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Home Savings Bank

Headquartered in Madison, Wisconsin, Home Savings Bank of Madison is a depositor owned financial institution, independently serving the banking needs of the community since 1895.  The mission of Home Savings Bank is to help their customers achieve and celebrate important life events. To accomplish this, Home Savings Bank has customized and tailored their products to the important life events of their customers, such as: births, education, marriage, home ownership, vacations, retirement and debt consolidation.

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If you are a homeowner who is interested in consolidating—and eliminating—your high-interest credit card balances and other debt, refinancing your existing mortgage with Home Saving Bank may provide you with the additional cash necessary to do just that.  Features and benefits of the products and services include:
Adjustable Rate Refinance

Ideal for borrowers who:

  • Do not plan to live in a particular home for an extended period of time, such as first-time homebuyers or someone whose job requires frequent relocation;
  • Think interest rates are going down or will be stable in the future;
  • Know that their income will increase and are able to buy a more expensive home now and enjoy lower payments. If rates rise in the future, their anticipated higher income will cover higher mortgage payments;

Description of an Adjustable Rate Mortgage:

  • Has a rate that is locked in for a predetermined amount of time -- typically one, three or five years;
  • The shorter the rate lock period, the lower the interest rate;
  • The rate adjusts each year after the lock period has ended;
  • Payments either decrease or increase at each adjustment period to reflect the lower or higher interest rate in place at the time;
  • The loans have caps, or limits, on how much the rate can change with each adjustment and over the life of the loan;
  • The monthly loan payment is determined by the starting interest rate and the length of time over which you want to pay back your loan;
  • These loans can be paid back over a period of up to 30 years.

Benefits of an Adjustable Rate Mortgage:

  • Lower interest rates;
  • Lower payments;
  • May allow you to buy a more expensive home;
  • Rates drop in a declining interest rate market;
  • Limits on how high interest rate can go;
  • Can be used on properties or borrowers that may not qualify for fixed rate financing.

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Fixed Rate Refinance—15/30 Year Mortgage
Ideal for borrowers who:

  • Want consistent payments that won’t rise;
  • Plan to live in their home for an extended period of time - typically from seven to 10 years.

Description of a Fixed Rate Mortgage:

  • Usually has an interest rate that stays the same over the entire term of the loan (typically15 to 30 years);
  • The rate is generally determined by the repayment term of your loan;
  • Special fixed rate mortgage options for borrowers who meet specific criteria, including:
    • Wisconsin Housing and Economic Development Authority (WHEDA) loans for low to moderate-income borrowers buying a home in a WHEDA target area and those for whom down payment and closing costs are challenging obstacles,
    • Wisconsin Department of Veterans Affairs mortgages, for Wisconsin qualified veterans.

• Interest rate never changes
• Principal and interest payments stay the same for the life of the loan.

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* Debt Basics is not a lender or broker. We provide information and research on debt help and debt consolidation. Product and service offerings differ by state.