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Every home owner in the state wants the lowest wisconsin mortgage rate they can qualify for and mortgage companies know this and use it in their advertising to draw customers in. Before you fall for the latest ad promising you some ridiculously low interest rate you should learn what actually determines your interest rate.
Wisconsin mortgage rates are determined by a combination of credit score, loan type, percentage of equity borrower and loan term. quite simply someone with a 720 credit score borrowing only 75% of the equity in there home for 15 years and taking no cash out will probably qualify for the low rates advertised on the radio. But when someone with the same credit score tries to borrow 95% of their homes value for 30 years and is taking cash out they can expect their rate to be much higher.
Some of the ads on TV and radio also figure in one or two points paid to buy the rate down to lower levels. Points are a percentage of the loan amount so 1 point is 1% of the loan amount or $1000 for every $100000 borrowed. So before you get all excited about some super low rate you heard advertised stop and ask yourself if it sounds to good to be true, if so it probably is.
Here is a great article about shopping for current mortgage refinance rates
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