b'MB-906 2020-21 Relo - Single Page_MB-706.qxd2/16/20209:19 PMPage 63FINANCING AHOMEG iven the competitive Milwaukee area and can provide and savings banks. Whether you elect tonature of the assistance with a mortgage, including work directly with a lender or through amortgage business, Equitable Bank, Summit Credit mortgage broker, it is a good idea to getbanks and other Union, Tri-City Bank, UW Credit pre-qualified. This will help youlending institutions Union, and Waukesha State Bank. definitively ascertain how much you canare offering a variety of mortgage afford. It will give you a competitiveproducts that have made home buying advantage with sellers, because you cansimpler. Mortgages come with either Mortgages present them with a documentfixed or variable interest rates. Fixed Mortgages are available through demonstrating that you will be able torates are typically one or two mortgage brokers, banks, credit unions pay the amount they are asking. percentage points higher than variablerates, but the interest rate remainsconstant throughout the life of theloan. Variable or adjustable ratemortgages (ARMs) increase anddecrease with the prevailing interestrates. These can be great bargains ingood economic times, but canbecome expensive if interest ratesjump. Variable rate mortgages are bestfor homeowners who expect interestrates to decline, plan to stay in their Banking done right with home five years or less, or areconfident their income will increase in Milwaukees Community Bankthe years ahead. To protect yourLocal Bankhomeowners, variable rate loans have Since 1927caps that limit how much theinterest rate can increase.Buying a HomeMany lenders have online worksheetsthat can help you determine how EQUITABLEmuch house you can afford. Generally Whether itssavingforspeaking, house paymentsincluding Vertical Islandinsurance and property taxesshould college,managingyournot exceed 28 percent of householdgross monthly income (income beforetaxes). Total household debt (including business orbuyingcredit cards, mortgage, auto and otherloans) should not exceed 36 percentof monthly income. Homeowners who your first house,cant make a down payment equal to20 percent of the sales price will likely we have you coveredhave to purchase private mortgageinsurance, which can add $50 to morethan $200 to the monthly payment.This information is meant as a guide.Buyers should consult a Realtor ormortgage banker to determine whatthey can afford. 414.476.6434TheEquitableBank.comLocal Lenders Delafield | Hales Corners | Waterford | Wauwatosa | West Allis | Whitefish BayMilwaukee is fortunate in that it has Member FDICmany local lenders who areknowledgeable about the greater@discoverMKE.com / discovermilwaukee.com 63'