Types of Mortgages:
A mortgage with an interest rate that does not change during the life of the loan.
Adjustable Rate (ARM)
A mortgage with an interest rate that is adjusted periodically according to a preselected index. Tri City currently uses the one year US Treasury as its index. The initial interest rate is locked for up to 7 years and changes annually after this initial period. Although the interest rate may change throughout the term of the loan, there are CAPs that limit how much the rate may change over the life of the loan and annually.
First Time Home Buyers:
Free Home Buying Seminars
are held monthly. Get answers to your questions about choosing an affordable home, getting pre-qualified, and determining which loan will be best for you.
See one of our local mortgage lenders or Call (414) 761-1610 to register today.
Low Down Payment loans:
Tri City offers a variety of low down payment loans to fit your needs. In most cases these low down payment loans will require Private Mortgage Insurance (PMI). The mortgage insurance premium is generally paid monthly and added to your mortgage payment.
Credit Builder Program:
The Tri City Credit Builder is designed to help those who are new to the credit system build a credit history and save for a down payment. Credit builder loan proceeds are deposited into a certificate of deposit at Tri City and used as collateral for the loan. The monthly payments are reported to the credit bureau building your credit history. At the end of the term the borrower has the funds in the certificate of deposit to use as a down payment.
Tri City is a WHEDA lender:
is the Wisconsin Housing and Economic Development Authority. The WHEDA home mortgage program provides low down payment owner-occupied purchase financing for low to moderate income Wisconsin residents.
WHEDA HFA Preferred Mortgage
is a low down payment loan that does not require Private Mortgage Insurance (PMI).
WHEDA Easy Close Advantage Loan
is a 2nd
mortgage loan used toward down payment and closing cost on WHEDA financed home purchase.
WHEDA Valor Program for Veterans
offers a reduced interest rate mortgage loans for qualified veterans.
WHEDA Home Improvement Loan
is available to low and moderate income Wisconsin homeowners. Loans of up to $15,000 available.
to obtain more detailed information.