Top 4 Things to Know When Relocating to Wisconsin
Hey there, future Wisconsinite! If you're contemplating a move to the picturesque state of Wisconsin, I've got a treat for you. Today, I'm diving into the top four things you absolutely need to know before making the big leap. And guess what? I've got a special guest, the one and only Kristin Ambos from Guaranteed Rate, to help shed light on these crucial aspects. So, let's get right into it!
Employment Requirements: Flexibility is Key
Moving to Wisconsin and wondering about employment requirements? Well, if you have the privilege of working remotely, you're in luck. You can bring your job along, utilizing all your income to make your dream home a reality. Of course, your ability to work remotely will be verified to ensure a smooth process.
If you're planning to find a job after relocating, it's wise to rent first while you secure employment. But fear not! If you have a job offer letter in hand or are starting a new job within 60 days, you can buy a house using that offer letter. It's all about having a game plan before you even set foot in Wisconsin, and that includes chatting with a local mortgage expert.
Property Taxes: Know What You're Getting Into
Ah, property taxes. They're a topic that surprises many newcomers. Wisconsin is known for having some of the highest property taxes in the nation. But don't let that deter you just yet! When you factor in the overall cost of living and the affordability of housing compared to other states, the higher property taxes might not seem as daunting. After all, you might find that you can get double the house for half the money.
Remember, property taxes play a role in your debt-to-income ratio, so it's essential to consider them when planning your finances.
Marital Property Rules: The Ins and Outs
Wisconsin operates under marital property rules, meaning that purchasing property requires both spouses' involvement. However, refinancing can be a bit different. On the conventional side, if you plan to refinance, both spouses would need to be on board. But if you're considering government financing, you can still go solo on the purchase; however, household debts would need to be factored in.
Before making any decisions, make sure you understand these rules and have your financial ducks in a row.
Out-of-State Mortgage Companies: Choose Wisely
Here's a biggie: out-of-state mortgage companies. While Wisconsin might have higher property taxes, it boasts surprisingly low closing costs. Many out-of-state lenders don't quite grasp this fact, leading to excessive closing costs that can leave you scratching your head.
Working with a local lender like Kristin and her team can be a game-changer. With local expertise, unnecessary fees won't blindside you, and you'll have a clearer picture of what you'll need for closing. Plus, local lenders understand the unique intricacies of the Wisconsin housing market, ensuring a smoother transaction.
So, there you have it—the top four things to consider when relocating to Wisconsin. From employment flexibility to property taxes and everything in between, Kristin and her team are here to guide you every step of the way. With a well-laid plan and local expertise, your transition to the Badger State can be a breeze.
Here's to new beginnings and a future filled with cheese curds, scenic lakes, and the warm embrace of Wisconsin living. Welcome home!