Getting a Loan on a Lake Winnebago House

loan on lake winnebago house

Carter here with Century 21 Affiliated and in today’s blog post, we’re going to be discussing “Getting a loan on a Lake Winnebago home for sale.” The process itself of obtaining a mortgage or a loan on a home for sale is not the most complicated. Typically it starts off by getting a pre-approval, meeting a lender, & they advise you what you can do. However, when you’re dealing with lakefront property or waterfront property, the loans are of bigger value and bigger dollar amounts. This means you want to make sure that you will qualify for purchasing one of those properties without any special provisions in the loan.

Speaking With a Loan Officer

My suggestion to you would be to talk with a mortgage lender right away, or your local banking institution and see what programs they have available for you. With your current financial situation will they qualify you for a home purchase? Will you need to sell your home in order to buy another? Are their lending standards or rates changing anytime in the near future? And then if they have any special programs for waterfront homes on Lake Winnebago.

When you’re looking at buying a Lake Winnebago house, typically you will see prices in the $300,000 to $400,000 range, and in most cases higher. You can get a house for cheaper than that, but that is the most common price point. If this is going to be a primary residence you can usually get away with 5-10% down. However, check with your lender to verify, as they might want a larger down payment on the more expensive property.

Lake Winnebago Vacation Property or Primary Residence?

Will this be a vacation house or will this be your primary residence? If it’s a vacation property, you will need to have 20 to 25% down which is required by your lender. Again, some mortgage brokers have great programs for waterfront vacation rentals that only require 10% down. If this is a vacation rental you will need to account for:

  • Down Payment & Mortgage Cost (Principal, Interest, Taxes, Insurance)
  • Maintenance & Repairs
  • Neighbor Issues if used as a Rental
  • Cost to Furnish the Property
  • Lawn maintenance & Snow Removal
  • Utilities
  • Wifi/Cable

Primary Residence on Lake Winnebago

If this is going to be your primary residence on Lake Winnebago, I would highly recommend letting the lender know that. They will figure out some more advantageous loan programs for you and get you the best terms on your loan. Again, don’t be shy to shop around loan terms prior to committing to one lender. Typically on the jumbo loans the best rates & terms come from local credit unions or banks.

Can I Help?

If you have any questions or you’re considering buying a waterfront property on Lake Winnebago, please feel free to reach out. I would love to help you out or connect with you and answer any further questions. You can feel free to fill out the form down below, or even give me a call or text on my cell phone, which is (920) 252-2864. Thanks so much and have a great day.

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