Understanding Financing & Mortgages with Accent Realty

Financing Your Home: A Guide for Southeast Wisconsin Buyers

Buying a home is one of the biggest financial decisions you’ll make—and for most people, that means taking out a mortgage. At Accent Realty, we know the financing process can feel overwhelming, especially for first-time buyers. That’s why we’re breaking it down into simple, real-world steps—so you feel confident and prepared from the start.

1. What Is a Mortgage, Really?

A mortgage is a loan from a bank or lender that helps you buy a home. You agree to pay it back monthly over a set period (usually 15 or 30 years), including interest. The home itself acts as collateral—if you stop making payments, the bank can take ownership.

The Key Terms to Know:

• Principal: The amount you borrow

• Interest: The fee you pay the lender for the loan

• Term: The length of the loan

• Down Payment: The money you pay upfront (usually 3–20%)

  
  

2. What’s the First Step? Pre-Approval

Before shopping for homes, get pre-approved by a lender. This shows how much you can afford and signals to sellers that you’re serious. Many sellers won’t even consider an offer without one.

Todd & Tracey’s Tip: We work with great local lenders in Southeast Wisconsin who can walk you through this step with zero pressure. We’re happy to make the introduction.

3. Popular Loan Types for Local Buyers

Here are a few of the most common mortgage options our clients use:

• Conventional Loan: Best for buyers with solid credit and a larger down payment (5–20%).

• FHA Loan: Designed for first-time buyers, only 3.5% down with more flexible credit requirements.

• VA Loan: For qualified veterans—$0 down and competitive rates.

• WHEDA Loan (Wisconsin Housing and Economic Development Authority): Great for income-eligible buyers in Wisconsin. Offers low down payments and down payment assistance.

  
  

Every buyer is different, and the best loan depends on your credit, income, and goals.

4. What Affects Your Monthly Payment?

Your monthly mortgage payment includes more than just the loan. Here's what it often covers:

• Principal & Interest

• Property Taxes

• Homeowners Insurance

• Mortgage Insurance (if required)

• HOA Fees (if applicable)

  
  

We’ll help you estimate your total monthly payment based on the properties you're interested in.

5. Interest Rates: Why They Matter

Mortgage rates have a huge impact on what you’ll pay over time. Even a 1% difference in your interest rate could mean tens of thousands of dollars over the life of your loan.

Pro Tip: Don’t wait for the “perfect” rate. Focus on buying when you’re financially ready—and lean on professionals who can help you lock in a competitive loan.

6. What to Do (and Not Do) During the Loan Process

Do:

• Stay in touch with your lender

• Respond quickly to requests for documents

• Keep your job and financial situation steady

  
  

Don’t:

• Make large purchases (like furniture or a new car)

• Open new credit cards

• Switch jobs without checking with your lender

  
  

Financing Questions? You Don’t Have to Figure It Out Alone.

At Accent Realty, we’ve helped hundreds of Southeast Wisconsin buyers navigate home loans with less stress and more clarity. Whether you’re buying your first home or your fifth, we’ll guide you every step of the way—from getting pre-approved to closing day.

Reach out today to get connected with a trusted lender and take the next step toward your dream home.