
Cash out VA refinance
Interest Rate Reduction Refinance Loans (IRRRL) (VA to VA)

Your local Wisconsin Mortgage Banker:

Brian Collins
Toll Free: (877) 240-5810 x106
brian.collins@www.madisonmortgageguys.com
www.madisonmortgageguys.com

Visit my blog at http://www.madisonmortgageguys.com/blogs_brian_collins/