Waukesha County Home

(StatePoint) — Many Americans start to think about their housing needs this time of year. For some people spring aligns with the school calendar, given the time it takes to find the right home, arrange financing and move in time for the next academic year. For others, an income tax refund, cou- pled with refinancing a mortgage, is the way to fund a home improvement project. So how do you find the right loan prod- ucts and lender? ■ Research products and terms. Home loans come in two forms: fixed rate or adjustable rate. Fixed-rate loans come with terms varying from 10 to 30 years for con- sumers who want the security of consistent monthly payments plus a rate that won't change over the life of the loan. Adjustable rate mortgages, or ARMs, typically are offered at a lower rate with an initial term of five to 10 years. "A 30-year fixed-rate loan is by far the most popular mortgage product with bor- rowers, but ARMs can be a good option if you plan on moving or refinancing," Craig Evans, Ally Bank's mortgage executive, said. "When we start a dialogue with a potential customer, we'll discuss the vari- ous options and suggest products geared toward their specific needs." ■ Choose a lender focused on your needs. In a crowded mortgage landscape, it's important to find loan experts to help you through the process. For example, the Ally Home Team is on hand to help home buyers through the home loan experience, from application to close, ensuring they regularly answer questions borrowers may have along the way. "Service and communications are the biggest considerations when it comes to choosing a lender, whether it's new con- struction, buying an existing home, or refi- nancing," said Beth Foley, broker associate at Beacon Sotheby's International Realty. ■ Ask your lender what products fit your needs. For example, Fannie Mae's HomeReady product may be a good option for first-time homebuyers and millennials. Key benefits include down payments as low as 3 percent, plus these loans are priced similarly to standard loan pricing, and flex- ible sources of funds can be used for the down payment and closing costs. ■ Establish your limits. Some lenders provide useful tools to get you started, such as Ally Home, a new direct-to-consumer home loan service offered by Ally Bank, (www.ally.com). Its Affordability Calculator helps you analyze your household income and current financial obligations to esti- mate how much house you can afford. ■ Refinance an existing loan. Refinanc- ing is a potential option if it offers a better rate than your existing loan, allows you to lower your mortgage payment, or shortens the term of your existing loan. If you have considerable equity, it's also a way to con- solidate debt or fund home improvements if used wisely. For most people, buying a home is the biggest purchase of their life. Once you find your perfect house, make sure you make the right financing choices to com- plete the picture. HOMES PLUS MARCH 2017 4 K i t c h e n s | B a t h s | D e n s | C a b i n s | O f f i c e s | R e c R o o m s Work With Experienced Design Professionals "We Specialize in Cabinetry" 1005 Richards Road, Hartland | 262.367.9439 www.kitchencreators.com Cabinetry For Every Room, Every Budget! WE OFFER: NORCRAFT CABINETRY MID CONTINENT CABINETRY OMEGA CABINETRY DYNASTY CABINETRY WOODLAND CABINETRY 254439001 We Beat All Big Box Stores and all Competitors | Visit Our Showroom By Appointment Make an appointment today and learn about the new trends and cabinet specials. Buying or refinancing your home this spring? Tips for success you can bank on Monkey Business — Fotolia.com Whether refinancing or buying a home, spring is often a time for researching options. MILWAUKEE — Four longtime members of the Milwaukee National Association of the Remodeling Industry Home Improve- ment Council, Inc. are recipients of region- al "Contractor of the Year" awards present- ed annually by NARI. The four companies, winners within Region 3 (comprised of contractors in Illi- nois, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, South Dakota, and Wisconsin) and the categories are: ■ Bartelt. The Remodeling Resource, Delafield: Entire House $500,001 to $750,000 ■ Connor Remodeling & Design, Inc., Menomonee Falls: Residential Interior Over $150,000 ■ Joseph Douglas Homes and Remodel- ing, Menomonee Falls: Basement Under $50,000 ■ Mukwonago Remodeling Corporation, New Berlin: Basement $50,000 to $100,000. Award entries were judged on how the contractor met the client needs, how the project enhanced the structure's function- ality and aesthetics, the project's crafts- manship, use of materials, and construc- tion methods, and if the contractor over- came obstacles in a creative way. Four Milwaukee NARI members receive regional honors

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